HDFC stock up almost 2% as India’s largest mortgage finance company is set to roll out its Q1 CY13 numbers on Wednesday.
Mortgage leader Housing Development Finance Corporation (HDFC) will announce its Q4 FY13 results tomorrow. The NBFC is expected to report profit after tax (PAT) of Rs. 14.63 billion—a rise of 10.1% in Q4 FY13 compared to Q4 FY12, according to IIFL.
NII (net interest income)—difference between interest earned and paid out—is expected to grow at 7.7% to Rs. 18.1 billion in Q4 FY13 compared with Q4 FY12. On the other hand, NII is forecasted to rise at 22.7% in Q4 FY13 against Q3 FY13, the brokerage house added.
The spread of the NBFC is expected to be stable at 2.3% in Q4 FY13 against Q4 FY12, IIFL further said.
At 11:59 am, HDFC scrip was up by 1.9% at Rs. 870 up by Rs. 16 at the National Stock Exchange (NSE) Wednesday. The stock touched a high of Rs. 873.65 and a low of Rs.852. Total volume traded at the counter stands at 7.6lakhs.
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.