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HDFC Bank share gains over 4% after lender announces Q1 earnings schedule

BusinessToday.In     June 16, 2020

HDFC Bank share was among the top Sensex gainers in trade today after the private lender said it would hold a meeting of board of directors on July 18 to consider earnings for Q1 of the current fiscal. Share price of HDFC Bank climbed 4.08% to Rs 989.55 compared to the previous close of Rs 950.80 on BSE.

The large cap stock opened 2.33% higher at Rs 973 today. The share trades higher than 20 day and 50 day moving averages but lower than 5 day, 100 day and 200 day moving averages. Its market capitalisation rose to Rs 5.40 lakh crore.

HDFC Bank stock has lost 0.50% in one week. The large cap stock has lost 22.77% since the beginning of this year and 19.38% during the last one year. Total 12.93 lakh shares changed hands amounting to turnover of Rs 126.93 crore.

The banking stock hit a fresh 52-week high of Rs 1,304 on December 19, 2019 and 52 week low of Rs 738.90 on March 24, 2020.

"We wish to inform you that a meeting of the Board of Directors of HDFC Bank Limited will be held on Saturday, July 18, 2020 to inter-alia consider the standalone and consolidated financial results (unaudited) for the first quarter ending June 30, 2020. The trading window for dealing in securities of the Bank will be closed from June 24, 2020 to July 20, 2020 (both days inclusive) for the designated employees, directors, etc. pursuant to the applicable SEBI Regulations,"  the bank said in a communication to bourses today.

HDFC stock price falls over 4% amid plan to raise Rs 4,000 crore via bond issue

In Q4 of previous fiscal, the lender reported a 17.7% rise in standalone net profit to Rs 6,928 crore against  Rs 5,885 crore profit in the year-ago period. Provisions rose to Rs 3,784.5 crore in Q4 against Rs 3,043.6 crore in the previous quarter and Rs 1,889 crore in the year-ago period.

HDFC Bank reported 15.4% rise in Q4 consolidated net profit at  Rs 7,280.22 crore, up from Rs 6,300.81 crore a year ago. Consolidated total income in Q4 of FY20 rose to Rs 38,287 crore, from  Rs 33,260.48 crore in the year ago quarter.

HDFC Bank said it has made additional provisions of Rs 1,550 crore due to Covid-19 impact.

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By Aseem Thapliyal

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