HDFC Bank is likely to raise car loan rates by 50 basis points (bps) in the next few days, according to a senior executive. “The rates need to climb because cost of deposits has already been increased across the industry,” said Ashok Khanna, HDFC Bank’s senior executive vice president and business head for vehicle loans.
“Demand is very robust and waiting periods for cars is on the rise. A 50 bps hike in rates is not going to affect demand,” Khanna added.
MUMBAI:Private sector lender, HDFC Bank, is likely to raise its auto loan interestrates by 0.50 per cent in the next 7-10 days, a senior bank official said onFriday.
"Borrowing rates have gone up, we are likely to raise ourrates (auto loans) by 0.50 per cent in the next 7-10 days," HDFC Bank's SeniorExecutive Vice-President, Ashok Khanna, told media heretoday.
Another private sector lender, Kotak Mahindra Bank, is alsofeeling the pressure to raise its auto lending rates, one of its seniorofficials said. "There is a pressure to raise our interest rates on vehicleloans but we have not yet taken a decision on it," Kotak Mahindra Bank's Head ofConsumer Banking, K V S Manian, said.
 RTT News | Movers roundup: Hospira, Advance Auto Parts BusinessWeek (AP) -- Shares of Advance Auto Parts rose after the company reported a 25 percent gain in quarterly earnings and lifted its outlook for the year. ... SORL Auto Parts Q2 tops Street, sees Q3 sales above est Advance Auto Parts 2Q Jumps 26% On Sales Jump; View Raised Advance Auto Parts Rises 5.22% on Heavy Volume: Watch For Pullback (AAP) |
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SORL Auto Parts said Thursday that its second-quarter earnings jumped 80 percent, helped by higher profits for parts in its heavy-duty truck segment.
The Chinese air brake and auto parts company reported net income of $5.38 million, or 28 cents per share, up from $2.99 million, or 16 cents per share, in the year-ago quarter.
Sales increased 68 percent to $49.9 million, up from $29.7 million. SORL said it saw stronger results in its sales to original equipment manufacturers, especially those involved in the heavy duty truck industry.
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Advance Auto Parts Inc.'s (AAP) fiscal second-quarter profit jumped 26% on higher same-store sales and improved margins, as the company's bottom line results topped Wall Street's expectations.
As a result of a strong first-half performance, the company now sees earnings for the year of $3.70 to $3.80 a share, up from its May view of $3.34 to ...
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