HDFC hits 52-week high after good Q1 outcome

HDFC rose 1.63% to Rs 1,390 at 15:11 IST on BSE after net profit rose 37.45% to Rs 1870.73 crore on 19.4% growth in total income to Rs 8393.33 crore in Q1 June 2016 over Q1 June 2015.

The result was announced during market hours today, 27 July 2016.

Meanwhile, the BSE Sensex was up 58.79 points, or 0.21%, to 28,035.31

On BSE, so far 1.47 lakh shares were traded in the counter, compared with an average volume of 1.57 lakh shares in the past one quarter. The stock hit a high of Rs 1,398 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 1,371.50 so far during the day. The stock hit a 52-week low of Rs 1,012 on 25 February 2016. The stock had outperformed the market over the past one month till 26 July 2016, rising 11.76% compared with 5.98% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 21.26% as against Sensex's 7.57% rise.

The large-cap company has an equity capital of Rs 316.41 crore. Face value per share is Rs 2.

Housing Development Finance Corporation (HDFC)'s loan book increased to Rs 2.65 lakh crore as on 30 June 2016, from Rs 2.31 lakh crore as on 30 June 2015. This is after considering the loans sold during the preceding 12 months amounting to Rs 14011 crore. During Q1 June 2016, HDFC sold loans amounting to Rs 5108 crore of which Rs 3296 crore was sold to HDFC Bank and the balance to other banks.

There was a pre-tax gain of Rs 921.61 crore in Q1 June 2016 from sale of 12.33 crore shares of HDFC ERGO General Insurance Company to Ergo International AG.

HDFC made an additional one time provision of Rs 275 crore in Q1 June 2016 towards standard assets and other contingencies.

On consolidated basis, HDFC's net profit rose 26.88% to Rs 2796.92 crore on 18.67% growth in total income to Rs 13531.48 crore in Q1 June 2016 over Q1 June 2015.

HDFC said that the board of directors of the company at its meeting held on today, 27 July 2016, has granted its approval for issuance of Secured Redeemable Non-convertible Debentures (NCD) aggregating to Rs 35000 crore on a private placement basis under a Shelf Disclosure Document, in terms of the Sebi (Issue and Listing of Debt Securities) Regulations, 2008.

HDFC is India's first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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