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HDFC Bank surges on inking MoU with Storeking

HDFC Bank is currently trading at Rs. 1252.55, up by 2.80 points or 0.22% from its previous closing of Rs. 1249.75 on the BSE.

The scrip opened at Rs. 1252.50 and has touched a high and low of Rs. 1254.00 and Rs. 1213.15 respectively. So far 42553 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 1287.55 on 21-Nov-2019 and a 52 week low of Rs. 1011.50 on 31-Jan-2019.

Last one week high and low of the scrip stood at Rs. 1259.70 and Rs. 1213.15 respectively. The current market cap of the company is Rs. 685762.59 crore.

The promoters holding in the company stood at 26.21%, while Institutions and Non-Institutions held 58.90% and 14.89% respectively.

HDFC Bank has signed a Memorandum of Understanding (MoU) with Storeking, a distribution platform connecting brands to small towns and villages of India. Through this MoU, Storeking will become a corporate business correspondent of HDFC Bank, allowing the bank to tap Storeking’s network.

Storeking, a Bengaluru-based start-up, enables retailers in tier 3 to tier 6 cities to sell more products and services to in-store customers by ordering through its app and web platform. It will allow HDFC Bank to go deeper into rural geographies to offer its full range of products and services, bridging the Bharat-India divide.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.

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