HDFC shares hit new high; market cap reaches Rs 5 lakh crore
The mortgage lender's market cap touched Rs 5.03 lakh crore during the day, as the stock gained nearly 90% from its March lows.
Price of HDFC shares rose over 3 per cent on Tuesday after the company reported a near four-fold growth in net profit for the three months to December 2019.
HDFC’s shares gained 3.13 per cent to Rs 2,470.85 on the BSE and 3.16 per cent to Rs 2,471.70 on the NSE.
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On Monday, housing finance major reported a near four-fold growth in net profit up by 296.1 per cent at Rs 8,372.5 crore in Q3 in December as against Rs 2,113.8 crore in the same period last fiscal year.
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The reported profit before tax for the three months to December 2019 rose by 218.7 per cent at Rs 9142.99 crore from Rs 2,869 crore in Q3 December 2018.
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.
(With input from agencies)
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