Highly-rated finance firms and housing finance companies are expected to benefit from the absence of Housing Development Finance Corp (HDFC) from the bond market once it merges with the HDFC Bank in early FY24. Post merger, the bond market is expected to become less crowded, which will ease fund raising conditions for other players in the field. It may perhaps also compress the spread for debt instruments floated by housing finance companies (HFCs) over 10-year government bonds, subject to demand and supply conditions.
Foreign portfolio investors (FPIs) continue to cut their shareholding in both Housing Development Finance Corp (HDFC) and HDFC Bank. As per latest data, during the June 2022-23 quarter (Q1FY23), FPIs held 68.1 per cent and 65.96 per cent, respectively, in HDFC and HDFC Bank. Overseas shareholding is down 111/406 basis points (bps) and 260/412 bps on the quarter-on-quarter (QoQ)/year-to-date (YTD) basis in HDFC and HDFC Bank, respectively.
Housing Development Finance Corp Ltd allotted 1,32,222 equity shares of Rs 10 each under the employees stock option scheme.
Despite the ups and downs, the home financier is able to sustain its spreads and report the same loan growth Q-o-Q; so predictable that analysts sometimes find it boring.
But, despite the exits, RIL continued to top the list of stocks with maximum number of FII shareholders.
Housing Development Finance Corp (HDFC) chairman Deepak Parekh on Tuesday said that while the country's macroeconomic fundamentals remain strong and the recovery is in progress, the unpredictability of coronavirus will remain a key challenge. Owing to the second wave, the Indian economy is likely to mirror a similar trend seen in FY21, where the first half of the financial year is weaker and the second half is significantly stronger, he said. "I remain confident that India's macroeconomic fundamentals are strong. Recovery is underway," Parekh said while addressing the 44th annual general meeting of HDFC Ltd. He said, the country's forex reserves and foreign direct investment inflows have scaled record highs, the capital markets are also buoyant and agriculture growth is expected to remain strong with food grain production estimated at over 305 million tonnes.
The lender has said it is betting on increased loan demand in smaller cities to boost growth in a slowing economy.
Shares of ITC ended 1.65 per cent higher at Rs 330.20
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
However, on the NSE, both ITC and Infosys had equal weight of 8.77 per cent.
As per BSE website, Infosys is now the top holding in 30-share S&P BSE Sensex, followed by ITC.
Top Indian private sector lender ICICI Bank, which owns nearly 68 percent of the insurer, is selling up to 181.34 million shares in the IPO.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
With rate cut expectations running high ahead of RBI meet this week, risk appetite improved especially in rate sensitive stocks
As yields on 10-year government bonds rose from 6.65% in April 2017 to around 7.50% now, liquidity pressures have increased the cost of funds for housing finance companies.
What connects P S Jayakumar of Bank of Baroda, V Vaidyanathan of Capital First Ltd and Chandra Shekhar Ghosh of Bandhan?
The Survey shows fiscal consolidation despite slowdown in growth.
Thomas Cook, which is looking to shift its offices to one of the places such as Lower Parel, Dadar, Bandra Kurla Complex or Andheri, is likely to take a decision in the next three to four months.
The 30-share Sensex ended down 71 points at 26,710 and the 50-share Nifty lost 38 points to close at 8,030.
The biggest private sector lender, are swarming the market with discounts and special offers
Markets in green tracking firm global cues.
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