HDFC closes 8.41% higher, most in 6 years

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Mumbai: Shares of mortgage lender Housing Development Finance Corp. Ltd (HDFC) closed 8.41% higher on Thursday, its highest gain since 18 May 2009, on short-covering.

In intraday trading, it touched a high of Rs1,205.25 and gained as much as 9.33%, its highest intra-day gain since 17 September 2010.

The stock has traded lower for 12 out of the last 14 trading sessions before Thursday. Between 10 August and 26 August, it had shed 15.6%.

On 14 August, HDFC had said in a notice to BSE that it will reduce its stake in its insurance venture HDFC Life as its joint venture partner has decided to increase its holding. Standard Life Plc will increase its stake in the insurance joint venture to 35% from the current 26%.

An Economic Times report on Thursday said that HDFC Life plans to sell a 25% stake through an initial public offering (IPO) early next fiscal year and will raise around Rs6,000 crore.

On Thursday, HDFC closed at Rs1,195.20 on BSE, up 8.41% from its previous close, while India’s benchmark Sensex rose 2.01% to close at 26,231.19 points.

Source:http://www.livemint.com/

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