Higher advance tax payment generates interest in HDFC Bank

The bank's American depository receipts (ADRs) surged 3.59% to $151.73 on the New York Stock Exchange on Tuesday, 15 June 2010. Meanwhile, the BSE Sensex was up 54.01 points, or 0.31% to 17,466.84. On BSE, 41,551 shares were traded in the counter as against an average daily volume of 73,731 shares in the past one quarter. The stock hit a high of Rs 1990 and a low of Rs 1967.20 so far during the day. The stock had hit a record high of Rs 2009.90 on 30 April 2010 and a 52-week low of Rs 1333 on 15 July 2009. The large-cap bank stock had underperformed the market over the past one month till 14 June 2010, gaining 1.02% as compared to the Sensex's 2.01% rise. It had outperformed the market in the past one quarter, rising 9.57% as compared to the Sensex's return of 1%. The bank's equity capital is Rs 459.20 crore. Face value per share is Rs 10. Higher advance tax payment normally indicates higher profits for the period under review. Advance tax payments by companies during the April-June quarter account for 15% of the total advance tax payable in the fiscal year. HDFC Bank's net profit rose 32.6% to Rs 836.62 crore on 7.6% fall in operating income to Rs 4956.66 crore in Q4 March 2010 over Q4 March 2009.