Stock Market LIVE Updates: GIFT Nifty indicates a weak start; US, Asian markets fall

HDFC Bank shares extended gains on April 5, following its fourth quarter (Q4FY24) business update that showcased strong deposit growth, boosting investor confidence.

This uptick in deposit performance has garnered positive attention from various international brokerages who are bullish on the private lender and see up to 34 percent upside in the stock from the last closing price.

Overnight, HDFC Bank’s US-listed shares rallied over 7 percent. The bank’s American Depository Receipt (ADR) on the New York Stock Exchange (NYSE) climbed to nearly $70. Read More

Shares of Bajaj Finance opened nearly 1 percent lower on April 5 after the non-banking finance company in a business update reported a 34 percent increase in assets under management and a healthy growth in customer base. At 9:30 am, the stock was trading at Rs 7,215.75.

Bajaj Finance saw a 34 percent year-on-year (YoY) increase in assets under management (AUM) at Rs 330,400 crore in the March quarter, the company said in the update. Its customer franchise grew to 83.64 million from 69.14 million in the year-ago period, while new loans grew 4 percent to 7.87 million against 7.56 million. Read More

The National Consumer Dispute Redressal Commission, New Delhi (NCDRC) has dismissed the Central government’s plea against Nestle India regarding the unfair trade practice in selling Maggi Noodles. The government has filed a complaint against the company in 2015, alleging that by selling Maggi noodles in the past, the company had indulged in unfair trade practice by manufacturing and selling of hazardous and defective goods to the public. The government was seeking compensation of Rs 284.55 crore and punitive damages of Rs 355.41 crore.

Hero MotoCorp has received notices for a tax demand of Rs 308.65 crore with interest thereon of Rs 296.22 crore for six assessment years. This is due to certain disallowances, for the assessment years FY14 to FY18 and FY20. The company will be filing appeals against the orders with appellate authorities including filing of rectification applications.

Achieved highest-ever annual sales value of Rs 5,914 crores in FY24; up by 90 percent when compared to Rs 3,107 crores in FY23.

Achieved highest-ever quarterly sales value of Rs 1,947 crore for Q4FY24; up by 93 percent when compared to Rs 1,007 crores in Q4FY23.

Achieved highest-ever annual customer collections from the real estate business, which increased to Rs 3,609 crores in FY24 compared to Rs 2,258 crores in FY23, up by 60 percent y-o-y.

Average price realisation increased by 2 percent to Rs 7,916/sft during FY24 from Rs 7,768/sft in FY23. This is attributed to an inventory mix between Purva, Provident Housing and Purva Land brands.

Pre-sales up 40% YoY at Rs 4,230 crore versus Rs 3,030 crore

Collections up 20% YoY at Rs 3,510 crore versus Rs 2,930 crore

Net debt at Rs 3,010 crore versus Rs 7,070 crore

The sales value in the quarter ended March FY24 grew by 2.8% year-on-year to Rs 1,504 crore and the company’s share in sales value at Rs 1,273.5 crore increased by 5.5% during the same period.

The average price realisation in Q4FY24 jumped 13.5% to Rs 11,230 per square feet compared to year-ago period.

New sales area at the end of Q4FY24 stood at 1.3 million square feet, declining from 1.47 million square feet in Q4FY23.