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HDFC held 26.14% of shares in HDFC Bank. HDFC Bank sources home loans for HDFC for a fee. [22] The key business areas of HDFC Bank were wholesale and retail banking and treasury operations. As of April 2023, its market capitalisation was ₹ 941,386 crore (US$110 billion), making it India's third largest publicly traded company. [23]
On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal. [23] [24] As part of the merger, HDFC Ltd would transfer its home loan portfolio to HDFC Bank, while the bank offered depositors of HDFC Ltd the choice of either withdrawing their money or renewing their deposits with the bank at the interest rate that the bank was then offering.
The NIFTY 50 index covers 13 sectors of the Indian economy and offers investment managers exposure to the Indian market in one portfolio. As of July 2024, NIFTY 50 gives a weightage of 32.76% to financial services including banking , 13.76% to information technology , 12.12% to oil and gas , 8.46% to consumer goods , and 8.22% to automotive .
The Bureau of Economic Analysis reported on Thursday that the U.S. economy expanded at a better-than-expected 6.9% annualized rate in Q4, up from Bloomberg economists' consensus estimate of 5.5%.
U.S. crude oil prices reversed earlier declines to hover above $105 per barrel, and the benchmark 10-year Treasury yield rose to 3%, or its highest level since December 2018.
NEW YORK, NEW YORK - MAY 06: Traders work on the floor of the New York Stock Exchange (NYSE) on May 06, 2022 in New York City. Following a day that saw a drop of over 1000 points over inflation ...
The Economic Times is an Indian English-language business-focused daily newspaper. Owned by The Times Group , The Economic Times began publication in 1961 and it is sold in all major cities in India.
In corporate news, Twitter Blue is due to relaunch Monday with a nearly 30% surcharge for iPhone owners. The service still costs $8 per month, but will be $11 for those who purchase the services ...