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<ul><li>HDFC is looking to bring in more capital in the wake of the coronavirus pandemic to the tune of ₹14,000 crore. </li><li>India’s biggest mortgage lender plans to raise ₹10,000 through qualified institutional placement (QIP) and ₹4,000 in warrants. </li><li>Another ₹9,000 will be issued as secured redeemable non-convertible debentures.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider. </a></li></ul>India’s biggest mortgage lender Housing Development Finance Corporation (HDFC) is on the hunt for capital and that's boosting its share price. HDFC’s stock value jumped by 1.5% in early morning trade after the company announced that it has plans to raise ₹14,000 crore through its new equity fundraising program. Around ₹10,000 crore will come from qualified institutional placement (QIP) and ₹4,000 crore in warrants. <div type="image" title="HDFC BANK stock price (1)" msid="77385963" hostid="261" caption="&amp;lt;p&amp;gt;HDFC share price jumps 1.5% as markets open today morning&amp;lt;/p&amp;gt;"></div> The floor price for the equity shares has been set to ₹1,838.94 and the board of directors will meet again on August 10 to determine the issue price. In addition to the ₹14,000 crore, HDFC will also be issuing secured redeemable non-convertible debentures worth ₹9,000 crore. This is the third time in the last 12 years that HDFC is raising capital through such an offering. It did so once in 2009 and then again in 2015. HDFC's first full quarter in the face of the coronavirus pandemic saw a loss of 4.7% at the end of June. Its gross non-performing loans stood at ₹8,631 crore accounting for 1.87% of HDFC’s loan portfolio. The company already has ₹12,285 in the bank as provisions to serve as a cushion once the Reserve Bank of India’s (RBI) moratorium ends on August 31. It even added another ₹1,199 this quarter specifically for COVID related accounts. Despite having safeguards in place, many companies are going down the QIP route to shore up capital against the uncertainty of the coronavirus pandemic. This includes Kotak Mahindra Bank, Info Edge and — most recently to lay down its offering — <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-finalises-10000-crore-share-sale-to-raise-funds-at-a-floor-price-of-442-19/articleshow/77354177.cms">Axis Bank for a whopping ₹ 10,000 crore</a>. Others either have approved fundraising plans on stand by or are in the process of putting out their own QIP. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-amazon-team-up-to-take-on-jio-microsoft-in-the-battle-for-indias-cloud-market/articleshow/77371744.cms">Airtel-Amazon team up to take on Jio-Microsoft in the battle for India’s cloud market</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-wants-25-30-of-its-employees-working-from-home-permanently-by-june-2021/articleshow/77346959.cms">INTERVIEW: Tech Mahindra wants 25-30% of its employees working from home permanently by June 2021 — CFO explains how they got to that number</a>

HDFC’s share price opened 1.5% higher after announcing ₹14,000 crore fundraising

<ul><li>Housing Development Finance Corporation’s individual loan disbursements rose rapidly by 181% on year in June quarter.</li><li>The leading housing finance company sees strong demand for home loans since many locations have unlocked post covid.</li><li>Real estate company stocks have been gaining since the last 30 days hoping for a recovery.</li></ul>The largest private housing finance company in India said that demand had improved in both the affordable segment as well as in high-end properties. While the company’s net profit declined marginally to ₹ 5,310 crore from ₹5,669 crore same time last year, Housing Development Finance Corporation (HDFC) saw a 181% growth in individual loan disbursement in June quarter 2021. "HDFC surprised the street with almost steady asset quality performance during a quarter when most peers in housing as well as other asset finance sectors have reported a significant rise in stressed loans," said Kotak Institutional Equities in its report dated August 3. <div type="image" title="HDFC net profit revenue" height="900" width="1200" msid="84972826" hostid="261"></div> Home loan disbursement refers to the release of the credit amount by the bank or financial institution to the borrower. “While disbursements during April and May of the current financial year were somewhat impacted, business has reverted to normalised trends in the months of June and July,” said the company while announcing its June quarter results. This is a trend that has continued for the last few quarters with exceptions in the month of April and May 2021 when the second wave of the pandemic struck. Watch the company’s Chief Executive Officer Keki Mistry expressing similar optimism in a conversation with <a href="https://www.businessinsider.in/business/news/watch-the-ceo-of-indias-largest-home-loan-company-says-people-are-going-for-bigger-homes-thanks-to-the-lockdown/articleshow/80894790.cms">Business Insider in </a>February this year. This has helped real estate stocks sustain the rally seen over the last one month. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top five realty stocks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gains on Aug 2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last 30 days </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DLF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oberoi Realty </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Godrej Properties </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indiabulls Real Estate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prestige Estates Projects </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26% </td></tr></tbody></table> India’s real estate sector has been in a limbo for a few years now. The pandemic made it worse and, despite steady cuts in benchmark interest rates by the Reserve Bank of India (RBI), the recovery has been slow, to put it mildly. According to latest data from property consultants at Anarock, over 1.74 lakh under-construction homes ⁠— estimated to be worth over ₹1.4 lakh crore (about $20 billion) are stuck across the top seven cities in India. These projects were launched before 2014 but have not been completed since. The total number of properties under construction in India exceeds 626,000. Even HDFC’s earnings statement noted that people preferred ready-to-move properties compared to those under construction. Many of those who have taken home loans are also struggling to repay. Individual non performing assets (NPAs) increased due to slippages after the impact of the second wave of the pandemic. <div type="image" title="HDFC chart 2" height="900" width="1200" msid="84971003" hostid="261"></div> However, the outlook for real estate stocks has been so bad that investors are craving for any amount of optimism. And, some of it has been available for those seeking it. Macrotech Developers, the owner of the Lodha brand of properties ⁠— one of the biggest developers in India ⁠— clocked a total sales booking of ₹957 crore in June quarter, of which ₹654 crore came in June. <div type="image" title="Macrotech developers chart" height="900" width="1200" msid="84971027" hostid="261"></div> "We expect the sector to outperform in coming years wherein companies like DLF, Oberoi Realty, Godrej Properties, Phoenix Mills, Brigade enterprises, Indiabulls Real Estate and Sobha, which collectively contribute 87% of Nifty Realty Index, are poised to generate above-average returns in years to come and should be considered as long-term investment bets in portfolios," broking firm <a href="https://www.business-standard.com/article/markets/realty-shares-in-demand-oberoi-prestige-estates-indiabulls-sobha-up-5-121080200316_1.html">ICICIdirect</a> recently said. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-news-birla-offers-to-give-up-his-27-stake-in-vodafone-idea/articleshow/84969189.cms">Birla offers to give up his 27% stake in Vodafone Idea to keep phones of 27 crore Indians ringing </a> <a href="https://www.businessinsider.in/stock-market/news/zomato-indigo-paints-bectors-food-ujjivan-small-finance-bank-and-other-hot-stocks-that-have-lost-steam-since-listing/articleshow/84964352.cms">Zomato, Indigo paints, bectors food, Ujjivan small finance bank and another hot stocks that have lost steam since listing </a>

India’s largest home loan provider HDFC has given real estate stocks another reason to rally

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s share price is up by over 3% on Monday morning after the financial institution declared its results on Saturday, July 18. </li><li>The bank reported a 20% jump in profits as compared to the same quarter last year. </li><li>Analysts expect HDFC Bank to bear through the impact of the coronavirus pandemic with more capital coming in and an in-house replacement of HDFC Bank’s current managing director, Aditya Puri. </li></ul>HDFC Bank’s share price is up more than 3% after it announced its earnings over the weekend. The jump in share price also comes after shareholders have approved the bank to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth. <div type="image" title="hdfc bank stock price q1fy21 (1)" msid="77061440" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s stock price over the last three months&amp;lt;/p&amp;gt;"></div> The bank reported a 20% increase in profits on a yearly basis. However, provisions for bad loans and contingencies were up 49% as compared the same quarter last year bolstering for what may come when the Reserve Bank of India’s (RBI) moratorium comes to end in August. <div type="image" title="hdfc bank profit" msid="77061449" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s profits over the last five quarters&amp;lt;/p&amp;gt;"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total portfolio under moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Customers who availed moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People who have cleared dues since first moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People who rolled from the first moratorium to the second </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90% </td></tr></tbody></table>Source:Motilal Oswal Securities Analysts believe that adequate capital addition and the likelihood of an internal successor to the post of Managing Director (MD) are indicators that HDFC Bank has enough of a cushion to bear through however the coronavirus pandemic plays out. “Overall performance of the bank should remain steady and we expect the bank to offset near-term pressure on other income via tight control over opex,” said Motilal Oswal Securities’ review of the bank’s earnings. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Time frame </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,320 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,280 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,136 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr></tbody></table> Banks, including HDFC Bank, are busy raising capital to cushion the impact of the coronavirus in the coming quarters. Shareholders of HDFC Bank have given their approval to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth. The bank is also in the midst of appointing a successor for its managing director Aditya Puri. The three shortlisted names sent to the Reserve Bank of India include Sashidar Jagdishan, Kaizad Barucha and Sunil Garg. The former two are already executive directors at HDFC Bank Aditya Garg is the global chief executive officer (CEO) of Citi Commercial Bank. “CEO succession remains an important event in the near term and a key monitorable,” said Motilal Oswal Securities’ report. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-q1-earnings-bad-loans-and-moratorium/articleshow/77033494.cms">HDFC Bank is mum on the loans under moratorium⁠— profit jumps 20%, provision for bad loans spike 49%</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-earnings-expectation-from-q1fy21-results-on-july-18/articleshow/77013905.cms">HDFC Bank may see credit growth but its margins will continue to remain under pressure in Q1</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-loans-to-be-cheaper-as-interest-rates-get-slashed-by-0-2/articleshow/76830880.cms">HDFC Bank loans to be cheaper as interest rates get slashed by 0.2%</a>

HDFC Bank is beefing up capital and provision to cushion a spike in bad loans post moratorium — and that’s helping its share price

<ul><li>Apple is rolling out a promotional ‘till the stock lasts’ offer in India slashing iPhone XR prices by ₹17,000. </li><li>The company, in association with HDFC bank, has offered a special cash-back of 10% for HDFC customers in India. </li><li>The iPhone maker, Apple, has a market share of 23% in India after Samsung and OnePlus, for the ₹30,000 plus smartphone market.</li></ul>In a bid to boost sales amid tough competition in the smartphone market in India, Apple is slashing the price for its iPhone XR for Indian consumers starting tomorrow. However, the price cut has been introduced for a limited time frame — ‘till the stock lasts.’ Apple, in collaboration with HDFC Bank, has <a href="https://www.livemint.com/companies/news/apple-with-hdfc-slashes-iphone-xr-price-in-india-1554353885254.html">dropped the prices of iPhone XR</a>, 64 GB variant, by ₹17,000. The flagship smartphone is presently sold at the price of ₹ 76,900. However, with the ‘till the stock lasts’ offer, the smartphone will be available at ₹59,900 for non-HDFC customers. While, for the HDFC customers, the company has reportedly offered a special 10% cash-back at a price of ₹53,900. It has also dropped the prices for iPhone XR 125GB and 256GB variant. With the promotional offer in place, the 125gb variant will be available at ₹64,900 while the 256gb variant will be sold at ₹74,900. Adopting market operating price (MOP) strategy, the company also clarified that it is not a price cut or changed MRP, but a limited term promotional offer, starting this Friday. Apple usually slashes the price for any of its models at the time when it launches new smartphone models. Apple, which is presently the third largest premium smartphone producer in India, according to the market trackers, has a <a href="https://economictimes.indiatimes.com/tech/hardware/apple-gets-the-message-slashes-iphone-xr-prices/articleshow/68714546.cms">market share</a> of 23% in India after Samsung and OnePlus, for the ₹30,000 plus smartphone market. The latest water resistant phone, iPhone XS and XS Max were launched in September in India at 13% mark-up price from the previous model. However, according to analysts, Indian market is the most expensive to buy the iPhone range. See also: <a href="https://www.businessinsider.in/samsung-google-apple-rumours-galaxy-fold-screen-technology/articleshow/68263838.cms">Apple, Google may build phones using Samsung’s foldable technology: Report</a> <a href="https://www.businessinsider.in/wistron-makes-apple-iphones-cheaper-in-india/articleshow/68319929.cms">Can this former Acer company help Apple’s losing streak in India?</a>

iPhone XR to become cheaper for Indian consumers starting tomorrow — conditions apply

<ul><li><keyword id="6426359" type="COMPANY" weightage="20" keywordseo="pnb-housing-finance">PNB Housing Finance</keyword>’s share price has skyrocketed over the last 10 trading days. </li><li>Every ₹10,000 invested in the stock on May 25 is now worth ₹22,000 as on June 7, 2021. </li><li>However, the potential upside could be limited from the current share price. </li></ul>Shares of PNB Housing Finance have hit the upper circuit six days in a row, more than doubling investor wealth. Had an investor put in ₹10,000 in the stock on May 25, 2021, it would be worth nearly ₹22,000 today. The incessant rally in PNB Housing Finance’s shares was triggered by the news of former <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> chief executive officer (CEO) <keyword id="6406769" type="LOCATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> and US-based private equity firm The <keyword id="44803" type="COMPANY" weightage="20" keywordseo="Carlyle-group">Carlyle Group</keyword> investing in the non-banking lender. <div type="Article" hostid="261" msid="83105948" title="Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer" mstype="2" mssubtype="0"></div> <div type="image" title="PNB Housing Finance 25_05_21 to 07_06_21." msid="83306222" hostid="261" caption="&amp;lt;p&amp;gt;PNB Housing Finance share price&amp;lt;/p&amp;gt;"></div> Over the last 10 trading sessions, the non-banking lender’s share price has surged by over 118%. The company’s shares have been locked in the upper circuit for the last six consecutive days. But the upside could be limited, according to Kranthi Bathini, director of equity strategy at WealthMills Securities. “There has been a sharp run-up in the share price of PNB Housing Finance over the last few trading sessions. This could mean the potential upside now is limited,” Bathini told Business Insider. “The recent investment news has turned it into a momentum stock. The rally in share prices of such stocks is driven by news, and not necessarily the technicals and fundamentals,” he further added, linking the sharp rally in PNB Housing Finance’s share price to the ₹4,000 crore fundraising news. According to the company’s exchange filing, private equity giant The Carlyle Group will contribute to 80% of the ₹4,000 crore capital raise. The other prominent name in the fundraise is Aditya Puri’s Salisbury Investments. Puri is the former CEO and MD of HDFC Bank, India’s largest private sector bank, which also owns the country’s largest private mortgage lender HDFC. The company noted in its exchange filing that the primary objective of the fundraise is to augment capital adequacy, reduce the ratio of debt to equity and fund its growth objectives in the retail lending segment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/former-hdfc-bank-ceo-aditya-puri-and-carlyle-will-be-among-the-new-owners-of-pnb-housing-finance-triggering-an-open-offer/articleshow/83105948.cms">Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer</a> <a href="https://www.businessinsider.in/stock-market/news/from-bhel-to-heg-and-cg-power-these-infrastructure-stocks-have-turned-10000-to-as-much-as-30600-in-just-six-months/slidelist/83104471.cms">From BHEL to HEG and CG Power ⁠— these infrastructure stocks have turned ₹10,000 to as much as ₹30,600 in just six months</a> <a href="https://www.businessinsider.in/business/startups/news/online-broker-zerodhas-valuation-has-doubled-from-1-billion-to-2-billion-within-a-years-time/articleshow/83037425.cms">Zerodha doubles its valuation to $2 billion within a year as millennials plough India’s stock markets</a>

PNB Housing Finance shares hit upper circuit six days in a row, but the potential upside could be limited now

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s share price dipped by nearly 1% within hours of it making a new record for itself and crossing ₹8 lakh crore in valuation on November 25.</li><li>This makes India’s largest private sector lender bigger than the likes of <keyword id="158169" type="CITY" weightage="20" keywordseo="BlackRock">BlackRock</keyword> <keyword id="112859" type="CITY" weightage="20" keywordseo="Lockheed-Martin">Lockheed Martin</keyword> and <keyword id="6358584" type="UNKNOWN" weightage="20" keywordseo="HSBC">HSBC</keyword> on the US stock market.</li><li>HDFC Bank’s stock had already hit a fresh 52-week high on November 24, when the CLSA raised its target price. </li></ul>HDFC Bank crossed a new milestone as its market capitalisation hit ₹8 lakh crore ($108 billion) when the Indian exchanges opened on November 25, strengthening in place as India’s third most valuable company. Globally, this makes India’s largest private sector bank bigger than US behemoths like Lockheed Martin, HSBC and BlackRock. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$108 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BlackRock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$106.65 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lockheed Martin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$105.89 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HSBC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$104.46 </td></tr></tbody></table>Source: BSE, NYSE as per today’s USD/INR conversion rate However, the euphoria was short-lived. By afternoon trade, the stock dipped by over 1% to ₹1424.75. This has brought its valuation back down to just under the ₹8 trillion mark at ₹7.92 trillion. Nonetheless, HDFC Bank is the first lender and the third Indian company — aside from Tata Consultancy Services (TCS) and Reliance Industries — to have hit this mark. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top companies by market capitalisation: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market cap </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹13.29 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consultancy Services (TCS) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10.21 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7.9 lakh crore </td></tr></tbody></table>Source: BSE Today’s surge comes after India’s latest private sector lender had already hit a fresh 52-week high yesterday. This after brokerage CLSA raised the target price of the lender to ₹1,700 this week. In addition, there was already an air of optimism around private sector banking stocks as the Reserve Bank of India (RBI) proposed new guidelines for ownership, including the possibility of increasing promoters’ stake from the current 15% to 26%. HDFC Bank has been one of the best performers over the last three months So far this year the stock has surged by nearly 14% despite the impact of the COVID-19 pandemic. The last three months, in particular, have been one of the best performing for the bank. HDFC Bank is among the seven financial companies <a href="https://www.businessinsider.in/stock-market/news/checkout-top-10-gainers-on-the-nifty-50-in-the-last-three-months/articleshow/79386155.cms">among the top 10 gainers on the NIFTY50 since September.</a> During the second quarter, the bank’s revenues were up by 15% as compared to last year at ₹21,868.8 crore. Its profits also increased by 18.4% year-on-year (YoY) to ₹7,513.1 crore. HDFC Bank has also been <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-increases-provisions-for-bad-loans-as-impact-of-covid-19-continued-to-bear-down-in-second-quarter/articleshow/78719656.cms">cautious in its commentary</a> with the Supreme Court’s stay on declaring accounts as bad loans until the hearing on the RBI’s moratorium is complete. The bank’s management has said that there haven’t been any requests for restructuring granted as of October. However, they also highlighted that borrowers have until December to file their applications leaving room for the situation to change if warranted. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/bank-employees-to-go-on-a-nationwide-strike-tomorrow-in-solidarity-with-farmers-protests/articleshow/79402946.cms">Bank employees to go on a nationwide strike on November 26 in solidarity with farmers’ protests</a> <a href="https://www.businessinsider.in/tech/apps/news/twitters-verification-badges-are-set-to-make-a-return-here-all-the-terms-and-conditions-of-how-to-apply/articleshow/79402586.cms">Twitter's coveted blue ticks are making a comeback next year along with new account types and labels</a> <a href="https://www.businessinsider.in/science/space/news/elon-musk-led-space-x-is-ready-to-conduct-the-first-major-test-of-its-starship-rocket-next-week-and-set-a-new-record/articleshow/79401235.cms">Elon Musk-led Space X is ready to conduct the first major test of its Starship rocket next week and set a new record</a> <a href="https://www.businessinsider.in/tech/apps/news/15-of-the-43-apps-india-banned-today-are-dating-apps/articleshow/79389714.cms">One-third of the latest Chinese mobile apps banned by India are dating services</a>

India's largest private sector bank is now bigger than the likes of Lockheed Martin, HSBC or BlackRock

<ul><li>The HDFC Bank lost over $2 billion in market value after the Reserve Bank of India (RBI) asked it to stop all launches of its upcoming digital business-generating activities temporarily.</li><li>The share price of private-sector lenders cracked nearly 2% during the afternoon session after trading in the green for almost two hours. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>India’s second most valued listed company, HDFC Bank lost over $2 billion in market value after the <a href="https://www.businessinsider.in/finance/banks/news/rbi-directs-hdfc-bank-to-suspend-its-digital-business-and-new-credit-cards-amid-rising-incidents-of-outages/articleshow/79542055.cms">Reserve Bank of India (RBI) asked it to temporarily stop all launches </a>of its upcoming digital business-generating activities and sourcing of new credit card customers. The share price of private-sector lenders cracked over 2% during the afternoon session after trading in the green for almost two hours. The crack in its shares also brought the Indian benchmark index down from 300 points higher to 30 points higher. <div type="image" title="HDFC Bank" msid="79545706" hostid="261"></div> The RBI decision came after the <a href="https://www.businessinsider.in/tech/apps/news/hdfc-banks-net-banking-upi-services-and-atms-down-due-to-data-centre-outage/articleshow/79344484.cms">recent outage</a> at its data centre, which impacted operations last month. It is noteworthy that among all the lenders, HDFC is the largest credit card seller in the country. “RBI has issued an order dated December 2, to HDFC Bank Ltd with regard to certain incidents of outages in the internet banking/ mobile banking/ payment utilities of the bank over the past two years, including the recent outages in the bank’s internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre,” the bank said in a regulatory filing. According to the bank the <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/893abfb4-95cb-4942-a555-312aef465ef4.pdf">RBI order</a> “has advised the bank to temporarily stop all launches of the digital business-generating activities planned under its program Digital 2.0 and other proposed business generating IT applications and sourcing of new credit card customers”. In addition, the order has directed the bank board to examine the lapses and fixes accountability. The lender said the above measures should be considered for lifting upon satisfactory compliance with the major critical observations as identified by the RBI. HDFC Bank said “over the last two years, it has taken several measures to fortify its IT systems and will continue to work swiftly to close out the balance and would continue to engage with the regulator in this regard. “The bank has been taking conscious, concrete steps to remedy the recent outages on its digital banking channels and assures its customers that it expects the current supervisory actions will have no impact on its existing credit cards, digital banking channels and existing operations. The bank believes that these measures will not materially impact its overall business,” it added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-ril-maruti-indigo-dhfl-spicejet-wipro-future-retail-and-others/articleshow/79541459.cms" data-type="tilCustomLink">Sensex, Nifty hit record high — these are the top movers in trade today </a> <a href="https://www.businessinsider.in/tech/news/india-may-reportedly-block-wikipedia-if-the-site-doesnt-delete-the-map-showing-aksai-chin-as-a-part-of-china/articleshow/79541391.cms" data-type="tilCustomLink">India may reportedly block Wikipedia if the site doesn't delete the map showing Aksai Chin as a part of China</a>

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HDFC’s share price opened 1.5% higher after announcing ₹14,000 crore fundraising

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iPhone XR to become cheaper for Indian consumers starting tomorrow — conditions apply

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PNB Housing Finance shares hit upper circuit six days in a row, but the potential upside could be limited now

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India's largest private sector bank is now bigger than the likes of Lockheed Martin, HSBC or BlackRock

Prabhjote Gill

HDFC Bank has lost over $2 billion in market value after the RBI crackdown on the lender’s digital business

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