Hike in lending rate spurs HDFC
Housing finance major HDFC rose 1.8% to Rs 1609.80 following reports it had raised prime lending rates by 50 basis points from 1 January 2007.
57,485 shares changed hands in the counter on BSE.This is HDFC’s third PLR hike during the current financial year. HDFC has, however, left fixed rates unchanged at 11%.
The stock had a solid surge in November 2006. It had cooled off in the first half of December 2006 before bouncing back again. From Rs 1496.90 on 12 December, the stock surged nearly 9% to Rs 1631.45 on 28 December 2006. It had slipped to Rs 1581.05 by 4 January 2007.
Following the hike in prime lending rate (PLR) interest rate on HDFC’s floating rate loans has gone up to 9.5% for loans above Rs 10 lakh while interest rates on loans below Rs 10 lakh has gone up to 9.75%.
Housing loans continue to grow at a decent pace despite rising real estate prices and interest rates. HDFC’s loan approvals during the six months ended 30 September 2006, aggregated Rs 14,729.01 crore, representing an increase of 28%. Loan disbursements during this period amounted to Rs 11,280.10 crore, compared to Rs 8,910.25 crore, an increase of 27%. Approvals and disbursements in respect of individual loans were 27% and 25% higher, respectively, compared to the corresponding six months of the previous year.
Recently, HDFC launched operations in London. Located at Trafalgar Square, the Indian mortgage major will provide advisory services on housing finance and property acquisition in India. This is HDFC's second overseas office. The first one was opened in Dubai, in 1995. Non-resident Indians (NRIs) account for 10% of HDFC's loan-book.
HDFC’s net profit rose 23.1% in Q2 September 2006 to Rs 368.02 crore on 38.9% growth in total income, to Rs 1,456.33 crore.
57,485 shares changed hands in the counter on BSE.This is HDFC’s third PLR hike during the current financial year. HDFC has, however, left fixed rates unchanged at 11%.
The stock had a solid surge in November 2006. It had cooled off in the first half of December 2006 before bouncing back again. From Rs 1496.90 on 12 December, the stock surged nearly 9% to Rs 1631.45 on 28 December 2006. It had slipped to Rs 1581.05 by 4 January 2007.
Following the hike in prime lending rate (PLR) interest rate on HDFC’s floating rate loans has gone up to 9.5% for loans above Rs 10 lakh while interest rates on loans below Rs 10 lakh has gone up to 9.75%.
Housing loans continue to grow at a decent pace despite rising real estate prices and interest rates. HDFC’s loan approvals during the six months ended 30 September 2006, aggregated Rs 14,729.01 crore, representing an increase of 28%. Loan disbursements during this period amounted to Rs 11,280.10 crore, compared to Rs 8,910.25 crore, an increase of 27%. Approvals and disbursements in respect of individual loans were 27% and 25% higher, respectively, compared to the corresponding six months of the previous year.
Recently, HDFC launched operations in London. Located at Trafalgar Square, the Indian mortgage major will provide advisory services on housing finance and property acquisition in India. This is HDFC's second overseas office. The first one was opened in Dubai, in 1995. Non-resident Indians (NRIs) account for 10% of HDFC's loan-book.
HDFC’s net profit rose 23.1% in Q2 September 2006 to Rs 368.02 crore on 38.9% growth in total income, to Rs 1,456.33 crore.
posted by SY at 3:52 PM
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