HDFC Capital, a subsidiary of HDFC Bank Ltd, exited a Total Environment project in Bangalore, yielding a return of close to Rs 300 crore. The investment of Rs 229 crore was for a residential apartment project in Whitefield called "Pursuit of a Radical Rhapsody". Total Environment, founded in 1996, boasts a track record of delivering 5.5 million sft of residential and commercial space, with 14 million sft currently under construction. The successful exit reflects HDFC Capital s strategy of partnering with reputable developers to focus on high-quality homes in India.
Ravi Dharamshi says: “IT companies have old legacy business, which is rolling off; and then there is this new business, which is digitisation, that is picking up. But the one that is rolling off is rolling off faster than the one that is growing. So at an aggregate level, these companies are not able to grow beyond 8, 10%, some gave guidance of 1 to 3%.”
“What happens in all these financial companies is that when they raise money at a higher book value, then on price to book, they start looking cheaper, that is what happened with Bajaj Finance and it rallied and Chola is doing the same thing. So, many of these companies are just taking advantage of the very high price to book they are getting to raise capital.”
While the new unit under brand name HDFC Life International will offer US dollar-denominated life as well as health insurance solutions, HDFC AMC International would provide fund management and advisory solutions as part of its offshore hub
LTI's inclusion in the Nifty50 index will result in inflows of Rs 1,450 crore ($177 million) from passive trackers, as per a note by IIFL Alternative Research