HDFC gains on plan to raise funds via NCDs

Housing Development Finance Corporation rose 1.17% to Rs 2074 after the company announced the issue of debentures worth Rs 500 crore, with an over-subscription option of Rs 5,500 crore.

HDFC said that it will issue secured redeemable non-convertible debentures under Series W-003 to augment the long term resources of the corporation. The proceeds of the issue would be utilized for financing/refinancing the housing finance business requirements of the corporation. The coupon payment date would be 22 October every year upto redemption date which is 22 October 2029. The tenor for the same is 10 years. The issue will open and close on 18 October 2019. The announcement was after trading hours yesterday, 16 October 2019.

Meanwhile, the S&P BSE Sensex was up 58 points or 0.15% to 38656.95.

On the BSE, 34,374 shares were traded in the counter so far compared with average daily volumes of 3.27 lakh shares in the past two weeks. The stock hit a high of Rs 2076.5 and a low of Rs 2050.55 so far during the day.

The stock hit a 52-week high of Rs 2357 on 18 Jul 2019. The stock hit a 52-week low of Rs 1646 on 23 Oct 2018.

HDFC will announce Q2 earnings on 4 November 2019.

On a consolidated basis, HDFC's net profit rose 5.2% to Rs 3094.38 crore on a 18.6% increase in total income to Rs 24515.47 crore in Q1 June 2019 over Q1 June 2018.

HDFC is India's leading mortgage lender in terms of market capitalisation.

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