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Banking and Financial stocks zoomed on Tuesday’s early trades with sizeable gains. Many of them had a gap-up opening and continued to rally amid a strong Q2 update. Bank Nifty gained 3.02% to reach a high of 39,177.50 points. 

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Quarter 2 earnings for this year are scheduled to start next week, however, the following companies have released their provisional numbers, leading to a spike in their share price. 

Mahindra and Mahindra Financial Services (up 12.37%), IDFC First Bank (up 9.72%), IDFC (up 8.45%), Yes Bank (Up 6.71%), Indusind Bank Ltd (up 5.42%), Bank of Maharashtra (up 4.84%) and HDFC Ltd (Up 3.10%) were in the green. 

HDFC Ltd 

The Nifty heavyweight’s shares surged 3.10% to reach an intraday high of ₹ 2,353.90 apiece. HDFC Ltd, a non-banking financial company reported a strong Q2 update. It assigned loans amounting to ₹ 9,145 crore compared to ₹ 7,132 crore in the same quarter a year ago. 

Mahindra and Mahindra Financial Services 

The NBFCs share price escalated after it said that its asset quality has improved further during the month and the September quarter. It reported strong disbursements and improved collection efficiency. The company expects its Gross Stage 3 to be around 7% (compared to 8% as of 30th June 2022) and Gross Stage 2 to be around 10% (compared to 11.7% as of 30th June 2022). 

IDFC First Bank 

The bank had a gap-up opening today and it gained 9.72% to reach a 52-week high of ₹ 54.15. The bank informed the bourses that its funded assets grew 24.80 per cent in YoY time while it shot up 5.60 per cent in QoQ time. IDFC Bank reported that its Customer Deposits grew 35.90 per cent YoY whereas it logged a 10.80 per cent rise in Customer Deposits on a QoQ basis. 

Bank of Maharashtra 

The state-owned bank reported a robust Q2 update. Its credit deposit reported a growth of 75.7 per cent versus 63.5 per cent YoY and 71.75 per cent QoQ. Its advances grew 18 per cent year-on-year (YoY) and 5 per cent quarter-on-quarter (QoQ), beating most peers. 

IndusInd Bank 

The bank’s stock climbed 5.42% after the lender said its advances grew 18 per cent year-on-year (YoY) and 5 per cent quarter-on-quarter (QoQ) to ₹ 2,59,647, beating most peers. Further, its deposits grew 15 per cent YoY from ₹ 2,75,473 crore to ₹ 3,15,824 crore as of September 2022.

Yes Bank 

Yes Bank on Tuesday said that its loans & advances came at ₹1,92,809 crore for the quarter ended September 2022 (provisional), up 11.6% year-on-year (YoY) and up 3.5% quarter-on-quarter (QoQ). In comparison, its loans & advances for June 2022 were at ₹1,86,367 crore and for September 2021 at ₹1,72,839 crore. Yes Bank has registered a 13.20 per cent YoY jump in deposits whereas it registered a 3.50 per cent rise in deposits in QoQ time. 

Written By – Simran Bafna

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