HDFC Bank

HDFC Bank has been hitting new highs consistently for the past couple of days; today is nothing different. It hit a new 52-week high today too at Rs.1450 and remains firmly in the green.

The reason for this euphoria? RBI notified that FIIs can now buy more shares in the company, removing all buying restrictions imposed on it with immediate effect.

Explaining the removal of restrictions, RBI said that the aggregate foreign shareholding through ADR/GDR/FIIs/FPIs/FDI/NRIs/PIOs in HDFC Bank   have gone below the prescribed limit stipulated under the extant FDI Policy.

As at 31st Dec 2016, a clutch of 878 foreign portfolio investors held 39.20% stake, Govt of Singapore held 1.37%, Capital World Growth held 1.78% and Europacific Growth Fund held 4.76%. Promoters stake is at 26.09%.