Stocks to watch- HDFC Bank: The bank announced a 55.4% year- | Neeraj Joshi
Stocks to watch-
HDFC Bank: The bank announced a 55.4% year- on-year (YoY) increase in gross advances, reaching 25.08 lakh crore as of March 31, 2024. This is a significant rise from the ₹16.14 lakh crore reported as of March 31, 2023. On a sequential basis, the bank's advances grew by 1.6%, from ₹24.69 lakh crore in December 2023. The bank also reported substantial growth in its domestic retail loans, with a YoY increase of approximately 108.9% and a quarter-on-quarter (QoQ) increase of around 3.7%. In Q4FY24, HDFC Bank's deposits totaled approximately 23.80 lakh crore, marking a YoY increase of 26.4% and a QoQ increase of 7.5%. The bank's CASA deposits in the fourth quarter of FY24 rose by 8.7% to 9.09 lakh crore, up from 8.36 lakh crore as of March 2023. The sequential growth in CASA deposits was 8.8%.
Hero MotoCorp: The company announced on Thursday that it has been served a tax demand notice from the Income Tax Department. The notice amounts to a total of ₹605 crore, inclusive of interest, for six assessment years (FY14 to FY18 & FY20). On April 3, the company received assessment orders/demand notices dated March 30, 2024, related to the aforementioned six assessment years, as per an exchange filing by Hero MotoCorp. The received orders/notices pertain to six assessment years and amount to a tax demand of ₹308.65 crore, along with an interest of 296.22 crore. This demand is due to certain disallowances for the assessment years 2013-14 to 2017-18 and 2019-20, as stated by Hero MotoCorp.
Prestige Group: The real estate developer has acquired a 21-acre plot in Whitefield, a prime tech hub in Bengaluru, for a sum of ₹450 crore. The company plans to use this land for a residential project that will span around 4 million sq. ft and house 1,800 apartments. This acquisition marks the second major land deal for the Bengaluru- headquartered developer this year. Earlier in March, it had purchased a 62.5-acre plot in Indirapuram Extension, Ghaziabad, for ₹468 crore. Irfan Razack, the Chairman and Managing Director of Prestige Group, anticipates that this large-scale project will yield a Gross Development Value (GDV) of ₹4,500 crore.
RBL Bank: On Thursday, the private sector lender revealed a 22% year-on-year (YoY) and 12% quarter-on-quarter (QoQ) increase in its total deposits. The bank's gross advances also experienced robust growth, rising by 19% YoY and 5% over the previous quarter. Despite the strong performance, the CASA (current account savings account) ratio experienced fluctuations, standing at 35.2%, compared to 37.4% YoY and 33.8% QoQ. Retail advances surged by 29% YoY. Wholesale advances saw a growth of 7%, with commercial banking witnessing a 17% increase. The ratio of retail to wholesale advances remained approximately at 58:42.
Royal Orchid Hotels: Chander K. Baljee, chairman and managing director of Royal Orchid Hotels Ltd, said at the HICSA hospitality event that the company has entered into a contract to establish a 300-room five-star hotel at Terminal 2 of Mumbai Airport. The hotel, which is a minute's walk from the terminal, is slated to open its doors by the end of 2024. In the previous year, Royal Orchid Hotels, which also operates the Regenta Inn brand, had added three properties in Gurugram, Pune, and Goa to its portfolio through revenue-sharing agreements. Further, the company plans to introduce a new full-service hotel brand. However, Baljee chose not to disclose more information about this upcoming category.
