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.
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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.
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