Stocks to Watch: HDFC Bank, Dabur, Hero MotoCorp, Prestige Group, RBL Bank
HDFC Bank: The bank announced a 55.4% year-on-year (YoY) increase in gross advances, reaching ₹25.08 lakh crore as of March 31, 2024. This is a significant rise from the ₹16.14 lakh crore reported as of March 31, 2023. On a sequential basis, the bank's advances grew by 1.6%, from ₹24.69 lakh crore in December 2023.
The bank also reported substantial growth in its domestic retail loans, with a YoY increase of approximately 108.9% and a quarter-on-quarter (QoQ) increase of around 3.7%. In Q4FY24, HDFC Bank's deposits totaled approximately ₹23.80 lakh crore, marking a YoY increase of 26.4% and a QoQ increase of 7.5%. The bank's CASA deposits in the fourth quarter of FY24 rose by 8.7% to ₹9.09 lakh crore, up from ₹8.36 lakh crore as of March 2023.
The sequential growth in CASA deposits was 8.8%. Hero MotoCorp: The company announced on Thursday that it has been served a tax demand notice from the Income Tax Department. The notice amounts to a total of ₹605 crore, inclusive of interest, for six assessment years (FY14 to FY18 & FY20).
On April 3, the company received assessment orders/demand notices dated March 30, 2024, related to the aforementioned six assessment years, as per an exchange filing by Hero MotoCorp. The received orders/notices pertain to six assessment years and amount to a tax demand of ₹308.65 crore, along with an interest of ₹296.22 crore. This demand is due to certain disallowances for the assessment years 2013-14 to 2017-18 and 2019-20, as stated by Hero MotoCorp.
Prestige Group: The real estate developer has acquired a 21-acre plot in Whitefield, a prime tech hub in Bengaluru, for a sum of ₹450 crore. The company plans to use this land for a residential project that will span around 4 million sq. ft and
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