HDFC sells stake worth Rs 236 crore in HDFC ERGO
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Housing Development Finance Corporation (HDFC) has sold 44,12,000 equity shares representing 0.62 per cent of the issued and paid-up share capital of HDFC ERGO. With this move, the non-banking financial company will bring down its shareholding in the general insurance company below 50 per cent, the listed company said in its filing.
The company stated it entered into a share purchase agreement for sale of 44,12,000 equity shares of Rs 10 each. The company stated the sale is for âRs 2,364,832,000 as cash consideration, i.e. Rs. 536 per equity shareâ. The company selling it to ERGO International AG, a foreign promoter of HDFC ERGO.
HDFC s Q4 net profit jumps 42 pc at Rs 3,180 crore ANI | Updated: May 07, 2021 14:56 IST
Mumbai (Maharashtra) [India], May 7 (ANI): Home loan lender Housing Development Finance Corporation (HDFC) on Friday reported 42 per cent growth in net profit at Rs 3,180 crore in the quarter ended March as compared to Rs 2,233 crore in the same period of previous year.
Profit before tax stood at Rs 3,924 crore in Q4 FY21 compared to Rs 2,692 crore in Q4 FY20, representing a growth of 46 per cent.
HDFC said there was a substantial recovery in the second half of FY21 after the Covid-19 induced national lockdown from March to early June.
Housing Development Finance Corporation (HDFC) rose 2.14% to Rs 2482.65 after the corporation reported 42.4% jump in standalone net profit to Rs 3,179.83 crore in Q4 FY21 as against Rs 2,232.53 crore in Q4 FY20.
Total income declined by 2.3% year-on-year (YoY) to Rs 11,707.53 crore in the fourth quarter. Profit before tax in Q4 FY21 stood at Rs 3,923.94 crore, up by 45.7% from Rs 2,692.44 crore in Q4 FY20.
HDFC reported 32.3% drop in standalone net profit to Rs 12,027.30 crore on 18% fall in total income to Rs 48,175.86 crore in the year ended 31 March 2021 over the year ended 31 March 2021.
The reported profit before tax for the year ended 31 March 2021 stood at Rs 14,815 crore, down by 27.2% from Rs 20,350.92 crore for the year ended 31 March 2021.
Domestic indices ended with decent gains on Friday amid positive global cues. The Nifty managed to close above the 14,800 mark after slipping below that level in intraday trade. PSU banks corrected while metals stocks extended rally on improved sectoral outlook.
The S&P BSE Sensex, rose 256.71 points or 0.52% to 49,206.27. The Nifty 50 index gained 98.35 points or 0.67% to 14,823.15.
The Sensex has risen 1.97% and the Nifty has climbed 2.25% in three consecutive sessions.
Global stock market advanced as investors welcomed an encouraging private jobs report from the United States that reinforced optimism that the world s top economy is well on the recovery track. The White House s support for a global waiver on patent protections for Covid-19 vaccines also cheered investors.