Meanwhile, the BSE Sensex was down 20.76 points, or 0.16%, to 10,084.11.
On BSE, 1.55 shares were traded in the counter. The scrip had an average daily volume of 4.45 lakh shares in the past one quarter.
The stock gained 1.39% at the day's high of Rs 1541.90 in early trade. The stock hit a low of Rs 1482.05 so far during the day. The stock had a 52-week high of Rs 3257 on 9 January 2008 and a 52-week low of Rs 1202 on 20 November 2008.
HDFC stock had slipped 7.02% to Rs 1520.75 on 19 December 2008 from Rs 1635.70 on 12 December 2008 on concerns its margins will be hurt if it follows state-run banks in cutting home loan rates.
The stock had underperformed the market over the past one month till 19 December 2008, advancing 11.32% as compared to the Sensex's return of 15.11%. It also underperformed the market in the past one quarter, declining 34.12% as compared to the Sensex's decline of 28.08%.
India's largest dedicated mortgage player by market capitalisation has an equity capital of Rs 284.44 crore. Face value per share is Rs 10.
The current price of Rs 1485.05 discounts its Q2 September 2008 annualised EPS of Rs 75.18, by a PE multiple of 19.75.
Housing Development Finance Corporation (HDFC) after market hours on Friday, 19 December 2008, announced a cut lending rate by 50 basis points for both existing and new customers effective from today, 22 December 2008. Loans of up to Rs 20 lakh will now attract an interest rate of 10.25% and the rates for loans above this level has been pegged at 11.25%.
HDFC's rate cut comes following a package announced by the state-run banks last week to offer concenssional rates on home loans as a part of a fiscal stimulus plan for the economy. PSU banks have capped the interest rates at 8.5% for loans up to Rs 5 lakh and for loans between Rs 5 and 20 lakh, they would charge a maximum of 9.25%. The scheme by PSU banks is valid up to June 2009. The state-run banks have also done away with processing fee and pre-payment charges for loans up to Rs 20 lakh.
HDFC provides long-term housing loans to low and middle income individuals, as well as to corporations. HDFC also provides construction finance to real estate developers, besides providing lease-financing facilities to companies and development authorities for infrastructure and other assets.
Housing Development Finance Corporation (HDFC)'s net profit fell 17.4% to Rs 534.23 crore on a 18.8% rise in sales to Rs 2620.59 crore in Q2 September 2008 over Q2 September 2007.