Shares of Housing Development Finance Corporation, the country's largest non-banking housing finance company, slipped 3 per cent in Thursday's trade after it said it would make a one-time provision of Rs 450 crore in the March quarter.
Reacting to the development, the scrip slumped 3.10 per cent to hit a high of Rs 1,067 on the BSE.
In a disclosure to the BSE, HDFC said the additional provision would act as an "additional buffer against any unexpected risk in the future," an ET report said. HDFC said total profit on the sale of investments, including the sale to Standard Life during the quarter ended March 2016, will be Rs 1,520 crore compared with Rs 225 crore in the quarter ended March 31, 2015.
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