DIRS.INFO The most relevant business & tech news

☆ India is said to be an 'oasis' in the desert. Here are some sectors to watch for
▼ + stars: | 2023-07-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +8 min

Major economies were hit by higher inflation during the Covid-19 pandemic, but India's inflation was already elevated. In June, India's inflation rate was 4.81%, which remains within the Reserve Bank of India's tolerance band of 2% to 6%. There is a paradigm shift and flight of capital from Indian households savings to equity to contribute to the India growth story," Azeez told CNBC's "Squawk Box Asia" last week. "So whichever way one looks at the economic numbers, India appears as an oasis in the global desert," he added. watch nowHowever, Matthew Asia's Mittal said that instead of buying into pharmaceutical companies, upstream companies such as Syngene will be a good investment opportunity.

Persons: Goldman Sachs, Darren Robb, Feroze Azeez, Anand, Azeez, CNBC's, Nifty, it'll, Soumya Rajan, Peeyush Mittal, Nilesh Shah, Shah, Financials, Rajan, Waterfield's Rajan, We've, we've, Hindenburg, Matthews, Mittal, India's, Nestle, Kotak's Shah, Punit Paranjpe, Matthew Asia's Mittal Organizations: Bank, Getty, Wealth, Reserve Bank, Monetary Fund, Waterfield, Matthews Asia, CNBC, Mahindra Asset Management, IDFC, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation, India's HDFC Bank, ICICI Bank, Bajaj Finance, Mahindra Finance, Nestle, World Bank, Nurphoto, Hindustan Unilever, Britannia Industries, Manufacturing Global, Godrej Aerospace, Afp Locations: India, United Kingdom, Japan, Mumbai, China, Nestle India, LuLu, Lulu, Kerala

☆ India's HDFC Bank posts bigger-than-expected jump in Q1 profit
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, July 17 (Reuters) - HDFC Bank (HDBK.NS), India's largest private lender, on Monday reported a bigger-than-expected 30% jump in first-quarter profit, helped by higher net interest income (NII) and strong loan growth. The lender's standalone net profit was at 119.52 billion rupees ($1.46 billion), up from 91.96 billion rupees a year ago. HDFC's deposits have been transitioned into those of HDFC Bank beginning July 1, he said. HDFC had retail liabilities worth 1.3 trillion rupees and non-retail liabilities worth 390 billion rupees as on June 30, he added. Provisions and contingencies, or the funds set aside to cover loan losses, slipped 10.3% to 28.6 billion rupees.

Persons: HDFC, Srinivasan Vaidyanathan, Vaidyanathan, Bank's Organizations: HDFC Bank, Housing Development Finance Corp, Thomson Locations: MUMBAI

☆ India's IDFC First Bank says merger will boost credit growth
▼ + stars: | 2023-07-11 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

155 shares of IDFC First Bank will be alloted for 100 shares of IDFC according to an Indian media report. India's IDFC First Bank expects to see robust credit growth following its recent merger, according to managing director and CEO V. Vaidyanathan. Last week, IDFC First Bank said its board had approved its merger with IDFC Ltd. , the latest in a wave of consolidation in India's financial sector. "For India's credit market, let me say about a 15% credit growth would be a fair expectation in the near future. And for our bank, a 25% credit growth would be a fair expectation with stable asset quality."

Persons: India's, Vaidyanathan, CNBC's Organizations: IDFC, Bank, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation Locations: Mumbai, India

☆ HDFC Bank director says Indian mega merger won't face 'insurmountable challenges'
▼ + stars: | 2023-07-04 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +3 min

In this article HDFC-INHDFCBANK-IN Follow your favorite stocks CREATE FREE ACCOUNTThe merger between HDFC Bank and HDFC now makes the entity the world's fourth largest bank. Nurphoto | Nurphoto | Getty ImagesThe merger between India's HDFC Bank and the Housing Development Finance Corporation (HDFC) will increase the entity's customer base and provide more opportunities for cross-selling, the non-executive director of HDFC Bank told CNBC. HDFC, India's largest mortgage lender, merged with HDFC Bank, the country's biggest private lender, in a $40 billion deal which took effect on July 1. HDFC Bank has around 83 million customers but only 2% have a housing loan with HDFC. HDFC Bank is currently India's second most valued company by market cap after Reliance Industries .

Persons: HDFC, Keki Mistry, Mistry Organizations: HDFC Bank, Nurphoto, India's HDFC Bank, Housing Development Finance Corporation, CNBC, HDFC, Mortgage, JPMorgan Chase, Industrial, Commercial Bank of China, Bank of America, Reliance Industries Locations: India, China, South East Asia

In this article HDFCBANK-IN Follow your favorite stocks CREATE FREE ACCOUNTA HDFC Bank branch in Mumbai, India, on Friday, April 14, 2023. Bloomberg | Bloomberg | Getty ImagesIndia's largest private lender HDFC Bank has completed its merger with Housing Development Finance Corporation , the country's biggest mortgage lender, in a deal that pits the new entity against the world's largest banks. HDFC shareholders will receive 42 shares of HDFC Bank for every 25 shares they own, and HDFC will cease operations on the Indian stock market on 13 July. In a presentation to HDFC investors, the mortgage lender outlined synergies including access to lower funding costs, operational efficiencies and a wider distribution network for HDFC. There will also be cross-selling opportunities as 70% of HDFC's customers do not have a banking account with HDFC Bank, according to the presentation.

Persons: Soumya Rajan, Nilesh Shah, HDFC, Rajan, Shah Organizations: Bloomberg, Getty, HDFC Bank, Housing Development Finance Corporation, JPMorgan Chase, Industrial, Commercial Bank of China, Bank of America, Waterfield Advisors, Mahindra Asset Management, Reliance Industries, CNBC Locations: Mumbai, India, HDFC

☆ HDFC to merge into HDFC Bank on July 1, create India’s financial behemoth
▼ + stars: | 2023-06-30 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

Both the companies have set July 13 as the "record date" to swap HDFC's shares with HDFC Bank's stock for its shareholders, HDFC and HDFC Bank said in separate exchange filings on Friday. With the share swap, HDFC Bank will become one of the world's top 10 banks in terms of market capitalisation, as per Refinitiv data. After the merger, HDFC Bank has no identified promoter. With the merger, HDFC Bank's total loan book will be over 22 trillion rupees, behind only that of State Bank of India (SBI.NS), the country’s largest lender. Both the entities have set July 12 as a record date for transfer of non-convertible debentures of HDFC in the name of HDFC Bank.

Persons: Sashidhar Jagdishan, HDFC's Keki Mistry, Siddhi Nayak, Jose Joseph, Shilpi Majumdar, Maju Samuel Organizations: Housing Development Finance Corp, HDFC Bank, HDFC, State Bank of India, Reuters, Siddhi, Thomson Locations: Renu, India, HDFC

In the fiscal year 2022 through 2023, HDFC raised 784.15 billion from the debt market, higher than the 500 billion rupees a year before. It has raised 460.62 billion rupees since April this year. Mutual funds hold around 270 billion rupees of HDFC's bonds as of May 31, data from information service provider Prime Database showed. Rival LIC Housing Finance may be the biggest beneficiary of HDFC exiting the market, fund managers said. Other competitors such as ICICI Home Finance, Bajaj Housing Finance, Tata Capital Housing Finance and Shriram Housing Finance could also see an increase in demand for their debt issuances, they said.

Persons: HDFC, Raju Sharma, HFCs, Ajay Manglunia, Laukik Bagwe, Bagwe, IDBI Mutual Fund's Sharma, Dharamraj Dhutia, Dhanya Ann Thoppil Organizations: Housing Development Finance Corp, HDFC Bank, Reuters, IDBI Mutual Fund, Securities and Exchange Board of India, JM Financial, AAA, Mutual, LIC, Finance, ICICI Home Finance, Bajaj Housing Finance, Tata Capital Housing Finance, Shriram Housing Finance, Mutual Fund, IDBI Mutual, Thomson Locations: MUMBAI, India, HDFC

☆ Mega-merger gives Indian lender new lease on life
▼ + stars: | 2023-06-20 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

HDFC Bank (HDBK.NS), the country’s largest private lender, is set in July to complete its merger with its parent, partner and 26% shareholder Housing Development Finance Corporation (HDFC) (HDFC.NS). That’s a great opportunity for the larger, streamlined HDFC Bank – until now it sold most home loans it originated to its parent. However, the share of mortgages in HDFC Bank’s portfolio will rise close to 30%, compared to SBI’s 20%. HDFC Bank remains a fixer-upper in a couple of important respects, though. Housing Development Finance Corporation created HDFC Bank in 1994 and remains a 26% shareholder.

Persons: Sashidhar Jagdishan, That’s, HDFC, Jagdishan, Breakingviews, Srinivasan Vaidyanathan, Antony Currie, Thomas Shum Organizations: Reuters, HDFC Bank, Housing Development Finance Corporation, –, Bank of India, Mahindra Bank, Reserve Bank of India, Thomson Locations: MUMBAI, Asia, China, United States, watchdogs, Credila

☆ Ambani’s finance listing will measure disruption
▼ + stars: | 2023-05-11 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Back in 2019 the boss of $200 billion Reliance Industries (RELI.NS) had pledged to spin out its giant retail and digital units. He has since lured big strategic and financial investors including Meta (META.O), Alphabet’s (GOOGL.O) Google and KKR (KKR.N)into those businesses. Jio Financial could be listed as soon as September. The entity will be renamed Jio Financial Services. Jio Financial will list as soon as September, a person familiar with the situation told Breakingviews.

☆ Financials bounce back from Friday's slide to lift Indian shares
▼ + stars: | 2023-05-08 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The Nifty 50 (.NSEI) was up 0.81% at 18,215.75 as of 10:04 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.87%. Nifty Bank (.NSEBANK) and Nifty Private Bank (.NIFPVTBANK) also gained over 1%. On Monday, IndusInd Bank Ltd (INBK.NS) rose nearly 5% and was the top Nifty 50 gainer. Analysts expect the Nifty 50 to witness consolidation in the near-term with resistance seen near 18,200 levels. read more($1 = 81.7330 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ HDFC Bank to open more than 675 branches in semi-urban, rural areas in fiscal year 2024, bank official says
▼ + stars: | 2023-05-04 | by ( Siddhi Nayak | ) www.reuters.com time to read: +1 min

MUMBAI, May 4 (Reuters) - HDFC Bank (HDBK.NS), India's largest private lender, is planning to open more than 675 branches in the semi-urban and rural geographies across the country in 2023-24, a senior bank official said on Thursday. The move is part of the lender's new programme targeting customers in semi-urban and rural areas, helping the bank meet some of its Priority Sector Lending (PSL) targets. PSL requirements, which include lending to weaker segments of the economy, are linked to an organisation's loan book. Of this, around 52% of the bank's branches are in the semi-urban and rural areas. Going forward, HDFC Bank aims to double business in semi-urban and rural areas - both by assets and liabilities - in the next two-to-three years, Vohra said.

☆ India's HDFC beats Q4 profit estimates on home loan demand
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

HDFC said profit after tax rose to 44.26 billion rupees ($541.09 million) for the three months ended March 31, from 37 billion rupees a year earlier. Analysts, on average, had expected profit after tax of 38.86 billion rupees, according to Refinitiv IBES data. The lender said it provided individual loans worth 93.40 billion rupees during the quarter, compared with 83.67 billion rupees a year earlier. HDFC is on track to merge with India's largest private lender HDFC Bank Ltd (HDBK.NS). The RBI in April allowed HDFC and HDFC Bank selective regulatory relief in order to smooth out the merger between the two entities.

☆ India's HDFC is in fine shape for its big deal
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

HDFC Bank’s (HDBK.NS) net interest income rose 20% year-on-year in the three months to March. The $116 billion financier’s mix of deposits points to some niggles. As interest rates rise, savers tend to move idle funds from low-yielding checking accounts to fixed deposits, where money is locked up for a specific period against juicier interest rates. For now, the hotly watched net interest margin, unchanged at 4.3% for the last nine months, is holding up. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ India's HDFC raises $3 bln in largest-ever local bond issue-bankers
▼ + stars: | 2023-02-16 | by ( Dharamraj Lalit Dhutia | ) www.reuters.com time to read: +3 min

MUMBAI, Feb 16 (Reuters) - India's Housing Development Finance Corp (HDFC.NS) raised its target of 250 billion rupees ($3.03 billion) in the country's largest privately placed corporate bond issue on Thursday, merchant bankers said. The country's largest housing financier, soon to be merged with private lender HDFC Bank, sold 10-year bonds at a coupon of 7.97% coupon. The issue received 92 bids worth 278.63 billion rupees, of which the company retained 55 bids worth 250 billion rupees, HDFC said in an exchange notice. The NBFC has now raised an aggregate of 784.14 billion rupees through bond issuance in this financial year, the highest by any company. Axis Bank, ICICI Bank, HDFC Bank and ICICI Securities Primary Dealership are the arrangers.

☆ Indian lender HDFC's biggest-ever bond issue to see strong demand - bankers
▼ + stars: | 2023-02-15 | by ( Dharamraj Lalit Dhutia | ) www.reuters.com time to read: +2 min

HDFC aims to raise at least 50 billion rupees ($603.4 million) through the sale of 10-year bonds on Thursday, with an option to retain an additional 200 billion rupees. If the company garners full the quantum, this would also be the biggest-ever privately placed debt issue by an Indian company. Axis Bank, ICICI Bank, HDFC Bank and ICICI Securities Primary Dealership are the arrangers for the bond issue. The company's fundraising via private placement stood below 250 billion rupees in 2013-14. HDFC is raising funds as it would help them meet capital requirements after the upcoming merger with HDFC Bank, bankers said.

MUMBAI, Feb 15 (Reuters) - The anticipation of Housing Development Finance Corp (HDFC.NS), India's largest mortgage lender, executing an interest-rate hedge once it completes its mega bond sale this week, is driving longer-duration bond yields lower, traders said on Wednesday. "HDFC is likely to do the trade on or post Friday, once it receives the money from its bond issuance," one of the bankers said. Under the trade, the banks will pay HDFC the yield on a government bond and in return receive the benchmark overnight rate plus a markup. The price risk on the bond is borne by HDFC and hence the name total return swap (TRS). And when the banks execute these swaps, there will likely be bunched-up demand for these bonds, which will pressure yields, traders said.

☆ India's largest mortgage lender HDFC misses Q3 profit view on higher funding costs
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 2 (Reuters) - Housing Development Finance Corp (HDFC.NS) (HDFC), India's largest mortgage lender, reported a 13.2% rise in third-quarter profit on Thursday, missing estimates, as higher funding costs took the shine off strong housing loan growth. Increased funding costs, however, have compressed net interest margins and net interest income. Profit rose to 36.91 billion rupees ($450.67 million) for the three months ended Dec. 31, compared to 32.61 billion rupees a year earlier, the company said in an exchange filing. Analysts, on average, had expected a profit of 37.81 billion rupees, according to Refinitiv IBES data. Total expenses rose 37.3% to 106.35 billion rupees, mainly driven by higher finance costs that surged 41%.

☆ India New Issue HDFC to issue 10-year bonds - traders
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

The housing finance company has invited coupon and commitment bids from bankers and investors on Tuesday, they added. The issue will also have a greenshoe option to retain an additional 20 billion rupees and will close for subscription later this week. The bonds are rated AAA by CRISIL and will have a put option at the end of the third year. Last week, Reuters had reported that the housing financier plans to tap the bond market after a gap of two months. In November, HDFC raised 19 billion rupees through bonds maturing in 10 years at an annual coupon of 7.79%.

The private lender raised 150 billion rupees ($1.85 billion) through 10-year Tier-II bonds at an annual coupon of 7.86%, for which it had received bids worth 240.80 billion rupees, according to merchant bankers. A large state-run insurance company and a big provident fund house invested an aggregate of 90 billion rupees in this issue, merchant bankers said. HDFC Bank completes its debt sale a day ahead of State Bank of India's bond issue. HDFC Bank is set to be merged with parent Housing Development Finance Corp (HDFC.NS) in the coming months, and both entities have been on a fundraising spree this financial year. While HDFC Bank has raised 30 billion rupees, excluding the latest issue, HDFC has raised around 550 billion rupees through bond issuance.

Search resuls for: "Housing Development Finance Corp"

19 mentions found