HDFC twins hog limelight; settle in positive territory post-merger

Shares of HDFC twins were in the limelight on Monday and ended in the positive territory, the first day of trading after the merger, amid an overall bullish equity market trend.

The stock of HDFC climbed 1.76 per cent to settle at Rs 2,871.20 on the BSE. During the day, it jumped 3.70 per cent to its 52-week high of Rs 2,926.

Shares of HDFC Bank went up by 1.05 per cent to end at Rs 1,719.55. In intra-day trade, it advanced 3.29 per cent to Rs 1,757.80 -- its 52-week high.

The combined market valuation of HDFC and HDFC Bank stood at Rs 14,93,119.33 crore on the BSE.

Housing finance major HDFC merged with its subsidiary HDFC Bank on Saturday.

Rally in HDFC twins were significant in adding to the positive momentum in the equity market.

Rallying for the fourth straight session, the 30-share BSE Sensex jumped 486.49 points or 0.75 per cent to settle at its all-time closing high of 65,205.05. During the day, it rallied 581.79 points or 0.89 per cent to its lifetime intra-day high of 65,300.35.

The board of directors of HDFC Bank in consultation with the board of directors of HDFC Limited has fixed July 13, 2023, for determining the shareholders of HDFC Ltd, who would be issued and allotted the shares of HDFC Bank.

Besides, July 13 has been fixed for the continuation of warrants of HDFC Limited in the name of HDFC Bank.