February 18, 2024
HDFC Bank Stock Gains Over 1% on LIC Stake News
Finance Stock Markets

HDFC Bank Stock Gains Over 1% on LIC Stake News

HDFC Bank Stock Gains Over 1% on LIC Stake News

HDFC Bank Stock Gains Over 1% on LIC Stake News

Shares of HDFC Bank experienced a surge of more than 1% following news that LIC (Life Insurance Corporation of India) has received approval from the RBI to increase its stake in the bank to 9.99%.

Currently holding a 5.19% stake valued at nearly ₹50,000 crore, LIC’s move has impacted HDFC Bank’s shares positively, reaching ₹1,451.30.

SBI Card Shares Drop Over 6% Post Q3 Results

SBI Cards and Payment Services Ltd witnessed a decline of more than 6% in its shares after reporting a 33% drop in new accounts for the December quarter.

Despite a 7.8% YoY growth in profit to ₹549 crore and a 31.8% rise in revenue from operations to ₹4,622 crore, the Q3 results had an adverse effect on SBI Card shares.

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