HDFC trades near peak

The stock of Housing Development Finance Corporation Limited (HDFC) hit a sevenmonth high of ~2,852 on the BSE in intraday trade on Tuesday — before closing at ~2,833.20, up 2.46 per cent -- on anticipation of pick-up in business growth. The upcoming festive season is expected to see growth in real estate sales, according to analysts.

The stock of the largest non-banking financial company, engaged in housing finance business, is around 2 per cent away from its record high level of ~2,895, touched on February 16, 2021. The stock has underperformed by gaining 12 per cent in over the past six months against a 16 per cent rise in the sensex. Over three months, it has gained 10 per cent against a 12 per cent rise recorded by the Sensex.

While announcing the Q1FY22 results, HDFC had said that demand for home loans remains strong and disbursements have picked up.