For Quick Alerts
For Daily Alerts

HDFC Hits 52-Week High After Q3 Business Update


On Tuesday, shares of Housing Development Finance Corporation Limited (HDFC) rose over 2% to hit a 52-week high of Rs 2,634.65 on BSE after the mortgage lender said in a stock exchange filing that its individual loan business continued to see improvements in the December-ended quarter.


HDFC Hits 52-Week High After Q3 Business Update

"Disbursement growth over the corresponding quarter of the previous year was 26%. For the nine months ended December 31, 2020, individual loan disbursements stood at 86% of the levels in the corresponding period of the previous year," HDFC said in a filing on Monday, after market hours.

"During the quarter ended December 31, 2020, pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank, the Corporation assigned loans to HDFC Bank amounting to Rs 7,076 crore compared to Rs 4,258 crore in the corresponding quarter of the previous year," it further said.

"Individual loans sold in the preceding 12 months amounted to Rs 16,956 crore (Previous Year: Rs
21,066 crore)," it added.

Regarding 'Grant of Stock Options under Employees Stock Option Scheme 2020', HDFC said that it has resulted in a charge to the Statement of Profit and Loss of approximately Rs 147 crore during the quarter ended 31 December 2020. The gross income from dividend for the December-ended quarter is Rs 2 crore.

The filing also informed that HDFC made a profit on sale of investment of Rs 157 crore from the sale of 25,48,750 equity shares of HDFC Life, which was made to comply with RBI's mandate of reducing the Corporation's shareholding in the insurance company to 50% or less by 16 December 2020.

HDFC Life shall continue to be accounted as a subsidiary for purpose of consolidated financial results.

HDFC also said that profit numbers for the December-ended quarter will not be comparable with that of the
corresponding quarter of the previous year as the merger of GRUH Finance with Bandhan Bank was effective 17 October 2019.

Story first published: Tuesday, January 5, 2021, 10:16 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X