Stock Market Today: Dalal Street was heading for a bad start on Friday as the GIFT Nifty on the NSE IX trading lower by 90.50 points, or 0.40 percent, at 22,556.50. Friday saw a lower opening for Tokyo equities following declines on Wall Street as investors watched important US jobs data later in the day. In early trading, the benchmark Nikkei 225 index down 1.34 percent, or 533.24 points, to 39,239.90, while the Topix index as a whole fell 1.22 percent, or 33.31 points, to 2,698.69. As traders became wary of Middle East tensions and prepared for a significant employment data later in the day, the U.S. dollar held firm versus other currencies on Friday, having recovered from a two-week low.
Stock Market Today: Stocks in focus
HDFC Bank
The bank said that as of March 31, 2024, gross advances had increased by 55.4% YoY to Rs 25.08 lakh crore. Compared to the Rs 16.14 lakh crore reported as of March 31, 2023, this is a huge increase. The bank’s advances increased by 1.6% sequentially from Rs 24.69 lakh crore in December 2023. The bank also revealed significant growth in its domestic retail loan portfolio, with a 108.9% YoY increase and a 3.7% quarter-over-quarter (QoQ) increase.
IndusInd Bank
The bank revealed on Thursday that advances for the March quarter totaled Rs 3,42,857 crore, a rise of 18%. Compared to the Rs 2,89,924 crore recorded at the conclusion of the previous financial year’s fourth quarter, this is a huge increase. Additionally, the bank announced that deposits for the reviewed quarter increased by 14% to Rs 3,84,789 crore, from Rs 3,36,438 crore during the same time the previous year. The low-cost deposits held by the bank, which include current account and savings deposits (CASA), had a decline during the quarter, accounting for 37.9% of total liabilities as opposed to 40.1%.
Hero MotoCorp
The Income Tax Department has sent the company with a tax demand letter, the company reported on Thursday. The notification covers a total of six assessment years (FY14 to FY18 & FY20) and Rs 605 crore, interest included. According to an exchange filing by Hero MotoCorp, the business received assessment orders/demand notices dated March 30, 2024, pertaining to the aforementioned six assessment years, on April 3. The orders/notices that have been received cover six assessment years and total Rs 296.22 crore in interest in addition to a tax demand of Rs 308.65 crore.
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