This is the sixth increase undertaken by HDFC in three months. In all the rate has been increased by 140 basis points since May 2022.
The latest hike comes after the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on 5 August 2022 hiked the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 5.40% with immediate effect, to tame stubbornly high inflation.
HDFC is a leading provider of housing finance in India. The housing finance major's net profit rose 22.27% to Rs 3,668.82 crore on 13.58% increase in total revenue from operations to Rs 13,240.31 crore in Q1 June 2022 over Q1 June 2021.
The HDFC scrip rose 1.72% to end at Rs 2394.30 on Monday, 8 August 2022.
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