On Tuesday, the share price of HDFC Bank rose 2.3 percent in early trade itself. The shares of the bank reached Rs 1529 in a few hours. Within a few hours of the start of trading in the market, it became one of the top performers. Investors started showing interest in its shares as soon as the bank updated its April-June trading. In the second round of Corona, good growth was registered in the business of the bank. Therefore, it was reflected in its shares. The advances of the bank increased by 14.4 per cent as compared to the previous year. The stock is down 6 per cent so far this year. In February, this stock had reached the top of Rs 1,650. Some analysts believe that right now this stock can register a rise of 20 percent. Before knowing the opinion of top brokerage companies on this, let us see how the performance of the bank has been.
– April-June 2021, an increase of 14.4 percent in the quarter compared to the same period last year. At the same time, it has increased by 1.3 percent compared to the previous quarter.
HDFC Bank’s advance had increased to Rs 11.48 lakh crore by the end of June.
The bank’s domestic retail loans grew by 10.5 per cent over the last one year period, while domestic wholesale loans grew by 17 per cent.
– There was an increase of 9 percent in retail loans. Commercial and rural banking loans registered a growth of 25 per cent, while wholesale loans grew by 10.5 per cent in the same period,
Deposits grew by 13.2 percent compared to last year and reached Rs 13.46 lakh crore.
HDFC Bank said that the CASA deposit reached Rs 6.12 lakh crore. This is 28.2 percent more than last year.
Motilal Oswal – Buy
Target Price – Rs 1,800
According to Motilal Oswal, the deposit of the bank has been good. Further, due to the lifting of restrictions from the RBI and the new stress formation due to COVID will be monitored. The brokerage house has given it a BUY rating and the target price has been kept at Rs 1800.
Axis Bank – Buy
Target Price – Rs 1,785
Axis Bank says that HDFC Bank has been performing well despite the uncertainties of COVID-19. The bank’s performance is also good in terms of asset quality. What happens to the restrictions imposed on the RBI on issuing new credit cards, will be seen. However, the stock of the bank will remain strong. Axis Bank has given it a BUY rating with a target of 1785.
Emkay Global – Buy
Target Price – 1,850
There has been a slight decline in HDFC Bank’s credit momentum as the retail segment is showing weakness. However, the bank has maintained good asset quality in the COVID wave. But in sectors like commercial vehicles, SMEs, credit growth will be monitored. Emkay Global has rated it as BUY with a target price of 1850.
(Article: Kshitij Bhargava)
(The stock recommendations given in the story are those of the respective research analyst and brokerage firm and Financial Express Online does not take any responsibility for this investment advice. Investing in capital markets is subject to risks and please consult your advisor before investing. )
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