HDFC touches life-time high on FCCB completion

DALAL STREET SPIKES

The HDFC scrip which has been on a rally of late, went up to a life time high of Rs 1,079.90 during intra day trade. The scrip closed at Rs 1064.45, up 6.35 per cent.

The stock had continuously appreciated, after the company completed the biggest foreign currency convertible bonds (FCCB) issue made by any Indian company.

The scrip went up about 15 per cent from Rs 870.25 towards the end of August to Rs 1,000.80 by 15 September. HDFC has proved to be a favourite with the FII's.

The FII holding in the scrip is about 64.26 per cent. The company had posted excellent quarterly results as the net profits went up above 20 per cent.