Good Morning, to get in touch with us, visit us at www.marketmagnify.com/stock-cash-tips.php
HDFC Bank today slashed it base rate by 5 basis points to bring it down to 9.30 percent from the 9.35 percent earlier effective January 4, 2016. The bank has earlier cut rates in August by 0.35 percent.
Speaking to CNBC-TV18, Ashish Parthasarthy, Head Treasurer of the bank says that rates are reviewed on a quarterly basis and are adjusted accordingly. The current reduction is base rate will not have much impact on the bank’s margin, he adds.
Any further cuts, he says, will depend on movement of deposit rate, he says adding that if deposit rate remains same,then there will not be a significant change in base rate. The current reduction in base rate will not impact the credit growth, which mainly is a function of demand, he says. The bank’s current credit growth stands at 28 percent year-on-year for the second quarter.
HDFC Bank Stock Price
On December 30, 2015, at 09:19 hrs HDFC Bank was quoting at Rs 1081.05, up Rs 2.95, or 0.27 percent. The 52-week high of the share was Rs 1127.90 and the 52-week low was Rs 932.00.
The company's trailing 12-month (TTM) EPS was at Rs 44.22 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 24.45. The latest book value of the company is Rs 245.59 per share. At current value, the price-to-book value of the company is 4.40.
Have a Nice Day Friends..............