Equity Alert: HDFC up 3%; co may list MF arm before insurance unit

[K.Karthik Raja]

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Equity Alert: HDFC up 3%; co may list MF arm before insurance unit
MUMBAI--1:25PM--Housing Development Finance Corp was up nearly 3%
at
2,230 rupees on speculation it is planning to list its mutual fund arm
before
life insurance business, analysts said.
HDFC is planning to list its insurance arm by Oct-Dec 2009 to
finance its
stake purchase in HDFC Bank, and the mutual fund arm may be listed
earlier,
Merrill Lynch said in a report to investors.
HDFC Asset Management Co, set up in 2000, is a 60:40 joint venture
between HDFC and Standard Life Investments.
Merrill Lynch has maintained "buy" rating on HDFC with a price
target of
3,450 rupees.
So far, 645,141 shares have been listed on NSE. June futures of
the stock
were at par to the spot, with 7% drop in open interest.
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