HDFC Bank Limited saw a notable increase in its market capitalization on October 8, 2024, with the stock rising by 1.98%. The stock opened at ₹1,630.00 and reached a high of ₹1,652.00 during the day, closing at ₹1,649.90, up from its previous close of ₹1,617.80.
This rise resulted in a market capitalization gain of ₹24,788 crores, pushing the total market cap to ₹12,59,002.11 crores. The surge comes amid positive investor sentiment and increased trading activity, with a traded volume of 64.17 lakh shares and a traded value of ₹1,051.38 crores.
In addition to the stock surge, HDFC Bank also made headlines with its board approving the complete sale of a 100% stake in its subsidiary firm, HDFC Education and Development Services, to Vama Sundari Investments (Delhi) Private Limited. The sale, valued at ₹192 crores, was finalized on Monday, October 7, 2024, with Vama Sundari Investments emerging as the successful bidder in the sale process.
“We wish to inform you that the Board of Directors of the Bank has today approved the sale of a 100 per cent stake in HDFC Edu to Vama Sundari Investments (Delhi) Private Limited, being the successful bidder under the sale process,” HDFC Bank stated in a regulatory filing.
As one of the leading private sector banks in India, HDFC Bank continues to attract investor interest. With both the market cap gains and the successful completion of the stake sale, investors remain optimistic about the bank’s future growth prospects.
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