Olga Prentiss
Apr 05, 2024 - 06:20

Stock Market Today: GIFT Nifty bearish start; HDFC Bank, Hero MotoCorp focus

"Stock market dips as US jobs data awaited, Hero MotoCorp faces Rs 605 crore tax demand from Income Tax Department."

Today in the stock market, Dalal Street was set to open on a negative note as the GIFT Nifty on the NSE IX was trading lower by 90.50 points, or 0.40 percent, at 22,556.50. This decline was following a trend of lower opening for Tokyo equities after Wall Street saw declines, with investors keeping an eye on important US jobs data later in the day. The benchmark Nikkei 225 index was down 1.34 percent, or 533.24 points, at 39,239.90, while the Topix index fell 1.22 percent, or 33.31 points, to 2,698.69 in early trading. Traders were cautious due to tensions in the Middle East and were preparing for significant employment data later in the day. The US dollar remained strong against other currencies on Friday after bouncing back from a two-week low.

As of March 31, 2024, the bank reported a 55.4% year-over-year increase in gross advances to Rs 25.08 lakh crore. This marks a significant jump from Rs 16.14 lakh crore reported as of March 31, 2023. Sequentially, the bank's advances increased by 1.6% from Rs 24.69 lakh crore in December 2023. The bank also noted substantial growth in its domestic retail loan portfolio, with a 108.9% year-over-year increase and a 3.7% quarter-over-quarter increase.

For the March quarter, the bank reported advances totaling Rs 3,42,857 crore, marking an 18% increase. This is a substantial rise from the Rs 2,89,924 crore recorded in the previous financial year's fourth quarter. Deposits for the reviewed quarter also saw a 14% increase to Rs 3,84,789 crore, up from Rs 3,36,438 crore in the same period the previous year. However, the bank experienced a decline in low-cost deposits, including current account and savings deposits (CASA), which accounted for 37.9% of total liabilities compared to 40.1% previously.

The Income Tax Department issued a tax demand letter to the company, totaling Rs 605 crore, including interest, for six assessment years (FY14 to FY18 & FY20). Hero MotoCorp disclosed receiving assessment orders/demand notices dated March 30, 2024, for the six assessment years on April 3. The orders/notices encompass a total tax demand of Rs 308.65 crore and Rs 296.22 crore in interest for the six assessment years.