HDFC share price trading marginally higher ahead of Q2 earnings today

HDFC share price was trading marginally higher ahead of the housing company's Q2 earnings scheduled to be announced later in the day. At 12: 52 pm, HDFC share price rose 0.25% or 5.25 points to Rs 2,133.80 compared to the previous close of Rs 2,128.55 on BSE. Earlier in the day, HDFC share price rose up to 0.96% to Rs 2149 on BSE. HDFC stock has gained 8.23% since the beginning of this year and risen 17% during last one year.

Its market capitalization rose to  Rs 3.68 lakh crore on BSE. The country's largest mortgage lender HDFC reported a 46% rise in standalone net profit to Rs 3,203.10 crore for the first quarter ended June 30 this year compared to the net profit of Rs 2,190 crore during the corresponding April-June period of 2018-19.

Also read: Axis Bank, ITC, others witness benefits of corporate tax cut in Q2

Total income (standalone) increased to Rs 12,996.11 crore in the first quarter, as against  Rs 9,951.98 crore in the same period of the preceding fiscal, HDFC said.

Last week, HDFC bought 9.89 per cent stake in Bandhan Bank as part of scheme of merger. As many as 15.93 crore shares of the bank were transferred to HDFC, Bandhan Bank said.

In October, Bandhan bank merged with Gruh Finance, which brought down the shareholding of the promoter from 82.26 per cent to 60.96 per cent. The merger was part of the stake dilution exercise to meet the Reserve Bank of India's (RBI) stipulation.

By Aseem Thapliyal