HDFC spurts on bargain hunting

Housing Development Finance Corporation surged 5.79% to Rs 692 at 11:29 IST on BSE, on bargain hunting after sliding 12.1% in prior two trading days.

Meanwhile, the S&P BSE Sensex was up 201.07 points or 1.12% at 18,197.22

On BSE, 1.31 lakh shares were traded in the counter as against average daily volume of 2.66 lakh shares in the past one quarter.

The stock hit a high of Rs 700 and a low of Rs 654.50 so far during the day. The stock had hit a 52-week low of Rs 632.30 on Wednesday, 28 August 2013. The stock had hit a record high of Rs 931 on 30 May 2013.

The stock had underperformed the market over the past one month till 28 August 2013, sliding 18.81% compared with the Sensex's 8.87% fall. The scrip had also underperformed the market in past one quarter, declining 28.91% as against Sensex's 10.74% fall.

The large-cap company has equity capital of Rs 310.94 crore. Face value per share is Rs 2.

Shares of Housing Development Finance Corporation (HDFC) had lost 12.1% in two trading days to Rs 654.10 on 28 August 2013 from a recent high of Rs 744.15 on 26 August 2013.

HDFC's net profit rose 17.1% to Rs 1173.10 crore on 12.6% growth in total income to Rs 5564.94 crore in Q1 June 2013 over Q1 June 2012.

HDFC has a wide network of offices catering to over 2,400 towns and cities 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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