HDFC rallies 2% to hit all-time high of Rs 2,363; analysts remain bullish

Analysts see HDFC as a low-risk play on an improving underlying housing cycle. They believe the stock offers growth with reasonable value and should remain a core holding

Shares of Housing Development Finance Corporation (HDFC) hit an all-time high of Rs 2,363, up 2 per cent on the BSE on Friday after the company completed the acquisition of HDFC Credila Financial Services. The stock surpassed has its previous high of Rs 2,357 hit on July 18, 2019.

“The Corporation has completed acquisition of 11.47 million equity shares, representing 9.12 per cent of total equity of HDFC Credila for a total consideration of Rs 395 crore, from its promoter Ajay Bohora and Anil Bohora,” HDFC said in a regulatory filing.

Accordingly, HDFC Credila has become a wholly