rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
In a mixed bag for HDFC Bank ahead of the parent HDFC's merger with itself, the Reserve Bank of India has declined to make exceptions on certain aspects, and has offered some leeway on others. The country's largest private sector lender, which is aiming to conclude the merger with the home finance major by July, had written to the central bank seeking certain forbearances after announcing the $40-billion merger in April last year. In an exchange filing this evening, HDFC Bank said it received a response from RBI on Thursday and also said that there are a few pending issues.
The Reserve Bank of India (RBI) has given HDFC Bank six months to migrate HDFC's home loan customers to external benchmark linked lending rate (EBLR), top sources in the bank told Business Standard. Almost half of HDFC's 5.4 million customers are home loan customers. It is mandatory for banks to link retail loans and loans to micro, medium and small enterprises to an external benchmark. Non-banking financial companies do not have such a mandate.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
From the Sensex pack, Tata Motors, NTPC, Bajaj Finserv, Power Grid Corp, Titan, Asian Paints, IndusInd Bank, Maruti Suzuki India and Tata Steel were among the biggest gainers. Sun Pharmaceuticals, ITC, Hindustan Unilever, Bharti Airtel, UltraTech Cement and Reliance Industries were among the laggards.
HDFC Bank's market capitalisation (market cap) touched Rs 13 trillion in Thursday's (December 28, 2023) intra-day trades as the largest private sector lender is set to report its sharpest monthly rally in the past two years. At 10:33 AM; HDFC Bank's market cap stood at Rs 13.03 trillion, the BSE data shows. The stock was up 1 per cent at Rs 1,717.90 in intra-day trades on December 29, inching towards its record high of Rs 1,757.80 touched on July 3, 2023.
Without changes to the taxation rules, buybacks are expected to remain scarce.
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HDFC Bank has been conscious in not accepting high-cost deposits, which have resulted in slower growth in October-December, said Sashidhar Jagdishan, managing director and chief executive officer, during an interaction with Goldman Sachs recently. He said during times of tight liquidity, short terms hardened, as was the case in October-December. "Not only did we participate, but we also gave up which came up for maturity," he said.
Selected applicants will receive a monthly stipend of Rs 4,500 from the government and an additional Rs 500 from participating companies as a part of the Prime Minister Internship Scheme (PMIS) 2025.
HDFC Life Insurance Company on Thursday said it has received GST demand orders of over Rs 27 crore for alleged short payment of taxes. In two separate regulatory filings, the insurer said it has received tax demand orders of over Rs 16.5 crore and Rs 10.5 crore from authorities for alleged short payment of GST and input tax credit claim mismatch.
Strong margins in the jewellery segment in Q4FY25, steady growth guidance for FY26 and expectations of outperformance in the organised jewellery sector boosted sentiment for the largest listed jewellery maker by market capitalisation, Titan Company. The stock was the highest gainer on the benchmark indices (Sensex as well as Nifty), rising 4.1-4.5 per cent at close on Friday, taking the total gains over the past month to about 12 per cent.
HDFC Bank on Tuesday said RBI has given approval to the group to acquire up to 9.5 per cent stake each in six lenders, including ICICI Bank and Axis Bank.
'He has been one of the clearest thinkers in the history of business.'
Between March 2022 and September 2023, HDFC Bank added 56,310 employees.
HDFC Bank's latest shareholding data showed that the room for foreign investment has fallen just 5 basis points short of the threshold set by Morgan Stanley Capital International (MSCI) to fully include the stock in its indices. Currently, the index provider has applied an adjustment factor of 0.5 since the foreign room is less than 25 per cent. Removal of the adjustment factor will result in inflows of a massive $4.8 billion (Rs 40,000 crore) into HDFC Bank, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
From the Sensex pack, HDFC Bank, Maruti, Tech Mahindra, HCL Tech, ITC, ICICI Bank, Kotak Mahindra Bank and Bajaj Finance were among the biggest laggards. NTPC, Adani Ports, Mahindra & Mahindra, Tata Steel and IndusInd Bank were among the gainers.
Gold prices tumbled by Rs 1,550 to Rs 91,450 per 10 grams in the national capital on Monday amid heavy selling by jewellers and stockists as well as weak global trend, according to the All India Sarafa Association. On Friday, the precious metal of 99.9 per cent purity had finished at Rs 93,000 per 10 grams.
Gold prices rose by Rs 70 to hit yet another record high of Rs 98,170 per 10 grams in the national capital on Thursday amid firm global demand, according to the All India Sarafa Association. On Wednesday, the precious metal of 99.9 per cent purity soared by Rs 1,650 to hit an all-time high of Rs 98,100 per 10 grams.
The country's largest private lender HDFC Bank on Saturday reported a 6.51 per cent decline in its consolidated net profit to Rs 16,474.85 crore in the April-June quarter compared to the previous January-March quarter. The city-headquartered lender, which merged its mortgage major parent HDFC into itself in July last year, had reported a net profit of Rs 17,622.38 crore in the March quarter. On a standalone basis, the net profit declined to Rs 16,174.75 crore in April-June 2024-25 from Rs 16,511.85 crore in January-March 2023-24.
Trading sentiment in the equity market will largely be driven by domestic corporate quarterly earnings, any update related to US tariffs and foreign fund movements this week, analysts said. Investors would also focus on world market trends, movement of global oil benchmark Brent crude and the rupee-dollar trend for further cues, experts noted.
Securitisation - sale of loans to investors - by lenders, including banks and non-banking financial companies (NBFCs), crossed Rs 50,000 crore during the fourth quarter ended March 2025 (Q4F25). This is a tad higher than Rs 48,000 crore during the same period of FY24.
After the latest rout, the American depositary receipt (ADR) premium of HDFC Bank to its local shares has shrunk to nearly zero. Shares of HDFC Bank on Thursday fell 3.1 per cent to Rs 1,490, extending its two-day decline to 11 per cent. Meanwhile, the ADR has slumped over 15 per cent in the past two trading sessions.
Mahindra & Mahindra, Bharti Airtel, Tata Consultancy Services, Infosys, ICICI Bank, and ITC were the biggest laggards. Foreign portfolio investors (FPIs) offloaded equities worth Rs 4,294.69 crore on Friday, according to exchange data.
Stock markets will be driven by further developments on the US-China tariff war front along with quarterly earnings announcements from IT majors Wipro and Infosys in a holiday-shortened week, analysts said. Global market trends and trading activity of foreign investors would also dictate market movement this week, experts noted.
But there are challenges, observes Tamal Bandyopadhyay.
The latest spike in the Vix is a sign that investors are visibly rattled by global developments and fear a further drawdown in stock prices, experts said.
HDFC Bank expects to amalgamate its home loan major parent HDFC into itself by September next year, a top official said on Friday. Both HDFC and HDFC Bank held general meetings on Friday to seek shareholder approvals for what is billed as the largest merger in Indian corporate history at over $40 billion. At the time of announcing the merger on April 4 this year, the entities had said the merger will take 12-18 months.
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The merged entity's deposits grew by 16.2 per cent YoY at Rs 20.63 trillion at the end of the first quarter. Sequentially, the merged entity's advances rose by about 0.7 per cent to Rs 22.30 trillion as of March 31, 2023. However, the pace of deposit mobilisation was higher at 1.2 per cent over Rs 20.39 trillion as of March 31, 2023.
One should avoid keeping excessive funds in one's savings account.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
The data for individual weighted received premium (WRP) showed divergent trends for life insurers in December 2024. Overall, the industry's individual WRP grew 4.8 per cent year-on-year (Y-o-Y); LIC's individual WRP declined 13 per cent while private players saw 11.4 per cent growth.
Dalal Street investors were a poorer lot on Monday as their wealth eroded sharply by Rs 14 lakh crore following a sharp decline in benchmark indices amid a global market meltdown due to recession fears. The 30-share BSE Sensex tumbled 2,226.79 points or 2.95 per cent to settle at 73,137.90. Intra-day, the benchmark slumped 3,939.68 points or 5.22 per cent to 71,425.01.
The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
Corporate earnings from blue-chips like HDFC Bank, ICICI Bank, Donald Trump's swearing-in as the US President, and trading activity of foreign investors are the key factors to drive equity markets this week, analysts said. Trump will be sworn in as the US president for a second term on Monday. This week, several key Nifty-50 companies, including BPCL, HDFC Bank, Hindustan Unilever, Dr Reddy's, UltraTech Cement, JSW Steel and ICICI Bank are scheduled to announce their financial results.
Sashidhar Jagdishan, managing director and chief executive officer of HDFC Bank, the largest private-sector lender of the country, has just completed his first term. The period October 2020-October 2023 was a roller coaster, and the second one, which started on October 27, could be more interesting as the lender absorbs the impact of the merger of HDFC, which was integrated on July 1, and moves to the next growth phase. Soon after he took over the reins from Aditya Puri on October 27, 2020, the Reserve Bank of India (RBI) debarred HDFC Bank from enrolling new credit card customers and launching new products under the Digital 2.0 programme due to repeated outages on its mobile-banking and internet-banking platforms.
The board of HDFC Bank has approved the appointment of Keki Mistry and Renu Karnad as the additional non-executive directors of the bank, and V Srinivasa Ranjan as its executive director. Mistry was the chief executive officer and vice chairman of HDFC, which merged with the bank today (1 July 2023). Karnad has been the managing director of HDFC since 2010. Ranjan was the executive director and chief financial officer of HDFC.
AUM heavyweights SBI, HDFC and ICICI Pru flex muscle, adding Rs 2 trillion+ each.
HDFC Bank has reshuffled the portfolios of its senior management team. This is the first major rejig after the amalgamation of HDFC Ltd on July 1. "The runway for our growth is large. This change is being done to bring in a very sharp focus on leveraging what we have built and for enhanced execution," said Sashidhar Jagdishan, managing director and chief executive of HDFC Bank, explaining the reason for this overhaul.
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