HDFC hits new high post Q3 results

Thus far in the month of January 2018, the stock rallied 15% as compared to 6.5% rise in the S&P BSE Sensex.

Housing Development Finance Corporation (HDFC) has moved higher to its new high of Rs 1,980, up 4% on BSE, after the mortgage lender reported a standalone net profit of Rs 56.7 billion in December 2017 quarter (Q3FY18), which include exceptional gain of Rs 36.75 billion. The company had posted profit of Rs 17.01 billion during the same quarter last fiscal.

During the quarter under review, the corporation has offered 191 million equity shares of HDFC Standard Life Insurance Company, a material subsidiary representing 9.52% of its stake in the initial public offering (IPO) of HDFC Life resulting in a