HDFC Bank Shares Extend Gains To 7th Day, Brokerages See Further Upside
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

HDFC Bank’s share price continued to make gains for the seventh straight session on Friday as investors and analysts were impressed by the lender’s quarterly business update.

What Happened: The private lender posted its business for the quarter ended March on Thursday. HDFC Bank disclosed in an exchange filing that its gross advances reached ₹25.08 lakh crore, reflecting a 55.4% increase compared to the corresponding period last year.

Analyst Reactions: Most brokerages were impressed by the company’s performance during the quarter. HSBC maintained its “buy” rating for the stock with a price target of ₹1,750. The brokerage said that the lender’s deposits beat street estimates. The analysts also said that at the current valuation, the stock is very attractive.

See Also: How To Check Creative Graphics IPO Allotment Status

Morgan Stanley also maintained its “overweight” rating for the stock with a price target of ₹1,900. The brokerage also reiterated that growth in deposits was a positive surprise. The analysts also mentioned that the retail deposit growth was also strong.

Macquarie also maintained its “buy” rating for the stock with a target price of ₹2,000. The brokerage said that the business update shows that the consolidation strategy is working well. The analysts added that the valuation is attractive.

Price Action: HDFC Bank’s share price was up 0.41% to trade at ₹1,533.90 as the markets opened on Friday.

Read Next: Who Are The 25 New Indian Billionaires Making Waves On Forbes Richest List 2024

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
EquitiesPrice TargetReiterationMarketsAnalyst RatingsMoversTrading IdeasHDFC Bank