HDFC spurts on bargain hunting

Housing Development Finance Corporation advanced 4.25% to Rs 785.25 at 15:16 IST on BSE, with the stock recovering on bargain hunting after 7-day 8.78% slide.

Meanwhile, the S&P BSE Sensex was up 215.46 points or 1.18% at 18,441.94.

On BSE, 91,451 shares were traded in the counter as against average daily volume of 1.20 lakh shares in the past one quarter.

The stock hit a high of Rs 786.65 and a low of Rs 755.35 so far during the day. The stock had hit a record high of Rs 882 on 11 December 2012. The stock had hit a 52-week low of Rs 610.70 on 16 May 2012.

The stock had outperformed the market over the past one month till 9 April 2013, declining 7.38% compared with the Sensex's 7.4% fall. The scrip, however, underperformed the market in past one quarter, sliding 9.35% as against Sensex's 7.32% fall.

The large-cap company has equity capital of Rs 309.27 crore. Face value per share is Rs 2.

Shares of Housing Development Finance Corporation (HDFC) had declined 8.78% in seven trading sessions to Rs 753.25 on 9 April 2013 from a recent high of Rs 825.75 on 28 March 2013.

HDFC's consolidated net profit rose 27.6% to Rs 1705.83 crore on 58.3% growth in total income to Rs 10139.37 crore in Q3 December 2012 over Q3 December 2011.

Housing finance major HDFC has a wide network of 326 offices (which includes 80 offices of HDFC's wholly owned distribution company HDFC Sales) 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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