HDFC share price slumped around 2% on Monday just after hitting a new 52-week high of ₹1,715.85.
What Happened: The private sector bank’s consolidated net revenue grew by 20.3% year-over-year ₹34,552.8. The consolidated net profit for the quarter that ended March 31, 2023, was ₹12,594.5 Crore, up 20.6% year-over-year.
The lender’s net interest income (interest earned less interest expended) for the final quarter of FY23
grew by 23.7% YoY to ₹23,351.8 crore. The core net interest margin was at 4.1 % on total assets. The company’s numbers have largely been in line with market estimates.
Brokerages remained positive on the stock after the results came out. Bernstein maintained its ‘outperform’ rating for the stock with a price target of ₹2,200. UBS maintained its ‘buy’ rating for the stock with a price target of ₹1,900. Both the firm noted that the company’s fourth-quarter numbers were in line with market expectations.
Domestic brokerage firm ICICI Securities also maintained its ‘buy’ rating for the stock and upgraded the price target to ₹1,990 from ₹1,874. Yes Securities, on the other hand, downgraded the stock’s rating to ‘add’ from ‘buy’ with a price target of ₹2,025.
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Price Action: HDFC share price was down 2.09% to trade at ₹1,657.90 shortly after the markets opened on Monday.
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