Browsing: HDFC

[ad_1] Although the volume of policies with over Rs 5 lakh premium got impacted in the first quarter this fiscal due to the new tax rule, for HDFC Life Insurance overall average ticket size did not change, says its executive director & chief financial officer Niraj Shah. In an interview with Mithun Dasgupta, Shah says the insurance company is in the process of launching products to address very high ticket sizes also. Excerpts: Q1) What were the factors that contributed to the growth in the first quarter this fiscal for HDFC Life Insurance? A: There were a lot of concerns…

[ad_1] HDFC Life Insurance chairman Deepak S Parekh on Friday said the company can continue to deliver “sustained growth and profitability” even after the new tax rules introduced by the government as the insurer has product innovation capability and diversified distribution franchise. “On the recent tax amendment front, we believe that with the experience we have gained during years of tumultuous business cycles, our product innovation capability and diversified distribution franchise, we can continue to deliver sustained growth and profitability,” Parekh said during the 23rd annual general meeting of HDFC Life. The government, in the FY24 Budget, removed exemption of…

[ad_1] Private sector life insurer HDFC Life Insurance on Friday reported a 15.31% year-on-year growth in its net profit at Rs 416.72 crore for the first quarter this fiscal on a consolidated basis, aided by over 16% year-on-year increase in net premium income. The insurer’s net profit had stood at Rs 361.40 crore for the first quarter last fiscal. Its net interest income rose 16.59% year-on-year at Rs 11,507.88 crore during the April-June period this year compared with Rs 9,870.06 crore in the same period last year, according to a stock exchange filing. First year premium during the period under…

[ad_1] Stocks in focus: The GIFT Nifty recorded a 0.13% loss during Monday’s early trading session, with a value of 19,594 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs and ended Friday’s trading session broadly in the green. Nifty 50 soared 150.75 points to close at 19,564.50 after making a new 52-week high of 19,595.35 intraday. “The controlled inflation in the US has instilled optimism among investors that a 25-bps rate hike would be adequate to stabilise the US economy. This improved prospect…

[ad_1] The month of June witnessed notable changes in the sector and stock allocation of mutual funds. Private banks (17.4%) were the top sector holding for MFs during the month, followed by technology (9.3%), NBFCs (8.9%), autos (8.2%), and capital goods (7%), according to data from Motilal Oswal Financial Services. On a month-on-month (MoM) basis, weights of NBFCs, healthcare, automobiles, capital goods, utilities, retail, metals and insurance increased, while those of private banks, technology, consumer, oil & gas, public sector banks, and infrastructure declined. With a 50-basis-point increase month-on-month, NBFCs’ weight stood at an all-time high of 8.9%. Capital goods’…

[ad_1] Following the HDFC merger, HDFC Bank is set to dethrone Reliance Industries as the bluechip with the heaviest weightage in the benchmark Nifty 50. Once HDFC’s shares have been delisted from the key index on July 13, HDFC Bank’s weightage will increase to 14.43% while Reliance Industries’ weightage will fall 10 bps to 10.8%, according to Nuvama. The Bank Nifty index will also see some weight changes. HDFC Bank’s weightage will go up by 2.1 percentage points from 26.9% to 29.1%. This will lead to additional passive inflows of $70 million. The second largest lender by weightage, ICICI Bank,…

[ad_1] Dalmia Bharat stock fell 0.57% to Rs 2,173 today. Analysts at HDFC Institutional Equities Research maintain a ‘buy’ rating on the stock with a target price of Rs 2,350 per share (13x its FY25E consolidated EBITDA). “We remain positive about Dalmia’s growth prospects. Strong demand tailwinds and ongoing expansions (organic and inorganic) should support its 18% volume CAGR during FY23-25E, in our view,” said the report. Upbeat on demand; costs to fall Dalmia management is hopeful of witnessing an upsurge in demand and a continued reduction in operating costs as the fuel price has continued to fall in the…

[ad_1] LTIMindtree Ltd will replace Housing Development Finance Corporation Ltd in the Nifty 50 index from July 13, the National Stock Exchange said on Tuesday.The stock exchange has announced changes to various indices, including Nifty 50 and Nifty 100, on account of scheme of amalgamation of HDFC with HDFC Bank.From July 13, LTIMindtree will replace HDFC in the benchmark Nifty 50 index and Jindal Steel & Power will take the place of the mortgage lender in the Nifty 100 index, according to NSE. In a release, the bourse said the Index Maintenance Sub-Committee (Equity) of NSE Indices Ltd has decided…

[ad_1] Domestic benchmarks Nifty 50 and Sensex recorded fresh highs in trade on Monday. The 30-share Sensex crossed the 65,000 mark for the first-time ever, while Nifty 50 topped the 19,300 mark. Bank Nifty surged past 45,000 in trade. Nifty Smallcap 100 soared 1.11% while Nifty Midcap 100 added 0.40%. Nifty 100, Nifty 200 and Nifty 500 gained around 0.5% each. Sectorally, Nifty Metal jumped 1.28%, Nifty Auto added 0.56%, and Nifty IT gained 0.21%. Nifty Realty and Nifty Pharma were the two losers, as the indices traded flat. HDFC Bank, HDFC, Infosys, M&M and ICICI Bank are among the…

[ad_1] 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…