HDFC Bank has a beta of 1, signaling average volatility in a year. The stock is trading near its 52-week high of Rs 1702 hit on January 24, 2023. 
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HDFC Bank has a beta of 1, signaling average volatility in a year. The stock is trading near its 52-week high of Rs 1702 hit on January 24, 2023. Shares of HDFC Bank are in focus today after the country’s largest private sector lender said its board would meet on April 15 to consider a fundraising proposal of up to Rs 50,000 crore through the issuance of debt instruments. The bank will also announce its Q4 earnings on Saturday.
HDFC Bank stock closed at Rs 1663.70 in the previous session. Market cap of HDFC Bank stood at Rs 9.29 crore. In the preopening trade today, the stock rose 0.11% to Rs 1665.60 on BSE. The stock has risen 2.24% in 2023 and gained 11.41% in a year.
In terms of technicals, the relative strength index (RSI) of HDFC Bank stands at 65.9, signaling the stock is neither oversold nor overbought. It has a beta of 1, signaling average volatility in a year. The stock is trading near its 52-week high of Rs 1702 hit on January 24, 2023. The stock hit a 52-week low of Rs 1271.75 on July 17, 2022.
HDFC Bank has proposed to raise funds up to Rs 50,000 crore, via the issuance of bonds, over the next 12 months, the lender said in a communication to bourses on April 11. The proposal will be considered by the board of directors during a meeting scheduled on April 15.
"...the bank proposes to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long-Term Bonds (Financing of Infrastructure and Affordable Housing) up to total amount of Rs 50,000 crores over the period of next twelve months through private placement mode," the filing stated.
"The board of directors would consider this proposal at its ensuing board meeting to be held on April 15, 2023," HDFC Bank further said.
The announcement comes nearly a week after the lender announced its business update for the fourth quarter.
Advances rose 17 percent on-year, while deposits gained 21 percent in the three-month period ended March 2023.
The bank’s advances amounted to around Rs 16 lakh crore as of March 31, 2023 and deposits stood at Rs 18.83 lakh crore. Loans stood at Rs 16,00,500 crore at the end of March 31, 2023, logging growth of 6.2 per cent compared with the quarter ended December 2022.
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