HDFC Bank hits all-time high on fund-raising plan

NEW DELHI: Shares of HDFC Bank surged as much as 2.7 per cent to a record high of Rs 1,888 on Friday on reports that the bank might consider a fund-raising proposal by selling shares through QIP (qualified institutional placement) or ADRs (American Depository Receipts), among others.

The scrip closed Friday's session 1.95 per cent up at Rs 1,873.05.

India's largest private sector lender by assets is also considering a preferential issue to parent Housing Development Finance Ltd, according to a report in Reuters.

The stock is among the top percentage gainers on broader NSE index, and accounts for almost a quarter of the index’s gains.

Brokerage Jefferies has maintained “buy” rating on the stock with a price target of Rs 2,165.