HDFC shares in Tuesday's early trade opened higher at Rs. 2413 versus its previous closing of Rs. 2395.80 per share on the BSE.
On January 27, the housing finance major HDFC reported a whopping 296% jump in profit on a year on year basis. The sharp rise in profit is attributed to fair value gain on account of merger between Gruh Finance and Bandhan Bank. Profit at the housing major for the past quarter has been placed at Rs. 8372.5 crore.
For the period under review, operations from revenue also scaled higher by as much as 92% YoY to Rs. 20285.47 crore. Post the merger of Bandhan Bank with Gruh Finance, which is an associate company of HDFC, the company got 9.9% stake in Bandhan Bank. HDFC said it has recognised a fair value gain of Rs 9,019.81 crore on derecognition of investment in Gruh Finance.
The stock was last trading higher by 0.93% at Rs. 2418.05, while it made an intra-day high of Rs. 2435 apiece.