On April 04, the banking stock led the pack of Nifty 50 stocks. The stock was consolidating from the previous quarter’s results.
HDFC Bank American Depository Receipt rose 7% on April 04 after it reported a healthy business update for the fourth quarter. The ADRs of the bank outperformed all the peer Indian ADRs.
The banking stock listed on the NYSE rose to an intraday high of $60.42 compared to its previous close of $56.40.
An ADR is a certificate issued by an American bank so that companies can list their shares on US stock exchanges. Therefore an ADR allows people to purchase shares of unlisted companies in the US.
HDFC Bank reported that its loan book stood at Rs 25 lakh crore in the fourth quarter of FY24. The company reported that its gross advances grew 55.4% to Rs 25.08 lakh crore as of March 31, 2024, according to an exchange filing by the bank.
Also, the bank’s deposits stood at Rs 23.8 lakh crore as of March 31, 2024, an increase of 26.4% compared to Rs 18.83 lakh crore in the same period a year ago.
Also, the stock of HDFC Bank remained the top gainer for most of the period on April 04 in the domestic market. Shares of HDFC Bank rose 3% to an intraday high of Rs 1,526.35 on the National Stock Exchange.
Source:financialexpress.com