HDFC's loan disbursements up 20% in Q1

HDFC reported a net profit of Rs 844.53 crore for the April-June quarter, up 22% year-on-year, but slightly below Rs 850 crore that the market was expecting, according to a CNBC-TV18 poll. Net interest income for the quarter grew 19.4% year-on-year to Rs 1286, just about what the market was expecting.

For the June quarter, loan approvals grew 22% year-on-year and loan disbursements grew 20%.

The stock fell 1.4% to Rs 714.20, in line with the overall weakness market. HDFC’s numbers indicate a strong demand for home loans, despite rising interest rates and exorbitant property prices. More importantly for HDFC, the company has not seen any major pressure on margins despite the rising cost of funds.

Sensex down 220 points

Indian equity benchmarks retreated quite sharply in the late trade on Friday, with falling over 1% on profit booking. Metal space played spoilsport today after the group of ministers (GoM) approved Draft Mines & Minerals Development & Regulation Bill (MMDR Bill).

The 30-share BSE Sensex shed 220.26 points. It slipped below the psychological 19,000-mark to close at 18,858.04. Heavyweights Reliance Industries, TCS and ICICI Bank led this fall.

Black money

The Supreme Court's intervention in the black money probe had left the government red-faced. The biggest issue, however, was the Special Investigation Team (SIT) appointed by the court. 

Anil Divan, the president of the Bar Association of India and the lawyer arguing the black money case.

Sensex consolidates

The benchmark Sensex entered into a consolidation phase after sharp rally seen in yesterday's trade backed by foreign money. It seemed that market already factored in positive global cues.

Both benchmarks were hovering around their previous closing values.

At 9:19 hours IST, the 50-share NSE Nifty declined just 1.5 points to 5,727 while the 30-share BSE Sensex gained 11 points at 19,089. The Nifty July futures were trading with 14 points premium.

Cabinet approves phase 3 FM radio licenses

The Union cabinet on Thursday approved the proposal of the information and broadcasting ministry to conduct e-auctions for the award of FM radio licences.

The FM radio license auction will mirror the 3G auction process. The e-auction will be conducted in batches and the government will appoint an independent agency for the auction. 

The government expects an income of Rs 1,733 crore from the auction of the new channels.