HDFC Bank hits a new high

HDFC Bank hit a new 52-week high today at Rs.2488.95 and currently, it is traded around Rs.2482 levels.

The stock has jumped up on unconfirmed news that it is planning to list its NBFC arm, HDB Financial Services. The news is that HDFC Bank will come out with an IPO and will around Rs.7000 to 8000 crore.

HDFC Bank currently holds 95.53% stake in the NBFC.

Naturally, the market is enthused because an IPO which comes from a pedigree like HDFC is always a huge opportunity, especially after the huge success of HDFC AMC.