HDFC shares fall 2% after reports of block deal worth Rs 1,730 crore

According to a report by CNBC TV, several block deals were witnessed in Housing Development Finance Corp (HDFC) shares on Tuesday, in which around 71 lakh shares of the company were exchanged, although the details of buyers and sellers were not available. At the same time, according to a TV report, the deal price was Rs 1,730 crore. Today at 9.24 am, the stock was trading at Rs 2,386 on BSE, showing a softening of 2.1%.

HDFC’s December quarter performance was mixed, with a 2 per cent year-on-year growth in net interest income driven by higher base and higher reserve requirements. HDFC’s asset quality metrics slipped in the third quarter, with the company reporting 20 basis points growth in its Stage 3 assets (non-performing loans). This loan was 2.7 percent of the total portfolio.

CLSA said in a report, “We have cut our estimates for FY 23/24 CL by 4-5 per cent mainly due to margin miss and tough outlook for incremental mortgage spread. While the turning rate cycle is in line with the growth outlook of HDFC Ltd. We prefer large private banks (ICICI/SBI/Axis) over HDFC Limited,” CLSA said.

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