Top headlines: HDFC approves Rs 2-trn loans; I-T raids Hero Moto premises

Business Standard brings you the top headlines on Wednesday

HDFC approves retail home loans to the tune of Rs 2 trillion in FY22

India’s largest mortgage financier, HDFC Ltd, has approved retail home loans to the tune of Rs 2 trillion in FY22 so far, signifying the huge demand for home loans in an otherwise subdued credit market. This is the highest ever home loan approval by the mortgage financier in a financial year.

Interest rates for housing loans are, perhaps, at the lowest levels they have ever been and are one of the key reasons why there is a huge demand for housing loans in the market with all lenders, including public sector banks, private sector banks, and housing finance companies competing to offer the cheapest rates to gain market share. Read more

I-T searches at Hero MotoCorp CMD Pawan Munjal's premises

The Income Tax Department is conducting raids on multiple premises of Hero Motorcorp as part of a tax evasion investigation against the country's largest two-wheeler automobile manufacturer, officials said Wednesday morning.

Offices and residential premises of the promoters including chairman and CEO of the group Pawan Munjal in Gurugram, Haryana, Delhi and few other locations are being covered under the raid, they said.

A team of officials of the department are looking at financial documents and other business transactions of the company and its promoters, they said. Read more

Pushkar Singh Dhami takes oath as Uttarakhand CM for second time

Pushkar Singh Dhami on Wednesday took oath as the Uttrakhand chief minister during a ceremony held at Parade Ground in the presence of Prime Minister Narendra Modi.

This is 46-year-old Dhami's second consecutive stint as the chief minister.

Dhami and his eight ministers were administered the oath by Uttarakhand Governor Lt Gen (retd) Gurmit Singh. Read more

TCS Rs 18,000 cr buyback subscribed 7.5x, with 300 mn shares tendered

The Rs 18,000-crore share buyback programme of Tata Consultancy Services, India’s second-most valuable firm, was subscribed over 7.5 times. According to data provided by stock exchanges, 300 million shares were tendered against the offer size of 40 million shares.

The Tata group flagship firm will extinguish 1.08 per cent of its equity under the buyback programme. Read more