HDFC Bank rises on the buzz off launching multicurrency travel card

HDFC Bank is currently trading at Rs. 539.65, up by 2.40 points or 0.45% from its previous closing of Rs. 537.25 on the BSE.

The scrip opened at Rs. 538.00 and has touched a high and low of Rs. 542.25 and Rs. 536.30 respectively. So far 38231 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 557.70 on 20-Apr-2012 and a 52 week low of Rs. 400.45 on 19-Dec-2011.

Last one week high and low of the scrip stood at Rs. 538.85 and Rs. 485.10 respectively. The current market cap of the company is Rs. 126671.36 crore.

The promoters holding in the company stood at 23.15% while Institutions and Non-Institutions held 41.18% and 18.38% respectively.

HDFC Bank is reportedly planning to launch multicurrency travel card comprising the US Dollar, Euro, Sterling Pound, Singapore and Canadian Dollars, Yen and Dirhams. The card will, initially, target corporate clients who travel abroad.

Multicurrency card are prepaid cards, which enables customers to manage transactions across various currencies in one single card and can be used like a debit/credit card while travelling abroad.

The bank reported 30.35% jump in its net profit of Rs 1453.08 crore for the fourth quarter ended March 31, 2012 as compared to Rs 1114.71 crore for the same quarter previous year. The bank’s total income increased to Rs 8880.02 crore for the quarter under review from Rs 6724.31 crore for the corresponding quarter previous year, up by 32.06%.