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HDFC Bank share hits all-time high after CLSA raises target price

BusinessToday.In     November 24, 2020

HDFC Bank share hit record high in trade today after CLSA raised target price for the stock to Rs 1700. The large cap share rose 2.95% intra day to Rs 1436 against previous close of Rs 1,394.85 on BSE.

HDFC Bank share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

HDFC Bank share has gained 13% in one year and risen 12.5% since the beginning of this year. In a month, the share has climbed 15.78%. Market cap of the lender rose to Rs 7.88 lakh crore .  

Brokerage CLSA maintained "buy" call on the stock with a target price of Rs 1700 against the previous target of Rs 1525. The research firm said the macro- environment has improved after lockdown, adding that the better use of data analytics is leading to lower retail stress against PAT cycles. CLSA said that in the medium term, opex efficiency still has room to improve, terming the private bank as one of its top picks.

The lender reported a 16 per cent rise in consolidated net profit to Rs 7,703 crore in Q2 against consolidated net profit of Rs 6,638 crore in the corresponding quarter a year ago.

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Total consolidated income in Q2 rose to Rs 38,438.47 crore from Rs 36,130.96 crore in July-September 2019. Consolidated advances rose 14.9 per cent to Rs 10.89 lakh crore at the end of September 2020 from Rs 9.47 lakh crore a year earlier.

On a standalone basis, HDFC Bank said after providing Rs 2,597.2 crore for taxation, it earned a net profit of Rs 7,513.1 crore, an increase of 18.4 per cent over the quarter ended September 30, 2019.

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