TheNewsClues | Read the latest business economy and financial news in short. Business and financial news aggregator with news summary.
Swipe through the latest business and wealth clues with our android app
Clues by NC Team • 21 Jan 2019, Monday

Axis Bank’s new CEO Amitabh Chaudhry is in talks to recruit Federal Bank’s outgoing executive director Ganesh Sankaran and HDFC Bank’s Ravi Narayanan to strengthen the bank’s leadership team. Both Sankaran and Narayanan are reportedly negotiating their appointment terms for joining Axis Bank. Sankaran will step down with effect from February 15 while Narayanan quit last month after spending almost two decades with HDFC Bank.

Read More at The Economic Times
Clues by NC Team • 19 Jan 2019, Saturday

HDFC Bank on Saturday reported a 20.31% year-on-year growth in net profit at Rs 5,585.85 crore for the third quarter ended December as compared to Rs 4,642.60 crore in the year-ago period. Net interest income (NII) of the lender jumped 21.93% y-o-y to Rs 12,576.75 crore during the quarter. NII is the difference between interest earned on loans and that paid on deposits. Gross non-performing assets (NPAs), as a percentage of total advances, rose marginally to 1.38% in the December quarter, against 1.33% in the September quarter and 1.29% a year ago. 

Read More at The Economic Times
Clues by NC Team • 9 Jan 2019, Wednesday

Shares of Bandhan Bank and Gruh Finance continued their slide on Wednesday. While Bandhan Bank has nearly lost 18% in six straight sessions, shares of housing finance company, Gruh Finance have lost 28% in four consecutive trading days. Bandhan Bank had announced acquisition of Gruh Finance in a share swap deal on Monday. Shareholders of Gruh Finance will get 568 shares of Bandhan Bank for every 1,000 shares held. The merger would bring down the holding of Bandhan Bank’s promoters from 82% to 61%, but it is still higher than the RBI’s mandate of 40%.  

Read More at The Economic Times
Clues by NC Team • 7 Jan 2019, Monday

Bandhan Bank is set to acquire mortgage lender Gruh Finance in a share swap deal. The move is aimed at reducing the bank’s promoter holding to comply with RBI norms and to expand its housing finance portfolio. HDFC presently owns 57.83% in Gruh Finance. The shareholders of Gruh Finance will receive 3 shares of Bandhan Bank for every 5 shares held. While Bandhan Financials holding in Bandhan bank will stand at 60.27% (RBI mandate is 40%), HDFC’s holding in the merged entity will stand at 15.44%. The market cap of the merged entity would be around Rs 86,000 crore. 

Read More at Livemint
Clues by NC Team • 3 Jan 2019, Thursday

HDFC Mutual Fund has surpassed ICICI Prudential MF to regain top position after two years as the largest asset management company (AMC). While HDFC MF looks after assets under management (AUM) worth Rs 3.35 lakh crore, ICICI Prudential MF manages Rs 3.08 lakh crore, according to AMFI data. With AUM of Rs 2.64 lakh crore, SBI MF ranks third. Aditya Birla and Reliance MF follow next with Rs 2.42 lakh crore and Rs 2.36 lakh crore, respectively.

Read More at The Financial Express
Clues by NC Team • 30 Dec 2018, Sunday

Nine of the 10 most valued Indian companies together added Rs 57,263.16 crore in market valuation for the week ended Friday. While Reliance Industries topped the chart with a surge of Rs 17,413.29 crore, HDFC gained 9,694.54 crore and ITC surged by Rs 6,813.8 crores. The m-cap of Infosys advanced by Rs 5,194.29 crore and that of ICICI Bank zoomed Rs 5,152.2 crore. Other gainers were HDFC Bank with Rs 3,591.95 crore, HUL Rs 3,571.75 crore, SBI Rs 2,499.48 crore and Kotak Mahindra Bank Rs 3,3381.86 crore. TCS was the only company to witness a decline in its market cap. 

Read More at The Economic Times
Clues by NC Team • 28 Dec 2018, Friday

HDFC Group overtook TATA Group to become India’s largest conglomerate by market capitalisation during yesterday’s trade.The combined market cap of five companies from the HDFC Group (Rs. 10.4 lakh crore) was higher than TATA Group (Rs. 10.38 lakh crore). The increase in the group’s market capitalisation was aided by the recent listing of its insurance arm HDFC Standard Life Insurance Company Ltd. and mutual fund subsidiary HDFC Asset Management Company Ltd.

Read More at Bloomberg Quint
Clues by NC Team • 23 Dec 2018, Sunday

Bandhan Bank is in talks with HDFC Ltd to buy its subsidiary Gruh Finances, sources said. RBI had earlier directed the bank to reduce its promoter holding from the current 82.28% to 40% by August 2018. Post-acquisition, promoter holding in Bandhan Bank is likely to fall to 60%. The market cap of Bandhan bank will also increase to Rs 88,000 crore from the present Rs 63,000 crore. HDFC Ltd currently holds 57.86% stake in Gruh Finance and could hold up to 15% in the merged entity of Bandhan Bank and Gruh Finance. 

Read More at CNBC
1


Top
©2019 TheNewsClues