Shares of HDFC jump over 8%; m-cap rises by Rs 37,700.98 crore

Shares of HDFC jumped over 8 per cent after the mortgage lender said its business is returning to pre-COVID-19 levels.

The stock zoomed 8.35 per cent to close at Rs 1,934.45 on the BSE. During the day, it rose by 8.83 per cent to Rs 1,943.

HDFC was the top performer in the Sensex pack. On the NSE, it gained 7.56 per cent to settle at Rs 1,920. The company’s market valuation jumped Rs 37,700.98 crore to Rs 3,47,388.98 crore on the BSE.

In traded volume terms, 6.83 lakh shares were traded on the BSE and 1.68 crores on the NSE.

Housing finance major HDFC Ltd on Monday said its individual loan disbursements in the second quarter of 2020-21 reached 95 per cent of the level in the year-ago period and September saw the strongest recovery since the outbreak of COVID-19 pandemic, suggesting business is returning to pre-crisis levels.

The individual loan business has continued to see a month-on-month improvement in July-September 2020, HDFC Ltd said in a regulatory filing.

The number of loan applications received during the period grew by 12 per cent over the quarter a year ago while individual loan approvals grew by 9 per cent compared to the year-ago period, it said.

“For the quarter ended September 30, 2020, individual loan disbursements were at 95 per cent of the level in the corresponding quarter of the previous year.

“The month of September 2020 has seen the strongest recovery since the outbreak of the pandemic and the levels have exceeded the levels in the corresponding month of the previous year,” HDFC said.

HDFC and HDFC Bank accounted for over half of the Sensex’s gains. HDFC Bank rose by 2.70 per cent to close at Rs 1,144.20 on the BSE.

The BSE benchmark zoomed 600.87 points or 1.54 per cent to close at 39,574.57.