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HDFC AMC gains 4.6% as promoter abrdn plans to sell entire 10.2% stake

HDFC AMC gains 4.6% as promoter abrdn plans to sell entire 10.2% stake

Wednesday, December 7, 2022

Shares of HDFC Asset Management Co Ltd. (HDFC AMC) jumped as much as 4.6 percent to Rs. 2295 in intra-day trade on Wednesday after the company announced that one of its promoters plans to sell its entire stake in the firm. The company is in receipt of a letter from abrdn Investment Management, one of the promoters holding 10.21 percent of the paid-up share capital of the company, intimating their intention to sell the entire stake in the Company subject to applicable regulatory provisions," HDFC AMC said. Consequent to the stake sale, the investment firm, and promoter abrdn Investment Management will cease to be a co-sponsor of HDFC Mutual Fund, the company said in a BSE filing. Of the 10.21 percent stake, abrdn Investment is looking to place up to 2,11,18,578 shares, amounting to 9.9 percent with a single buyer, and the rest being sold separately. Read more

HDFC AMC surges after 6 percent equity change hands on BSE

HDFC AMC surges after 6 percent equity change hands on BSE

Tuesday, August 16, 2022

Shares of HDFC Asset Management Company (AMC) surged 12 percent to Rs 2,185.30 on the BSE in Tuesday’s intra-day trade after nearly 6 percent of the total equity of the company changed hands via block deals. As many as 1.3 crore shares, or nearly 6 percent stake in the company worth Rs 2,520 crore, changed hands on the BSE at Rs 1,951 apiece, ABRDN Investment Management Limited (Formerly Standard Life Investments Limited), one of the promoters of HDFC AMC, held 16.21 percent stake in the company as on June 30, 2022, the shareholding pattern data shows. On September 29, 2021, Standard Life Investments Limited sold 10.65 million shares of HDFC AMC on the BSE at an average price of Rs 2,873.79 per share. Standard Life Investments held a 21.23 percent stake in the company as of June 30, 2022, as per BSE data.The block deal in the stock comes after a strong rally in the counter over the last three months. Shares of the asset manager have risen 21.5 percent in the past 90 days on the back of Read more

HDFC Q1 profit jumps 22% YoY to Rs 3,669 crore

HDFC Q1 profit jumps 22% YoY to Rs 3,669 crore

Friday, July 29, 2022

Housing finance major HDFC on Friday posted a 22 percent jump in its standalone profit after tax to Rs 3,669 crore for the June 2022 quarter, compared with Rs 3,001 crore in the corresponding period a year ago. Sequentially, the profit decreased marginally by 0.8 percent from the profit of Rs 3,700 crore reported in Q4FY22. The consolidated Profit After Tax for the quarter ended June 30, 2022, stood at Rs 5,574 crore. Its net interest income (NII) from April-June 2022 stood at Rs 4,447 crore, about 7.8 percent higher than Rs 4,125 crore a year ago.HDFC vice-chairman Keki Mistry said that the full impact of the lending rate hikes undertaken by HDFC is yet to show on the loan book, which kept net interest income low for the quarter. The management said assets under management (AUM) at the end of the June quarter stood at Rs 6.71 trillion, as against Rs 5.74 trillion at the end of Q1FY22. At the end of the March 2022 quarter, HDFC’s AUM stood at Rs 6.54 trillion. Read more

India defies global slump with a record dealmaking spree in Q2

India defies global slump with a record dealmaking spree in Q2

Tuesday, June 28, 2022

While dealmaking elsewhere in the world slows to a crawl bankers in India recorded their best-ever quarter for mergers and acquisitions. India saw $82.3 billion pending and completed M&A deals in the second quarter, the highest amount on record, according to data compiled by Bloomberg. That’s more than twice as much as the previous record of $38.1 billion in the third quarter of 2019. Globally, M&A volume in the quarter reached $827.6 billion, down 8.7% from the same period in 2021. The surge in India was dominated by HDFC Bank Ltd.’s $60 billion all-stock purchase of Housing Development Finance Corp. in April, combining India’s most valuable bank and largest mortgage lender in the country’s biggest-ever M&A transaction. The move illustrated how India’s flagship companies, facing disruptive trends such as the rise of fintech and climate change, are turning to dealmaking as a tactic to dramatically reshape themselves. Read more

To India’s mortgage-to-GDP ratio to cross 20 per cent, housing loans will have to grow exponentially:Deepak Parekh, chairman of HDFC Ltd

To India’s mortgage-to-GDP ratio to cross 20 per cent, housing loans will have to grow exponentially:Deepak Parekh, chairman of HDFC Ltd

Tuesday, June 7, 2022

Deepak Parekh, chairman of HDFC Ltd, today(7 June 2022) said he expected the regulator’s view on HDFC’s proposed merger with HDFC Bank to be fair and judicious, asking the stakeholders to be patient. In his note to shareholders in the annual report, the HDFC patriarch said after 45 glorious years of providing homes to millions of customers, the time was right for HDFC to find a new home. In April, HDFC and HDFC Bank announced a plan for an all-stock merger deal, for which all the regulatory approvals were expected in 15-18 months. HDFC Bank has requested the Reserve Bank of India more time to meet several regulatory requirements like cash reserve ratio, statutory liquidity ratio, and priority-sector lending targets. Read more

HDFC Q4 net profit rises 16.4% YoY to Rs 3,700 crore

HDFC Q4 net profit rises 16.4% YoY to Rs 3,700 crore

Monday, May 2, 2022

HDFC Ltd today reported a 16.4 percent year-on-year rise in net profit of ₹3,700 crores for the March quarter, Company had reported ₹3,180 crores in the year-ago period, which was above analysts' estimate of Rs 3,306.7 crore. The net interest income (NII) for the quarter stood at Rs 4,601 crore compared with Rs 4,027 crore in the previous year, representing a growth of 14 percent. The Board has recommended a dividend for the year ended March 31, 2022, of ₹30 per equity share. During the year ended March 2022, individual approvals and disbursements grew by 38 percent and 37 percent, respectively compared to the previous year. The average size of individual loans stood at Rs 33 lakh (compared to Rs 29.5 lakh last year). For the quarter ended March 31, 2022, the average loan size was Rs 34.7 lakh. As of March 31, 2022, the assets under management (AUM) stood at ₹6.53 lakh crore as against ₹5.69 lakh crore in the previous year. Read more

MARKET UPDATE:Sensex fell 980 points to 57,358, and Nifty slipped 280 points to 17,195

MARKET UPDATE:Sensex fell 980 points to 57,358, and Nifty slipped 280 points to 17,195

Monday, April 18, 2022

The Indian key benchmark indices started today's(18 April 2022) session with deep cuts as large-caps Infosys and HDFC twins opened sharply lower. The BSE Sensex fell 980 points to 57,358, and the NSE Nifty50 slipped 280 points to 17,195 Infosys and HDFC Bank tanked 6 percent and 2.4 percent, respectively, on disappointing Q4 earnings. Tech M, HDFC, Wipro, HCL Tech, TCS, Axis Bank, Bajaj finserv, Kotak Bank and Axis Bank were the other top laggards on the Sensex. On the flip side, Tata Steel, NTPC, ITC, PowerGrid, Nestle, ONGC, Cipla, M&M, and Bajaj Auto were the gainers on the Sensex and Nifty. Read more

HDFC Bank and mortgage lender HDFC Ltd to merge

HDFC Bank and mortgage lender HDFC Ltd to merge

Monday, April 4, 2022

India's largest private lender HDFC Bank will merge with housing finance firm HDFC Ltd, the companies said today(4 March 2022). As part of the deal, shareholders of HDFC Ltd will receive 42 shares of the bank for 25 shares held. Existing shareholders of HDFC Ltd will own 41 percent of HDFC Bank. Shares held by the housing finance company in the lender will be extinguished, making HDFC Bank a full-fledged public company, according to reports. The subsidiaries and associates of HDFC Ltd will shift to HDFC Bank, the companies said in a regulatory filing. "The merger—subject to regulatory approval-is coming together of equals. The customer will be the biggest gainer," said Keki Mistry, vice-chairman, and chief executive officer of HDFC, in an investor call. Read more

MARKET UPDATE:Sensex rose 613 points to 59,890, while Nifty at 17,830, higher by 161 points

MARKET UPDATE:Sensex rose 613 points to 59,890, while Nifty at 17,830, higher by 161 points

Monday, April 4, 2022

The Indian key benchmark indices started today's(4th April 2022) session with a positive note driven by banking majors HDFC and HDFC Bank as the two announced a merger deal. The BSE Sensex rose 613 points to 59,890, while the NSE Nifty was at 17,830, higher by 161 points. Among the Sensex-30 shares, HDFC and HDFC Bank rose 8 percent and 7 percent, respectively, leading to the index's gains. They were followed by Bajaj Finance, Titan, Tech M, Asian Paints, and HCL Tech. On the Nifty, HDFC Life and Divis Labs were the additional top gainers. On the flip side, M&M, Infosys, Maruti, Eicher Motors, Axis Bank, and ONGC were the top losers on the two benchmarks, down up to 1.5 percent. Read more

RBI lifted the restriction on the new digital business generating activities imposed on HDFC Bank

RBI lifted the restriction on the new digital business generating activities imposed on HDFC Bank

Saturday, March 12, 2022

The RBI has lifted the restrictions imposed on HDFC Bank regarding its business-generating activities planned under the Digital 2.0 programme, HDFC said today(12 March 2022). “We would like to inform one and all that the RBI has lifted the restriction on the business generating activities planned under the bank’s Digital 2.0 programme, vide its letter dated March 11, 2022," the bank said in a stock exchange filing. In December 2020, RBI had directed HDFC Bank to temporarily halt all digital launches as well as new sourcing of credit card customers, following various outages the bank faced due to technical glitches in the past two years. The RBI action came after the bank's customers faced a number of incidents of outages in internet banking, mobile banking, and payment utilities of the bank over the past two years.

MARKET UPDATE: Sensex lower by 444 points at 59,114, and Nifty at 17,645, down 134 points

MARKET UPDATE: Sensex lower by 444 points at 59,114, and Nifty at 17,645, down 134 points

Thursday, February 3, 2022

The Indian benchmark indices extended losses in noon trade and were now down up to 0.7 percent today(3rd February 2022). The BSE Sensex was lower by 444 points at 59,114, and the NSE Nifty was 17,645, down 134 points. HDFC slipped further and was trading 3 percent lower, followed by L&T, Kotak Bank Infosys, Tech M, HUL, Bajaj Finance, IndusInd Bank, RIL, and Dr. Reddy's, all trading 1-2 percent lower. In the broader markets, the SmallCap index had trimmed gains and was down 0.1 percent, while the MidCap index was 0.6 percent lower. The top losers on the index included M&M finance, Godrej Properties, Supreme Ind, Muthoot Finance, Mindtree, Varun Beverages, and InfoEdge, trading 2-6 percent lower. Sectorally, auto shares continued to trade higher, while Financials and IT continued to be top laggards, down nearly 1 percent each. Read more

MARKET UPDATE:Sensex at 59,180, down 284 points while Nifty at 18,670, lower by 86 points

MARKET UPDATE:Sensex at 59,180, down 284 points while Nifty at 18,670, lower by 86 points

Friday, January 21, 2022

The Indian benchmark indices today(21 January 2022) made a sharp recovery in early morning trade after starting the session with heavy losses. The BSE Sensex was now at 59,180, down 284 points. This was nearly 500 points higher from its day's low. The NSE Nifty, on the other hand, was at 18,670, lower by 86 points. The indices were seen recouping losses on the back of buying in FMCG major HUL(up 2 percent), HDFC, TCS, ITC (up nearly 0,5 percent each), and PowerGrid (up 1.6 percent). On the Nifty, Hindalco, Bajaj Auto, Tata Consumer Hero MotoCorp were the additional gainers. Meanwhile, the top losers were Bajaj finserv, Tech M Coal India, Divis Labs, Dr. Reddy's, Adani Ports, Axis Bank, Kotak Bank, and Shree Cement. Sectorally, auto, and FMCG were the only gainers on the Nifty wherein the latter was supported by gains in HUL and Asian Paints on the back of their strong Q3 results.

MARKET UPDATE:BSE Sensex up 343 points 60,960, and NSE Nifty nearly 100 points higher at 18,154

MARKET UPDATE:BSE Sensex up 343 points 60,960, and NSE Nifty nearly 100 points higher at 18,154

Wednesday, January 12, 2022

The Indian benchmark indices were firm in early morning deals today(12th January 2022) holding their opening gains on the back of buying in heavyweight RIL, private lender HDFC and select banking counters such as ICICI Bank, Kotak Bank, and SBI. All of these were up between 0.9-1.6 percent. The BSE Sensex was up 343 points 60,960, after reclaiming the 61,000 mark at open. The NSE Nifty was nearly 100 points higher at 18,154. The BSE MidCap and SmallCap indices too were firmly positive and were up 0.7 and 0.8 percent, respectively. Sectorally, on the NSE, the Realty index was the leading gainer, up nearly 3 percent, followed by metals, energy, and PSU Banks. Read more

HDFC Life to acquire Exide Life Insurance

HDFC Life to acquire Exide Life Insurance

Friday, September 3, 2021

The HDFC Life today(3rd Sept.2021) said it will acquire a 100 percent stake in Exide Life Insurance Company for Rs 6,887 crore from Exide Industries Ltd (EIL) and subsequently, it will be merged with HDFC Life, subject to regulatory approvals. This marks one of the first and the largest acquisitions in the life insurance space, which has 23 private players and one state-owned insurer - Life Insurance Corporation (LIC). Previously, HDFC Life had intended to acquire Max Life but the deal did not go through because of regulatory hurdles. Experts said this deal will, however, is not expected to face any such regulatory hurdles. Read more

Lifting of credit card ban may spark up to 32% rally in HDFC Bank

Lifting of credit card ban may spark up to 32% rally in HDFC Bank

Wednesday, August 18, 2021

The Reserve Bank of India has lifted the ban on the issue of new credit cards which may trigger an up to 32 percent rally in the HDFC Bank’s stock, according to analysts, as the lift has come ahead of the festive season, presenting an opportunity to capture market share. The HDFC Bank scrip surged 3 percent at Rs 1,564.75 on the BSE in intra-day trade today(18th August 2021) and was among the top gainers on the BSE barometer. In comparison, the S&P BSE Sensex was up 0.5 percent at 10:30 AM. Some analysts opine that the lender will be able to regain its lost market share of 180 bps or even more, as there is a large customer base to which it can cross-sell. Financially, the lifting of the ban will protect HDFC Bank's overall profitability as the credit card segment is the key earnings driver, says Motilal Oswal Financial Services.

MARKET UPDATE:BSE Sensex rose 294 points to touch 56,086.50 and Nifty hit 16,692-mark, up over 70 points

MARKET UPDATE:BSE Sensex rose 294 points to touch 56,086.50 and Nifty hit 16,692-mark, up over 70 points

Wednesday, August 18, 2021

Today (18th August 2021) the S&P BSE Sensex index rose as much as 294 points to touch 56,086.50 in the first few minutes of trade, and the broader NSE Nifty50 benchmark climbed to as high as 16,691.95, up 77 points from its previous close. HDFC Bank, Ultratech Cement, HDFC, Asian Paints, and Nestle India lifted the headline indices to new highs on Wednesday. The BSE Sensex index scaled a new all-time high of 56,086.5, up 250 points or 0.5 percent. The Nifty50, on the other hand, hit the 16,692-mark, up over 70 points or 0.4 percent. In the broader markets, both, the BSE MidCap and SmallCap indices were up 0.3 percent each.

HDFC Bank plans to raise funds via AT-1 bonds from overseas market

HDFC Bank plans to raise funds via AT-1 bonds from overseas market

Monday, August 16, 2021

HDFC Bank on Monday said the bank plans to raise capital by additional tier- I (AT1) bonds in the overseas market to fund its business growth. The bank is expected to raise up to USD 1 billion from these dollar-denominated bonds. “We had informed the stock exchanges that the Board of Directors of HDFC Bank in its meeting held on July 17, 2021, is contemplating raising of long term funds through the issuance of $ Basel III Compliant Additional Tier 1 Bonds (Notes), in the international markets, subject to market conditions,” it said in its filing. An offering memorandum (OM) has been prepared and shall be made available to the prospective investors in relation to the contemplated issue of notes, it said. The notes will not be offered or sold in India under the applicable laws, including the Companies Act, 2013, as amended from time to time, it added. Read more

Five bank stocks that can rally up to 13% from current levels

Five bank stocks that can rally up to 13% from current levels

Monday, August 9, 2021

Since April 2021 the NIFTY BANK index has faced resistance at higher levels and has been unable to cross 36,000 levels, as per the weekly setup. The recent momentum, however, has propelled Nifty Bank above the said resistance and there are chances that it can see 36,750 levels in the days ahead, as per the daily chart. The overall structure of weekly and daily charts suggests a positive rally that could see Nifty Bank surpass 37,000 levels and gain more ground. The immediate support comes at 35,500 levels. NIFTYBANK Likely target: 36,750 and 37,000 Upside potential: 2% to 2.50% Read more

These stocks are flashing bearish signals on the tech charts and can dip up to 15% from here

These stocks are flashing bearish signals on the tech charts and can dip up to 15% from here

Tuesday, August 3, 2021

The Indian benchmark indices are trading at all-time high levels, with Nifty50 surging past the 16,000-mark for the first time ever. Analysts expect the market to gain momentum going ahead provided global and domestic cues remain supportive. Charts suggest the possibility of Nifty hitting the 16,100-16,150 level if the current momentum continues. But, there are select stocks that are flashing bearish signals on the tech charts, contrary to the overall market setup. These five stocks from the BSE 500 pack can slip up to 15 percent from here on according to some analysts: Read more

HDFC Q1 results:Net profit at 3001 Crore

HDFC Q1 results:Net profit at 3001 Crore

Monday, August 2, 2021

HDFC on Monday reported a 1.6 percent year-on-year (YoY) decrease in standalone net profit at Rs 3,000.67 crore for the April-June quarter of FY22 (Q1FY22). The company had posted a profit of Rs 3,051.5 crore in the year-ago period. The mortgage lender said its interest income stood at Rs 10,523.36 crore, down 2.48 percent from Rs 10,790.66 crore in the year-ago quarter. Total income stood at Rs 11,663.14 crore, down from Rs 13,019.29 crore. The profit number was above the market estimates, as a CNBC-TV18 poll of analysts had expected Q1 profit at Rs 2,898.7 crore. On a consolidated basis, profit after tax stood at Rs 5,311 crore as compared to Rs 4,059 crore in the previous year, representing a growth of 31 percent. The profit before tax for the quarter ended June 30, 2021, stood at Rs 3,905 crore compared to Rs 3,607 crore in the previous year. Read more

IRB Infra up 31% in 8 days ;stock hits 52-wk high

IRB Infra up 31% in 8 days ;stock hits 52-wk high

Thursday, June 10, 2021

Shares of IRB Infrastructure rallied 7 per cent and hit a 52-week high of Rs 139.40, ron the National Stock Exchange (NSE) in intra-day trade on Thursday, extending its upward movement after the HDFC Mutual Fund acquired more than 1 per cent stake in the company via open market. In the past eight trading days, the stock of the road & highways construction company has soared 31 per cent from the level of Rs 106.25, hit on May 28, 2021. On May 31, 2021, HDFC Mutual Fund bought 2.48 million shares, representing 0.71 per cent of the total equity of IRB Infra, at price of Rs 111 per cent via bulk deal on the NSE, the exchange data shows. The mutual funds, further on June 1, 2021, purchased additional 2.46 million shares, or 0.70 per cent stake in the company, at the price of Rs 111.34 per share, the bulk deal data shows. Read more

RBI tells HDFC Bank to stop digital launches

RBI tells HDFC Bank to stop digital launches

Thursday, December 3, 2020

Shares of HDFC Bank was down 2.5 per cent after the Reserve Bank of India (RBI) has advised the bank to halt all its digital launches as well new sourcing of credit card customers temporarily. The RBI issued the order dated December 2, 2020, to HDFC Bank with regard to certain incidents of outages in the internet banking, mobile banking and payment utilities of the bank over past two years including the recent outages in the bank’s internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre. The order also states that HDFC Bank’s board must examine the lapses and fix accountability. A similar incident took place on December 3, 2019, with customers complaining that they were unable to pay their loan EMIs or settle credit card bills on time Read more

HDFC Q2 result net profit tanks 28 per cent, beats market expectation

HDFC Q2 result net profit tanks 28 per cent, beats market expectation

Monday, November 2, 2020

Housing Development Finance Corporation (HDFC) on Monday posted a net profit for the September quarter of FY21 which is 27.5 per cent less compared to the corresponding year. It reported a profit of Rs 2,870.12 crore against a Rs 2,360 crore estimate that analysts had made. It had reported a net profit of Rs 3,961.5 crore in the year-ago period. On a consolidated basis, the profit declined 53.15 per cent to Rs 5,035.41 crore from Rs 10,748.69 crore clocked in Q2FY20. Provisions worth Rs 436 crore has been set aside for the September quarter of FY21. It added that bottom line numbers are not comparable due to dividend income and profit on the sale of investments of Rs 323 crore. The figure stood at Rs 2,701 crore last year. The net interest income (NII) came in at Rs 3,647 crore, jumping 20.7 per cent YoY from Rs 3,021 crore. Read more

HDFC Bank shares gain after strong Q2 results

HDFC Bank shares gain after strong Q2 results

Monday, October 19, 2020

HDFC Bank shares gained 2.5 per cent to Rs 1,235 apiece on the BSE on Monday after the bank reported a healthy September quarter (Q2FY21) results. The bank reported an 18.4% on-year jump in net profit to Rs 7,513 crore compared to a net profit of Rs 6,344.9 crore in the quarter ended September 2019. The lender reported profit growth of 19.58 per cent in June and 17.71 per cent in the March quarter. It had posted a net profit of Rs 6,658.6 crore in the first quarter ended in June 2020. The lender reported a 17% year-on-year growth in its net interest income to Rs 15,774.4 crore in Q2FY21 from Rs 13,515 crore in Q2FY20. On the asset quality front, gross non-performing assets stood at 1.08% from 1.36% last quarter while net non-performing assets stood at 0.17% from 0.33% in the previous quarter. Provisions saw a decline of 5% quarter-on-quarter to Rs 3,704 crore. Read more

Christopher Wood hiked allocation to Indian equities in his Asia Pacific relative-return portfolio

Christopher Wood hiked allocation to Indian equities in his Asia Pacific relative-return portfolio

Friday, October 16, 2020

Christopher Wood, global head (equity strategy) at Jefferies in his latest note to investors, said that he has hiked allocation to Indian equities in his Asia Pacific ex-Japan relative-return portfolio by one percentage point and added two percentage points to the existing investment in HDFC in the Asia ex-Japan long-only portfolio. At 2x 12-month forward adjusted book, compared with a five-year average forward price-to-book ratio (P/BV) of 2.6x, Wood feels HDFC’s valuation remains attractive. Among Indian stocks, besides HDFC, Wood also holds Reliance Industries (RIL), Maruti Suzuki, SBI Life Insurance, ICICI Lombard General Insurance, DLF, and Cipla in his Asia ex-Japan thematic equity portfolio for long-only absolute-return investors. Read more

HDFC Bank share price gains nearly 6% on RBI appointing new CEO

HDFC Bank share price gains nearly 6% on RBI appointing new CEO

Tuesday, August 4, 2020

Private lender HDFC Bank's share price rose nearly 6 per cent intraday on August 4 on the report of RBI approving new CEO. Mr.Sashidhar Jagdishan will be the new CEO of HDFC Bank for a period of 3 years w.e.f. his date of taking charge, i.e. October 27, 2020, and will be replacing Aditya Puri. The appointment will put an end to one of the most keenly watched successions in India’s banking industry. He is a chartered accountant and holds a Master’s degree in Economics of money, banking and finance. He joined the Bank in the 1996 and currently, he is the Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications, Corporate Social Responsibility & the Strategic Change Agent of the bank. He joined the bank around 1996 as a Manager in the Finance function, and then went on to become Business Head - Finance in 1999 and Chief Financial Officer in the year 2008. Read more

HDFC Q1 Results:Net profit down 5 per cent

HDFC Q1 Results:Net profit down 5 per cent

Thursday, July 30, 2020

Housing Development Finance Corporation on Thursday reported a standalone net profit of Rs 3,051.52 crore for June quarter of FY21, down a 4.7 per cent year-on-year (YoY) down from Rs 3,203.1 crore-profit reported in Q1FY20. The profit numbers beat market estimates as a CNBC-TV18 poll had estimated the number to come at Rs 2,698.8 crore. Consolidated net profit of HDFC was Rs 4,058.53 crore. It improved 14.6 per cent on a yearly basis from Rs 3,540 crore reported in Q1FY20. The company's revenue stood at Rs 13,017.7 crore in Q1FY21 against Rs 12,990.3 crore reported in the corresponding quarter last year.HDFC informed the bourses that it has kept aside Rs 1,199 crore as provisions to deal with the impact of the coronavirus. The net interest income (NII) for the quarter under review jumped 10 per cent year-on-year (YoY) to Rs 3,392 crore, up from Rs 3,079 crore reported in the corresponding quarter of the previous fiscal.CNBC-TV18 poll expected NII to come at Rs 3,419.5. Read more

HDFC Bank posted a 5.15% rise in profit for Q1FY21

HDFC Bank posted a 5.15% rise in profit for Q1FY21

Saturday, July 18, 2020

HDFC Bank has posted a 5.15 percent rise in profit before tax (PBT) at Rs 8,973.8 crore for the first quarter ended June 2020 (Q1FY21). It had posted a PBT of Rs 8,533.6 crore in quarter ended June 2019 (Q1FY20). Its net profit for the reporting quarter rose by 19.6 percent to Rs 6,658.62 crore from a net profit of Rs 5,568.16 crore in Q1FY20. The Net Interest Income (NII) grew by 17.8 percent on a Year-on-Year basis from Rs 13,294.3 crore in Q1FY20 to Rs 15,665.4 crore in Q1FY21, driven by 20.0 percent growth in advances and 24.6 percent rise in deposits. Read more

Vedanta to pave way for HDFC Life in Nifty

Vedanta to pave way for HDFC Life in Nifty

Friday, July 3, 2020

In an out-of-turn announcement, the NSE yesterday (2nd July 2020) announced that life insurance player HDFC Life will replace the outgoing Vedanta Ltd in the Nifty50 index from July 31, as the latter got shareholders' approval on June 25 for delisting. Meanwhile, analysts at ICICI Securities expect that in the semi-annual change in the Nifty50 constituents to be announced by August-end, SBI Life Insurance will enter the index, replacing Zee Entertainment (ZEEL). These changes, according to the brokerage firm, will improve the earnings growth profile of Nifty50, and also increase the weight of non-lending financial services stocks in the index. Read more

MARKET UPDATE: Sensex slips 450 pts; HDFC twins and RIL drag

MARKET UPDATE: Sensex slips 450 pts; HDFC twins and RIL drag

Tuesday, May 12, 2020

The Indian indices declined over 1 percent today (12th May 2020), weighed down by heavyweights like HDFC twins and Reliance Industries. Apart from weak global cues, the indication by the Centre that the nationwide lockdown could be extended beyond May 17, albeit with eased restrictions for businesses, also weighed on the sentiment. The S&P BSE Sensex slipped 475 points, or 1.5 percent, to 31,100 levels, and the Nifty50 index was around 9,100 levels. HDFC twins (both down 2 percent) dragged the Sensex lower. Besides, Asian Paints was down 3 percent. Piramal Enterprises dipped over 7 percent in early deals post-March quarter results announcement. On the other hand, IRCTC was frozen in a 5 percent upper circuit for second straight day. The Nifty sectoral trend was negative except for the Nifty IT index which was up half a percent. 11 companies, including Nestle, Havells, and Bandhan Bank are scheduled to announce their March quarter results.

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