HDFC hits record high

Housing Development Finance Corporation rose 2.16% to Rs 1,039.45 at 13:25 IST on BSE on hopes of favorable announcements in the Union Budget on Thursday, 10 July 2014.

Meanwhile, the S&P BSE Sensex was down 100.20 points or 0.38% at 25,999.88

On BSE, so far 73,333 shares were traded in the counter as against average daily volume of 2 lakh shares in the past one quarter.

The stock hit a record high of Rs 1,045.20 in intraday trade today, 8 July 2014. The stock hit a low of Rs 1,020 so far during the day. The stock hit a 52-week low of Rs 632.20 on 28 August 2013.

The stock had outperformed the market over the past one month till 7 July 2014, gaining 8.81% compared with the Sensex's 2.77% rise. The scrip, however, underperformed the market in past one quarter, gaining 13.69% as against Sensex's 16.81% rise.

The large-cap housing finance company has an equity capital of Rs 313.39 crore. Face value per share is Rs 2.

Shares of housing finance major Housing Development Finance Corporation (HDFC) gained on expectations that the tax benefit with respect to interest payment on housing loans will be raised in the Union Budget on Thursday, 10 July 2014. At present, a maximum deduction of Rs 1.5 lakh is allowed on taxable income towards interest on housing loan.

HDFC's net profit rose 10.8% to Rs 1723.10 crore on 17.1% growth in total income to Rs 6647.82 crore in Q4 March 2014 over Q4 March 2013.

HDFC has a wide network of offices spread across the country. It also has offices in Dubai, London and Singapore and service associates in the Middle East region, to provide housing loans and property advisory services to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).

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