Housing Development Finance Corporation (HDFC) rose 2.65% to Rs 2208 after the corporation announced reduction in its Retail Prime Lending Rate (RPLR) on housing loans.
In a BSE filing made after market hours yesterday, HDFC said that it had reduced the RPLR on housing loans, on which its adjustable rate home loans (ARHL) are benchmarked, by 10 basis points, with effect from 10 November 2020.
"The change will benefit all existing HDFC retail home loan customers, it added.
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.
The housing finance major's net profit declined 27.55% to Rs 2,870.12 crore in Q2 September 2020 from Rs 3,961.53 crore in Q2 September 2019. Total income stood at Rs 11,732.70 crore in Q2 FY21, falling 13% from Rs 13,494.12 crore in Q2 FY20.
On a year-to-date (YTD), the stock has lost 10.88% while the benchmark S&P BSE Sensex rose 3.26% during the same period.
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