HDFC rallies on buzz of HDFC Life IPO

HDFC Life is likely to divest 25 percent stake in the planned public offering.

HDFC is trading on a bouyant note on the on buzz of likely IPO of its subsidairy, HDFC Life.

According to reports, HDFC Life is likely to divest 25 percent stake in the planned public offering.

HDFC holds around 61.65 percent equity in HDFC Life.

The stock continues to trade near the highs of the day, and is now up over 6 percent at Rs. 1,170. The counter has seen trades of around 72,000 shares as against the two-week daily average volume of around 197,000 shares on the BSE.

Meanwhile, the Sensex the surged 329 points to 26,043.