HDFC rose 1.77% to Rs 2009.90 after the company issued business update for the quarter ended on 30 September 2019.
HDFC said that profit on sale of investments rose 83% Rs 1,632 crore in Q2 September 2019 compared with Rs 891 crore in Q2 September 2019. Profit included profit on sale of part stake of equity shares in Gruh Finance. HDFC's stake in Gruh Finance stood at 38.2%.
Income from dividend stood at Rs 1,074 crore in Q2 September 2019 versus Rs 6 crore in Q2 September 2019. The dividend from HDFC Bank was Rs 865 crore while that from Gruh Finance was Rs 70 crore.
The total loans sanctioned stood at Rs 7160 crore in Q2 September 2019 against Rs 6059 crore in Q2 September 2018. All the loans assigned during the quarter ended on 30 September 2019 were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between the corporation and HDFC Bank.
Loans sold in the preceding 12 months period amounted to Rs 23,767 crore as against Rs 15,773 crore in the previous year. The announcement was made after market hours yesterday, 3 October 2019.
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In a separate announcement, HDFC said that it will announce Q2 September 2019 results on 4 November 2019.
Meanwhile, the S&P BSE Sensex was up 209 points or 0.55% to 38316.17.
On the BSE, 37,000 shares were traded in the counter so far compared with average daily volumes of 4.03 lakh shares in the past past two weeks. The stock hit a high of Rs 2011.90 and a low of Rs 1988.25 so far during the day.
The stock hit a 52-week high of Rs 2357 on 18 Jul 2019. The stock hit a 52-week low of Rs 1646 on 23 Oct 2018.
On a consolidated basis, HDFC's net profit rose 5.2% to Rs 3094.38 crore on a 18.6% increase in total income to Rs 24515.47 crore in Q1 June 2019 over Q1 June 2018.
HDFC is India's leading mortgage lender.
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