HDFC-HDFC Bank merger possible: Parekh

Deepak Parekh, chairman, Housing Development Finance Corporation (HDFC) has indicated a possible merger of HDFC-HDFC Bank in near future. However, he did not elaborate his statement on such a proposed move, while responding to a question asked by industrialist Anand Piramal at an event held at Indian Merchants Chamber in Mumbai on Tuesday.
Parekh also said that inflation in India might settle down at 6-7% levels by March 2009. He expects the inflation to fall below the 10%-mark within a month and the country’s growth rate to remain at 7-7.5% in the current fiscal.
“We will wait-and-watch for some time before taking a final call on the interest rates. The deposit rates in the system have to come down first before cutting the lending rates. And, I do not rule out the possibility of more monetary measures being implemented by the Reserve Bank of India,”Parekh added.

Read more at The Financial Express

HDFC's Q1 net profit at Rs 372.81 crore

Housing sector lender HDFC Ltd on Wednesday announced a net profit of Rs 372.81 crore in the first quarter ended June 30, 2007 as against Rs 296.82 crore in the year-ago period.

The total income rose to Rs 1,830.39 crore as against

Rs 1,248.53 crores in the corresponding quarter last year.