Housing Development Finance Corporation has allotted 6,70,896 equity shares of Rs 2 each on exercise of stock options. Post the allotment, the paid up share capital of the corporation is Rs 345.47 crore consisting of 1727366007 equity shares of Rs 2 each.

Powered by Capital Market - Live News

Net profit of Housing Development Finance Corporation rose 80.38% to Rs 10388.61 crore in the quarter ended September 2019 as against Rs 5759.19 crore during the previous quarter ended September 2018. Sales rose 43.16% to Rs 32796.50 crore in the quarter ended September 2019 as against Rs 22908.31 crore during the previous quarter ended September 2018.

Powered by Capital Market - Live News

Net profit of Housing Development Finance Corporation rose 60.58% to Rs 3961.53 crore in the quarter ended September 2019 as against Rs 2467.08 crore during the previous quarter ended September 2018. Sales rose 19.94% to Rs 13487.44 crore in the quarter ended September 2019 as against Rs 11245.61 crore during the previous quarter ended September 2018.

Powered by Capital Market - Live News

On a standalone basis, the housing finance company reported 60.58% increase in net profit to Rs 3,961.53 crore on a 19.87% increase in total income to Rs 13,494.12 crore in Q2 September 2019 over Q2 September 2018.

The stock rose 2.44% at Rs 2180.55. The stock has traded in the range of Rs 2122.15 and Rs 2194.90 so far during the day.

In view of the directive by Reserve Bank of India to HDFC to hold not more than 9.9% of the share capital of Bandhan post effectiveness of the said merger, during the quarter ended 30 September 2019, the corporation, further, sold 6,74,00,000 equity shares of GRUH. Post this sale, the corporation retained 38% of the GRUH and has classified the investment as an associate. This has resulted in a pre-tax adjusted gain of Rs 8,000.29 crore in the consolidated financial results in accordance with Ind AS 110 Consolidated Financial Statements. The corporation has recognised such gains as realised gain of Rs 1,473.75 crore on sale of shares and the net unrealised gain of Rs 6,526.54 crore being fair value of the retained investment in GRUH.

During the previous quarter, the corporation had entered into agreements for acquiring upto 51.2% of the equity share capita! of Apollo Munich Health Insurance Company, subject to regulatory approvals. The Competition Commission of India has given their approval for merger of Apollo with HDFC ERGO General Insurance Company.

HDFC's main business is financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes.

Powered by Capital Market - Live News