HDFC Bank Share Price Hits Lifetime High Following Block Deal And Four Large Transactions

HDFC Bank Ltd.'s stock surged to a lifetime high on Tuesday. This rally comes on the back of a major block deal and four other large transactions that saw significant volume of shares change hands.

Four large deals of 2.1 lakh, 1.4 lakh, 1.1 lakh and 3.2 lakh shares took place, at Rs 1,837.40 per share. The company's market cap crossed the Rs 14 lakh crore-mark, but declined later.

In the block deal, 21.7 lakh shares of HDFC Bank were traded at Rs 1,822.70, reflecting a high level of investor interest. The four additional large deals collectively involved 8 lakh shares, further contributing to the strong momentum in the stock.

HDFC Bank Ltd. is the largest private sector bank in India by assets and ranks, and the tenth-largest bank in the world by market capitalisation.

Share price of HDFC Bank rose as much as 1.81% before paring some gains to trade 1.36% higher at Rs 1,829.25 apiece, as of 11:49 a.m. This compares to a 0.61% advance in the NSE Nifty 50.

It has risen 13.66% in the last 12 months. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 66.

Out of 47 analysts tracking the company, 40 maintain a 'buy' rating and seven recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 7.2%.