The Hindu Business Line : `Stake sale in Intelenet will provide right impetus'

"The BPO business today needs more focus and we believe that the new arrangement would provide the right impetus," said Ms Renu S. Kamad, Executive Director, HDFC.

Market players believe that the hive-off has come at the right time for HDFC.

"BPO is not a part of HDFC's core business so the stake sale is way of exiting the business and unlocking the value. Though it is difficult to analyse how much HDFC will earn, it will result in significant cash flow that will result in a one-time earning for the housing finance company. It is a positive move," said a banking analyst.

According to Mr Harit Shah, IT Analyst, Angel Broking, "This stake sale makes sense for HDFC because BPO is not core to its business model. Moreover, Blackstone showing interest in the Indian BPO sector is a positive trigger for this industry." Another IT analyst feels that in the future the ratio will shift in favour of third party vendors against captive centres.

HDFC's scrip closed at Rs 1,759.75 against the previous close of Rs 1,784.5.

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