HDFC Sees Growth In Loan Approvals For Sept Quarter, Stock Jumps

Shares in HDFC surged after the company provided an update on business to the stock exchanges. In a filing the company said that individual loan business has continued to see a sequential month-on-month improvement in the period July to September 2020:

"The number of loan applications received duri ng the period grew by I2% over the corresponding quarter of the previous year. During the quarter ended September 30, 2020, individual loan approvals grew by 9% compared to the corresponding quarter of the previous year. For the quarter ended September 30, 2020, individual loan disbursements were at 95% of the level in the corresponding quarter of the previous year.

The month of September 2020 has seen the strongest recovery since the outbreak of the pandemic and the levels have exceeded the levels in the corresponding month of the previous year," the company said.

HDFC was among the top gainers from the Nifty, with the shares rising as much as 7 per cent in trade.