HDFC Bank stock gains 1.3%, HDFC shares up 1.7% on first day of trade following merger

HDFC Bank e1688354776869.webp


HDFC Bank’s share price gained 1.3% to Rs 1,724.25, while HDFC’s stock price jumped 1.75% to Rs 2,869.25 on the first day of trading following the merger of the two lenders. Housing Development Finance Corporation and HDFC Bank’s merger came into effect from July 1, after receiving approval from shareholders and regulators.

“The window for trading in the securities of the Corporation would be closed with effect from Saturday, July 1, 2023, and shall continue to remain closed up to Record Date i.e. up to Thursday, July 13, 2023 (for determining the shareholders of the Corporation who shall be issued and allotted the shares of HDFC Bank), for all the employees, designated employees, and directors of the Corporation including their immediate relatives, in terms of the Sebi (Prohibition of Insider Trading) Regulations, 2015,” said HDFC in an exchange filing.

HDFC Bank to emerge stronger following merger

HDFC Bank’s merger with HDFC would give it access to a large retail customer pool (mortgages) which we believe has become the key franchise product to strengthen customer engagement for retail banks in India. We forecast sector-leading earnings growth of 18% in FY23-26E and superior return ratios with a high degree of earnings visibility,” said Goldman Sachs in a recent report ahead of the merger.


Source link

What do you think?

Leave a Reply

GIPHY App Key not set. Please check settings


    SGX Nifty rebrands to GIFT Nifty, starts trading today

    rupee 1

    Rupee to likely hold narrow range on elevated risk appetite, U.S. yields