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Research Periodic Report HDFC Bank Adjusts Stake in Indraprastha, Bajaj Finance’s AUM Jumps, IndusInd and Bandhan Bank See Strong Financial Growth

HDFC Bank Adjusts Stake in Indraprastha, Bajaj Finance’s AUM Jumps, IndusInd and Bandhan Bank See Strong Financial Growth

Written by - Fisdom Research

April 5, 2024 4 minutes

Opening Bell: 

Gift Nifty is down by 33.0 points in the early morning trade, indicating a negative opening for Indian stock market

On Friday, Asian markets saw a downturn, mirroring the losses witnessed on Wall Street the previous day. Japan’s Nikkei 225 slid by 1.59%, accompanied by a 1.15% drop in the Topix index. Similarly, South Korea’s Kospi experienced a decline of 0.79%, while the Kosdaq dipped by 0.84%. Despite this trend, Hong Kong’s Hang Seng index futures hinted at a slightly positive opening following a trading holiday.

On Thursday, the three major US stock indexes experienced declines exceeding 1 percent each, with the S&P 500 witnessing its most significant daily percentage drop since February 13. This downturn was influenced by cautious remarks from Federal Reserve officials regarding the outlook for interest rate cuts, alongside investor anticipation for Friday’s US monthly jobs report. The Dow Jones Industrial Average dropped by 530.16 points, or 1.35 percent, settling at 38,596.98. Similarly, the S&P 500 saw a loss of 64.28 points, or 1.23 percent, closing at 5,147.21, while the Nasdaq Composite fell by 228.38 points, or 1.4 percent, ending at 16,049.08.

Stocks News:

👉 HDFC Bank has offloaded 27,81,897 shares, constituting 3.03% of Indraprastha Medical Corporation’s equity capital, through secondary market transactions between February 29 and April 4, 2024. Post-sale, HDFC Bank’s holding in Indraprastha stands at 2.45%. The shares were sold at an average price of Rs 199.38 each, totaling a sale value of Rs 55.46 crore.

👉 Bajaj Finance reported a 34% increase in its assets under management (AUM), reaching Rs 3.3 lakh crore for the fiscal year ending March 2024. In the fourth quarter of FY24 alone, AUM grew by Rs 19,400 crore. The company’s deposit portfolio expanded by 35% to Rs 60,100 crore in FY24 compared to the previous year. Additionally, new loans booked in the fourth quarter of FY24 saw a 4% rise to 7.87 million, and the customer base grew by 3.23 million during the same period.

👉 IndusInd Bank observed a 4% quarter-on-quarter increase in deposits, totaling Rs 3.85 lakh crore for the quarter ending March FY24, marking a 14% rise from the previous year. Net advances climbed 5% quarter-on-quarter and 18% year-on-year to Rs 3.43 lakh crore. However, the current account-savings account (CASA) ratio slightly declined by 60 basis points from the previous quarter to 37.9%, and saw a 2.2% drop compared to the same quarter last year.

👉 Bandhan Bank announced that its loans and advances rose by 17.8% year-on-year to Rs 1.28 lakh crore for the quarter ending March FY24, with deposits increasing by 25.1% to Rs 1.35 lakh crore. The bank’s CASA deposits saw an 18.1% year-on-year increase to Rs 50,151 crore. Retail deposits, including CASA, witnessed a 21.9% year-on-year growth, reaching Rs 93,794 crore.

👉 Foreign institutional investors (FIIs) net sold shares worth Rs 1,136.47 crore, while domestic institutional investors (DIIs) offloaded Rs 893.11 crore worth of stocks on April 4, provisional data from the NSE showed.

Domestic and International Events

  • The Reserve Bank of India (RBI) has postponed the deadline for the adoption of its updated regulations on exchange-traded rupee derivatives to May 3, from the previously set date of April 5. The RBI clarified that its stance on this matter has been consistent over the years.
  • In February, the US trade deficit expanded for the second consecutive month, rising by 1.9% to reach $68.9 billion. The figures for January were slightly adjusted, indicating the trade deficit had grown to $67.6 billion, rather than the $67.4 billion initially reported. This adjustment came as a surprise to economists surveyed by Reuters, who had anticipated the deficit to remain relatively stable at $67.3 billion in February.
  • Wednesday marked another milestone for gold prices, setting a new record high for the fourth straight session. This surge in prices is attributed to a mix of escalating Middle Eastern tensions, the anticipation of interest rate cuts in the US, and ongoing inflation concerns, all of which have collectively bolstered gold’s attractiveness as an investment.
  • Crude oil prices continued their upward trajectory amidst rising tensions in the Middle East, with prices soaring above $90 a barrel for the first time since October. Brent crude experienced a 0.55% increase, reaching $91.15 a barrel, while US West Texas Intermediate (WTI) crude futures saw a 0.45% rise, hitting $86.98.      
Hang Seng16,725(1.2) %
Shanghai Composite3,069(0.2) %
Dow Jones38,597(1.4) %
DAX18,4030.2 %
FTSE 1007,9760.5 %
Nikkei39,7730.8 %
Straits Times3,2350.4 %

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