Shares of HDFC Bank Ltd. gained the most in two months after it reported 11.30% growth in current accounts and savings accounts to Rs 8.36 lakh in fiscal 2023.
The current and savings account ratio was at 44%, whereas the total deposits rose 20.8% to Rs 18.84 lakh crore. The bank recorded a 16.9% annual rise in gross advances of Rs 16.01 lakh crore.
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Shares of HDFC Bank Ltd. advanced 2.36% to Rs 1,648.6 apiece as of 10:23 a.m., compared to a 0.57% advance in the benchmark Nifty 50. The stock advanced as much as 2.69% intraday, rising the most in over eight weeks since Feb. 3.
The total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was 64.6.
Out of the 43 analysts tracking the company, 40 maintain a 'buy' rating and three recommend a 'hold', according to Bloomberg. The 12-month consensus price target implies an upside of 17.1%.
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