Retail majors JC Penney, Neiman Marcus and Aldo Group collectively owe $8.7 million to TCS, say bankruptcy filings
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Instead of extending the moratorium by another three months, it would have been better to allow lenders to offer a one-time restructuring only to those who need it, says Sanjiv Bajaj
All that happened in the markets today
The mortage lender on Monday reported a 22 per cent decline in net profit at Rs 2,233 crore in the fourth quarter, compared to Rs 2,862 crore in the year-ago period.
Corporate results will continue to pour in throughout the week. Investors will first react to HDFC's and other results that were announced over the weekend
The company's net profit (before adjustment of minority interest) was Rs 4,811.26 crore in January-March quarter of 2018-19
The company said revenue was at Rs 11,975.72 crore, from Rs 11,580.05 a year ago.
Analysts see the net profit declining anywhere between 30 per cent and 70 per cent year-on-year (YoY) coupled with elevated asset quality concerns during the period under review
All that happened in the markets today
Today, 18 companies, including Bajaj Finance, Apollo Tyre, and Ujjivan Small Finance Bank, are scheduled to announce their March quarter earnings
HDFC's share price were down almost 8 per cent to Rs 1,512
The Ministry of Corporate Affairs (MCA) had clarified earlier this month that it would be allowing the meetings to be conducted online because of Covid-19
It is trading at nearly 28 times its trailing earnings per share against Sensex's 19.4
Among sectoral indices, Nifty Metal index was the top gainer - up 3.74 per cent at 1,724 levels, followed by Nifty Financial Service index (up 3.43 per cent)
These shares were acquired pursuant to invocation of pledge by security trustee on behalf of the corporation, which was pledged against a loan given by the lender in its normal course of business
The reduction in rate comes after the RBI provided a boost to the banking system through its policy measures and also introduced a targeted long term repo operation (TLTRO)
Govt right to crack down on strategic investments from China
The issue surfaced after the shareholding pattern disclosed by HDFC showed the People's Bank of China had hiked its stake in the mortgage lender during the March quarter
HDFC will be in focus in today's session after the People's Bank of China increased its stake in the lending major to 1.01 per cent