Housing Development Finance Corporation rose 5.49% to Rs 1815 after the firm's chairman Deepak Parekh denied rumors that Citigroup may sell its 11.74% stake in HDFC to Oman Investment Corporation.
On BSE, 73,033 shares were traded in the counter. The scrip had an average daily volume of 1.36 lakh shares in the past one quarter.
The stock hit a high of Rs 1841.50 and a low of Rs 1780 so far during the day. The stock had a 52-week high of Rs 3257 on 9 January 2008 and had a 52-week low of Rs 1690 on 16 August 2007.
The company has an equity capital of Rs 284.21 crore. Face value per share is Rs 10.
The current price of Rs 1815 discounts its Q1 June 2008 annualised EPS of Rs 65.88, by a PE multiple of 27.55.
Recent media reports had suggested Citigroup was considering selling its stake in Housing Development Finance Corporation (HDFC) as part of a plan to dispose of assets worth $400 billion to shore up its capital after losses piled up from subprime mortgages and other risky debt. The US bank last week sold its German consumer-banking unit to France's Credit Mutuel Group for close to $8 billion.
Currently Citigroup holds 11.74% stake in HDFC, while private equity firm Carlyle Group holds 5.37% stake. Post the sub-prime crisis, rumours have abound about Citi selling off its stake in HDFC. At current market valuations, the HDFC stake could be worth between Rs 5500 crore and Rs 6000 crore. Citigroup bought less than 10% of HDFC in mid 2006 for about Rs 2900 crore and subsequently added to its stake.
HDFC reported 25.56% rise in net profit to Rs 468.11 crore on a 26.67% increase in total income to Rs 2318.62 in Q1 June 2008 over Q1 June 2007. The results were declared during market hours on Wednesday, 16 July 2008.
The company provides housing loans to individuals, corporates and developers.
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