The company said revenue was at Rs 11,975.72 crore, from Rs 11,580.05 a year ago.
Analysts see the net profit declining anywhere between 30 per cent and 70 per cent year-on-year (YoY) coupled with elevated asset quality concerns during the period under review
All that happened in the markets today
Today, 18 companies, including Bajaj Finance, Apollo Tyre, and Ujjivan Small Finance Bank, are scheduled to announce their March quarter earnings
HDFC's share price were down almost 8 per cent to Rs 1,512
The Ministry of Corporate Affairs (MCA) had clarified earlier this month that it would be allowing the meetings to be conducted online because of Covid-19
It is trading at nearly 28 times its trailing earnings per share against Sensex's 19.4
Among sectoral indices, Nifty Metal index was the top gainer - up 3.74 per cent at 1,724 levels, followed by Nifty Financial Service index (up 3.43 per cent)
These shares were acquired pursuant to invocation of pledge by security trustee on behalf of the corporation, which was pledged against a loan given by the lender in its normal course of business
The reduction in rate comes after the RBI provided a boost to the banking system through its policy measures and also introduced a targeted long term repo operation (TLTRO)
Govt right to crack down on strategic investments from China
The issue surfaced after the shareholding pattern disclosed by HDFC showed the People's Bank of China had hiked its stake in the mortgage lender during the March quarter
HDFC will be in focus in today's session after the People's Bank of China increased its stake in the lending major to 1.01 per cent
Sources say PBoC may have increased its stake by 0.2 percentage points in March
The People's Bank of China holds stakes in companies across the world, including BP Plc and Royal Dutch Shell Plc.
According to him, interest rates will go down further, but banks must pass them on to companies.
In October, the Indian government had issued a circular raising statutory FPI limit of Indian companies to the sectoral foreign investment limit
HDFC Bank slipped over 1 per cent to Rs 882 after global brokerage house Bernstein downgraded the stock to 'unerperform' and sharply slashed the target price to Rs 750 from Rs 1,400 earlier
In two days, investors have lost Rs 9,74,176.71 crore wealth. At close of trade on Tuesday, the market capitalisation of BSE-listed companies was at Rs 1,19,52,066.11 crore.
Peers investing indicates other investors' reluctance; banks must conserve capital first before bailing out the private lender