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This is an archive article published on October 18, 2002

HDFC Q2 net up 20.69%

Housing Development Finance Corporation has posted a 20.69 per cent rise in net profit at Rs 167.15 crore for the second quarter ended Septe...

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Housing Development Finance Corporation has posted a 20.69 per cent rise in net profit at Rs 167.15 crore for the second quarter ended September 2002 as compared to Rs 138.49 crore recorded in the same period last year. The board has also approved a proposal to issue bonus share in the ratio of 1:1 and a buyback plan.

However, the record date for issue of bonus will be decided after getting the shareholders’ approval at the extraordinary general meeting to be held on December 2.

On the buyback scheme, Deepak Parekh, chairman of

HDFC, said “the blue print on how to go about the buyback proposal has not yet been decided. Moreover, as per the present government norms we can’t go for a buyback.

But we had approached the government seeking an amendment in the law for finance companies, particularly for housing finance companies, after the RBI has reduced the risk weightage on housing loans from 100 to 75 per cent and moving further down to 50 per cent.

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