Housing Development Finance Corporation (HDFC) Bank has announced that the investor grievance committee of the bank under Employees Stock Option Scheme on Feb 7 2008 has approved allotment of 101,100 equity shares to the employees.

The Bank provides housing finance and other banking services. It has its number of subsidiaries which include HDFC Developers Limited, HDFC Investments Limited, HDFC Holdings Limited, HDFC Asset Management Company Limited, HDFC Trustee Company Limited etc.

The bank has registered a net profit of Rs 648 crore for the quarter ended December 2007 as compared with Rs 355 crore for the corresponding quarter in last fiscal. HDFC is among major private banking institutions in India. The major competitors for the group include ICICI Bank and Axis Bank.

The stock price was down at Rs 1,441 on NSE. The stock markets were weak today due to selling in certain sectors. Most of the Banking Stocks were down while Technology Sector emerged as a major gainer in today’s trade.