IndusInd Bank, HDFC, shares gain up to 5% on account of provisional Q2 numbers
With second-quarter earnings for the financial year 2022-23 scheduled to kick-off next week, these financial companies released their Q2 update, registering growth.
Bank and Financial Services stocks were on roll during Tuesday’s session as they aided the market the most. IndusInd Bank, HDFC, Mahindra and Mahindra Financial Services and Bank of Maharashtra gained up to 12 per cent amid a strong Q2 update.
With second-quarter earnings for the financial year 2022-23 scheduled to kick-off next week, the above-mentioned financial companies released their Q2 update, registering growth.
Among all, IndusInd Bank jumped most on Nifty50, to become the top gainer today. The counter jumped over 5 per cent to Rs 1214.85 per share on the BSE intraday today. The private lender gained market share in loan book, which surged marginally to 2.07 from 2 per cent quarter-on-quarter.
According to an exchange filing, the bank’s net advances grew 18 per cent year-on-year and 5 per cent QoQ, while Deposits grew by 15 per cent YoY and 4% QoQ.
Similarly, Nifty heavyweight HDFC shares jumped over 2.5 per cent to Rs 2343.15 per share intraday as the non-banking financial company reported a strong Q2 update. “Loans assigned: During the quarter ended September 30, 2022, the Corporation assigned loans amounting to Rs 9,145 crore compared to Rs 7,132 crore in the same quarter a year ago,” HDFC said in a filing.
Another mid-cap financial company M&M Financial shares surged over 12 per cent to Rs 201.7 per share on the BSE intraday, as the company’s asset quality improved in Q2.
In an exchange filing, M&M Financial said, “The asset quality further improved during the month & the quarter. As on 30th September 2022, the Company expects its Gross Stage 3 to be around 7% (compared to 8% as of 30th June 2022) and Gross Stage 2 to be around 10% (compared to 11.7% as of 30th June 2022).”
The company continued to enjoy a comfortable liquidity position on its Balance Sheet, with a liquidity chest of over 3 months, the non-banking financial company also said in its statement.
The state-owned Bank of Maharashtra also reported a robust Q2 update as its credit deposit reported a growth of 75.7 per cent versus 63.5 per cent YoY and 71.75 per cent QoQ. The shares of Bank of Maharashtra gained over 5 per cent to Rs 18.5 per share on the BSE intraday.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.