Largest private sector lender HDFC Bank on Monday reported a 29.13 per cent jump in consolidated net profit for the June quarter at Rs 12,370.38 crore. The bank, which recently merged mortgage financier parent HDFC into itself, had reported a net profit of Rs 9,579.11 crore in the year-ago period and Rs 12,594.47 crore in the preceding March quarter.
Edtech major Byju's is in process to raise Rs 600-700 crore to fund the company's operations till March by when it expects to realise money through the sale of Epic and partial stake sale in other subsidiaries, according to sources aware of the development. Byju's founder Byju Raveendran has recently raised money by mortgaging home and real estate assets owned by family members for paying salaries, sources said. "There is about Rs 50 crore gap per month in operational expenses where a large component is salary.
Credit-to-deposit (CD) ratio of major public sector and private sector banks during the October-December quarter of FY24 inched up as compared to the previous quarter though government-owned lenders reported a lower rate than their private peers. CD ratio is the ratio of the funds that banks lend as compared to the funds raised in the form of deposits. The CD ratio of top public sector banks (PSBs) - State Bank of India, Punjab National Bank, Bank of Baroda and Canara Bank - was lower than their private counterparts.
JM Financial on Wednesday said it had a "careful and detailed review" of the Reserve Bank's order imposing restrictions on the company's financing business and asserted that there was "no material deficiencies" in its loan sanctioning process. The Reserve Bank on Tuesday imposed restrictions on JM Financial Products Ltd after it found the company indulged in various manipulations, including repeatedly helping a group of its customers to bid for various IPOs (initial public offerings) by using loaned funds. "After careful and detailed review of the order issued by the RBI on the action against JM Financial Products Ltd, we strongly believe that there have been no material deficiencies in our loan sanctioning process.
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Arivandakshan's arrest is the first of a political person in the alleged scam in which several political functionaries of the CPM are under scanner, they said.
The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC chairman Deepak Parekh said on Tuesday. The boards of HDFC and the private bank will meet on June 30 post to clear and approve the merger, Parekh told reporters in Mumbai. The merger of the corporation with HDFC Bank will be effective July 1, Parekh said.
Housing finance major HDFC and state-run Punjab National Bank on Tuesday announced up to 25 basis points increase in their lending interest rates, making their new and old loans expensive for consumers. The revised rates would be effective from March 1. Mortgage lender HDFC has increased its retail prime lending rate by 25 basis points to a minimum of 9.20 per cent.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
Pravin Sawant now hopes his archery training academy, built on one-acre sugarcane farmland, will finally get due recognition, after producing India's two world champions Aditi Swami and Ojas Deotale.
The party on Wednesday removed former minister Sudhir Sharma, who was among the six rebel MLAs who were later disqualified for defying party whip on the state budget, from the post of All India Congress Committee secretary with immediate effect.
After a sharp fall in the share prices of HDFC Bank and other private sector lenders in the past three days, the BFSI (banking, financial services and insurance) sector weighting in the Nifty50 has slipped to a seven-year low of 32.03 per cent, down from nearly 36.6 per cent at the end of March 2023 and 34.5 per cent at the end of December 2023.
Social media or mass media have become weapons of mass distraction, but there are no concerted efforts yet to tackle them, Justice Mahesh Sonak of the Goa bench of the Bombay high court said on Saturday.
Mortgage lender HDFC Ltd on Monday said its board has approved raising funds through non-convertible debentures (NCDs) in tranches aggregating to Rs 57,000 crore. The board has cleared issuance of unsecured, redeemable, non-convertible debentures under a Shelf Placement Memorandum, aggregating Rs 57,000 crore, in various tranches, on a private placement basis, HDFC said in a regulatory filing. This is in accordance with the approval granted by the shareholders of the HDFC at the 45th annual general meeting held on June 30, 2022, it said.
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Having successfully executed the merger with parent HDFC, HDFC Bank's managing director and chief executive Sashidhar Jagdishan on Saturday said the country's largest lender aims to double every four years. In a letter to the over 4,000 employees from HDFC who joined the bank's rolls on Saturday, Jagdishan said the future is bright, and the work on realising the potential of the merger starts now. "The runway for financial services and mortgage, which are so underserved and under penetrated, is going to be very large. HDFC Bank - the combined entity - with a large and growing distribution and customer franchise, more than adequate capital, healthy asset quality and profitability, will be best positioned to capture growth.
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
Housing sales rose 36 per cent year-on-year to a record 120,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, real estate consultant Anarock said average housing prices across the seven cities grew 11 per cent annually in the July-September period this year.
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The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
'We do not see people getting reduced, but because of automation, we will do more work.'
Despite rising interest rates, leading home loan players SBI and HDFC have announced discounted interest rates beginning at 8.40 per cent as part of their festive offerings. SBI in a statement said that its home loan book has topped the Rs 6 lakh crore mark, a first in the industry. The leading lender said it is offering up to 25 bps discount on interest rate to new home loan borrowers, making the entry level rate at 8.40 per cent and the offer will run up to January 31, 2023.
While rising interest rates and tighter liquidity are giving negative signals for the financial sector, increasing economic activity could mean higher business volumes for lenders. Liquidity in the banking system has moved from Rs 8 trillion surplus into a deficit of Rs 33,000 crore over the 2022 calendar year. By the end of November, bank credit had grown 17.5 per cent YoY (year-on-year).
Post the real estate and financial markets crisis, the phenomenon of subprime is going to hit cricket, precisely the IPL.
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.
The popularity of the instrument lies in that it converts an illiquid asset -- the house -- into liquid cash flows for the owner, typically a senior citizen.
Manju fights off initial family resistance, financial constraints to be country's top race walker
Among the main gainers were Jio Financial Services which jumped 4.99 per cent, Tata Steel (2.09 per cent), Maruti Suzuki (1.87 per cent), M&M (1.31 per cent) and Infosys (1.19 per cent).
Indian IT services sector's revenue growth will slow down to 3 per cent in the current fiscal from 9.2 per cent in the previous financial year, a domestic ratings company said on Tuesday. Icra Ratings said the profitability will also take a beating in this financial year and the operating profit margin will narrow by up to 1 percentage point to 20-21 per cent. The topline growth will come down to 3-5 per cent in FY24 from the 9.2 per cent posted in FY23, the agency said, attributing the slowdown to softening demand.
Fundraising activity in the debt market is gaining momentum ahead of the festival season. Several non-banking financial companies (NBFCs) and the National Bank for Agriculture and Rural Development (Nabard) are planning to raise at least Rs 5,560 crore in the next two days by issuing bonds, with a greenshoe size of Rs 6,370 crore. Ajay Malglunia, managing director and head of investment grade group at JM Financial, said, "The market likes certainty, the market will gain clarity after the US Federal Reserve's (Fed's) policy.
The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (co-operative sugar factories) and Sahakari Soot Girnis.
Infosys was the only large-cap IT player to report sequential constant currency (cc) revenue growth for the June quarter (1 per cent ), which was ahead of analyst expectations, but the company's sharp downward revision in its growth guidance took most brokerages by surprise. In line with the cut in its FY24 revenue guidance (cc) to 1-3.5 per cent, brokerages have unanimously reduced FY24 EPS estimates for the company in the range of 2-4 per cent, though the Street is likely fearing even further downside, they say. Global brokerages Macquarie and Nomura downgraded Infosys to underperform and reduce ratings, respectively, with the latter cutting the target price to Rs 1210 from Rs 1260.
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
Edelweiss ARC, in a statement, denied that any undue pressure was brought to bear on Desai for loan recovery.
'Holding on to superstardom is far more difficult than the struggle to get there.'
Sheeja Anand, a native of Payyavoor in Kannur district of Kerala, was injured in the missile strikes on Ashkelon, a coastal city in the southern part of Israel on Saturday, while she was on a video call with her husband, her family said.
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Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
The Biden administration has eased norms by releasing policy guidance on the eligibility criteria for those waiting for green cards to work and stay in America, days ahead of Prime Minister Narendra Modi's visit to the US.
