HDFC ADR: On April 4th, the HDFC Bank American Depository Receipt surged by 7% following its announcement of a robust business update for the fourth quarter. Notably, the bank’s ADRs outpaced all other Indian ADRs in performance.
The banking stock listed on the NYSE climbed to an intraday high of $60.42, marking a significant increase from its previous close of $56.40.
An American Depository Receipt (ADR) is a certificate issued by an American bank, enabling companies to list their shares on US stock exchanges. Consequently, an ADR facilitates individuals in purchasing shares of companies that are not listed in the US. -HDFC ADR
HDFC Bank disclosed that its loan book amounted to Rs 25 lakh crore in the fourth quarter of FY24. The bank further reported a robust growth in gross advances, which increased by 55.4% to reach Rs 25.08 lakh crore as of March 31, 2024, as per an exchange filing.
Additionally, the bank revealed that its deposits amounted to Rs 23.8 lakh crore as of March 31, 2024, reflecting a notable increase of 26.4% compared to Rs 18.83 lakh crore during the corresponding period of the previous year.
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Furthermore, HDFC Bank’s stock maintained its position as the top gainer for the majority of April 04 in the domestic market. Shares of HDFC Bank surged by 3% to reach an intraday high of Rs 1,526.35 on the NSE
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