HDFC shares in focus as mortgage lender to raise Rs 57,000 cr

Shares of mortgage lender HDFC Ltd were in focus today after its board approved raising funds through non-convertible debentures (NCDs) in tranches aggregating to Rs 57,000 crore.

Shares of HDFC gained 0.35% to Rs 2571 in early trade against the previous close of Rs 2563 on BSE. The stock has gained after three days of consecutive fall. The share has risen 13.59 per cent in one year and lost 2.3 per cent since the beginning of this year. The market cap of the firm rose to Rs 4.71 lakh crore on BSE.

Total of 2229 shares of the firm changed hands amounting to a turnover of Rs 57.29 lakh on BSE.

The large-cap share hit a 52-week low of Rs 2026.55 on June 17, 2022 and a 52-week high of Rs 2855 on April 4, 2022.

In terms of technicals, the relative strength index (RSI) of the stock stands at 42.1, signaling it's trading neither in the oversold or overbought zone. HDFC stock has a one-year beta of 1.2, indicating very high volatility during the period. HDFC stock is trading higher than the 5 day and 200 day moving averages but lower than 20 day, 50 day and 100 day moving averages.

The board has cleared issuance of unsecured, redeemable, non-convertible debentures under a Shelf Placement Memorandum, aggregating Rs 57,000 crore, in various tranches, on a private placement basis, HDFC said.

This is in accordance with the approval granted by the shareholders of the HDFC at the 45th annual general meeting held on June 30, 2022, it said.

Besides, it said, "the board has approved increase in the overall borrowing powers of the corporation from Rs 6 lakh crore to Rs 6.50 lakh crore, outstanding at any point of time and recommended the same for approval of the members of the corporation by way of postal ballot."

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