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HDFC share rises over 2% as lender to buy 20% stake in Mumbai ARC

HDFC share touched an intraday high of Rs 2244.25, rising 2.46% on BSE

twitter-logoBusinessToday.In | November 26, 2020 | Updated 17:44 IST
HDFC share rises over 2% as lender to buy 20% stake in Mumbai ARC
HDFC stock has gained after 3 days of consecutive fall

HDFC share rose over 2% today after the mortgage lender entered into agreements for investment in Renaissance Investment Solutions ARC Private Limited. The stock has gained after 3 days of consecutive fall. The share touched an intraday high of Rs 2244.25, rising 2.46% on BSE.

The large cap share stands higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

In one year, the share has lost 2.83% and fallen 7.25% since the beginning of this year.

Later, the share ended 2.20% higher at Rs 2,238 on BSE.

Market cap of the firm rose to Rs 4.02 lakh crore.

HDFC will hold 4,98,750 equity shares of Rs 10 each representing 19.95 per cent of Renaissance Investment Solutions ARC's share capital for a total consideration of Rs 49,87,500, the filing said.

Renaissance Investment will undertake the business of asset reconstruction subject to receipt of approval from the Reserve Bank of India (RBI), it said. Renaissance Investment was incorporated as a private limited company under the Companies Act, 2013 and certificate of incorporation was issued by the Registrar of Companies, Mumbai on October 28, 2020.

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In Q2 of current fiscal, HDFC reported a 57.5 per cent fall in consolidated net profit to Rs 4,600 crore against consolidated profit of Rs 10,389 crore during the corresponding three months of 2019-20.

Total income on a consolidated basis rose to Rs 34,090.45 crore in Q2 against Rs 32,850.89 crore in the same period a year ago.

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