HDFC Bank’s quarterly earnings have beaten all estimates. It reported a 33% rise in fourth quarter profits to Rs1,115 crore. Its revenue jumped 24% to Rs4,095 crore. HDFC Bank’s numbers were helped by the industry-wide growth in loans. It registered a loan growth of 27.1% during the January to March period. Its net interest margin stood at 4.2%. That in turn translated into a 21% increase in net interest income to Rs2,840 crore.
But despite the promising numbers, wider losses in the markets sent shares of HDFC Bank plunging 1.89% to 2315.70.
In other news, a deal struck on Monday could result in practical job training for millions of Indians. The partly government sponsored outfit National Skill Development Council has hired Everonn Education to impart skills to some 15 million students over 12 years. The deal is expected to generate Rs14,000 crore in revenues. Everonn subsidiary ESDL will do the training by opening up 217 centres all across India. The Everonn training programme will focus on labour intensive sectors. These range from the organized retail industry on one end to the IT enabled services on the other.
Indian markets nose-dived on Monday, with concerns about quarterly earnings still looming large. The Sensex plunged nearly 300 points to close at 19,091. The Nifty declined 95 to close at 5,729.