Sensex snaps 11-day winning streak, slips 242 points on profit booking
Business | September 18, 2023 18:20 ISTThe 30-share BSE Sensex registered a decline of 241.79 points or 0.36%, settling at 67,596.84 after a day of volatile trading.
The 30-share BSE Sensex registered a decline of 241.79 points or 0.36%, settling at 67,596.84 after a day of volatile trading.
Effective July 1, the parent mortgage firm HDFC Ltd merged with its subsidiary HDFC Bank making it the second biggest lender after State Bank of India.
The upcoming merger will also not affect customers availing fixed deposits (FDs) and customers will not have to pay interests after their FD matures. Furthermore, customers can also avail the facility to withdraw money after their FDs reach maturity.
Stating that the input tax credit (ITC) case is an industry-wide issue, HDFC Life said the company will be taking appropriate steps in due course to reply to the show cause notice and contest the matter.
HDFC Defence Fund: HDFC Asset Management Company Ltd announced the launch of the country's first mutual fund focussed on defence sector.
HDFC bank Q2 net jump: On a standalone basis, the largest private sector lender's net profit rose by over 20.1 per cent to Rs 10,605.78 crore as against Rs 8,834.31 crore in the year-ago period and Rs 9,196 crore in the preceding June quarter.
HDFC hikes lending rate: This is the fifth hike effected by HDFC in two months. In all, the rate has increased by 115 basis points since May this year.
The merger proposal of HDFC and HDFC Bank remains subject to various statutory and regulatory approvals.
The merger of HDFC and HDFC Bank is expected to be completed by the second or third quarter of FY24.
POCO F4 5G is available with a YouTube Premium subscription for two months, as a part of the first sale. Also, customers will further get a year of free subscription to Disney+ Hotstar VIP Pack.
HDFC Bank increased its Marginal Cost of funding based on the Lending Rate by 0.35 per cent from June 7, as per the new rate structure published on its website.
The upward revision in interest rates by HDFC, PNB and ICICI Bank follow an off-cycle rate increase by the Reserve Bank in May.
On the merger and acquisition front, there were 45 deals worth USD 42.73 billion, which was a 676 per cent jump in the activity by values.
The move comes just days after several lenders, including ICICI Bank, Bank of Baroda and Bank of India, raised interest rates following the Reserve Bank of India's surprise repo rate hike on Wednesday.
HDFC Dividend: HDFC will pay Rs 30 dividend per equity share to its shareholders.
HDFC said that the Retail Prime Lending Rate on housing loans will become costlier by 5 basis points. The hike will be effective from May 1.
The HDFC-HDFC Bank merger is expected to be completed by the second or third quarter of FY24.
Digital 2.0 programme of the bank is designed to provide products to its customers for frictionless financial experience. It will help customers to move from a single transaction to a complete financial solution journey such as loan disbursement, payments and investment.
HDFC Bank, in its complaint, alleged that in all 66 attempts were made to access the internet banking of the account.
Total consolidated income during the quarter under review rose to Rs 41,436.36 crore from Rs 38,438.47 crore in July-September 2020, HDFC Bank said in a statement.
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