HDFC to mull fund raising on 19 June

HDFC on Tuesday (16 June) said it plans to raise funds and the proposal will be discussed by a committee of director on 19 June 2020.

A meeting of the committee of directors of HDFC, duly constituted by the board of directors, will be held on Friday (19 June 2020) to consider seeking shareholders' approval for raising of funds by issue of equity shares/other securities through any permissible mode.

Shares of HDFC slipped 1.73% to Rs 1,791.20 on BSE. The stock traded in the range of 1,787.95 to Rs 1,847.40 so far.

On the technical front, the stock's RSI (relative strength index) stood at 58.093. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 1,681.25 and its 200-day moving average (DMA) placed at 2,067.17.

HDFC's consolidated net profit fell 9.8% to Rs 4,340.58 crore on a 41% slump in total income to Rs 18,249.71 crore in Q4 March 2020 over Q4 March 2019.

HDFC is engaged in financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India.

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