India's HDFC Ltd raises equity stake in Andhra Cements to 14.93%

Mumbai : Indian mortgage lender Housing Development Finance Corporation Ltd (HDFC) has raised its equity stake in southern India-based cement manufacturer Andhra Cements Ltd by 3.21%, to take its total holding in the company to 14.93%, it said.

The acquisition was made through invocation of pledge on April 21, 2011 and June 30, 2011, HDFC's company secretary Girish V. Koliyote said in filings to the stock exchanges.

For the fiscal 2010-11, HDFC's consolidated net profit surged 39.7% to Rs 45.28 billion as compared to Rs 32.41 billion last year during the same period. Its total disbursements increased 19.6% to Rs 603.14 billion against Rs 504.13 billion in the same period a year ago.HDFC will announce its first quarter (April-June) financial result on July 8, 2011.