Indian benchmark indices close on record high on Monday
Although global markets remained weak, domestic leaders such as Reliance Industries and ITC, and HDFC Bank earnings seemed to have held up the Indian market, media reports said.
HDFC Bank, India's second largest private sector lender, announced its results as of June, 2017 (Q1) on Monday where the it reported that Net interest income increased 20.4 per cent to Rs 9,370.4 crore from Rs 7,781.44 crore from the same quarter a year ago.
Compared to the year-ago quarter, profit grew by 20.2 percent to Rs 3,893.84 crore despite sharp rise in provisions.
The Bank reported that of its CASA deposits, saving account deposits growing by 26.5 percent and current account deposits rising by 34.1 percent YoY.
Although the market was initially taken aback by the asset quality correction but the stock price shot up as HDFC Bank reported that the rise in asset quality was due to farm loan waiver announced by states in June, media reports said.
Key gainers on Monday were Bharti Airtel, Reliance, Wipro, HDFC Bank, Adani Ports and TCS while Dr Reddy's Labs, Vedanta, Axis Bank, Tata Steel, Sun Pharma and ONGC declined.
Image:Wikimedia Commons
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