HDFC shares end nearly 2 pc higher post December quarter earnings

Shares of HDFC on Tuesday closed nearly 2 per cent higher after the company reported a near four-fold growth in net profit for the December 2019 quarter.

The company's scrip rose 1.53 per cent to close at Rs 2,432.40 on the BSE. During the day, it jumped 3.13 per cent to Rs 2,470.85.

On the NSE, it rose by 1.56 per cent to close at Rs 2,433.40.

About 1.85 lakh shares of the company were traded on the BSE and 66 lakh shares on the NSE during the day.

The mortgage lender on Monday reported a near four-fold growth in net profit at Rs 8,372.5 crore for the three months to December as against Rs 2,113.8 crore in the same period last fiscal year.

The company said the massive gain in bottomline is notional but mandatory from an accounting perspective, as it is based on the valuation gain on its 9.9 per cent stake in Bandhan Bank following the merger of subsidiary Gruh Finance with the Kolkata-based lender effective last October.

For the first time, the loan book crossed Rs 5 lakh crore during the quarter, vice chairman and chief executive Keki Mistry said.

The company booked a 24 per cent growth in individual loans, after adding back loans sold in the preceding 12 months, while excluding that the same clipped at 16 per cent.