Housing Development Finance Corporation has posted a 22.08 per cent rise in its second quarter net profit at Rs 248.13 crore (Rs 2.48 billion) as against Rs 203.24 crore (Rs 2.03 billion) in July-September 2003.

The total income for the reporting quarter rose to Rs 843.54 crore (Rs 8.43 billion) as against Rs 775.86 crore (Rs 7.75 billion) in the second quarter of 2003-04, the company informed the Bombay Stock Exchange on Monday.

The housing finance major would set up a new company HDFC Venture Capital to manage property fund, subject to relevant approvals, it said. It would also establish another company HDFC Ventures Trustee Company, which would act as a trustee for venture fund company.

HDFC would acquire 10,000 shares (of Rs 10 each) of Home Loans Services India Pvt for Rs 100,000 and turn into a wholly owned subsidiary. It would divest 29.50 per cent stake in HDFC Securities to HDFC Bank.