Shares of HDFC Bank dropped 0.78% on Monday, with the stock trading at Rs 927.80 apiece. This comes a day after the bank shared their Q3 results on Saturday.
HDFC Bank on Saturday posted a 12.17% rise in consolidated profit to Rs 19,807 crore for the December quarter, powered by a faster growth in non-interest income. The lender had reported a consolidated net profit of Rs 17,657 crore in the year-ago period and Rs 19,611 crore in the preceding September quarter.
On a standalone basis, the net profit of the country's largest private sector lender increased 11.46% to Rs 18,653.75 crore for the October-December period.
The core net interest income grew 6.4% to Rs 32,600 crore, while the non-interest income came at Rs 13,250 crore on the back of a 11.9 per cent growth in advances and the net interest margin coming at 3.35%. The other income grew over 15% to Rs 13,254 crore during the quarter, helping drive the profit growth for the city-headquartered lender.
Brokerage firm Bernstein maintained its 'outperform' rating on the stock with a target price of Rs 1,200, noting that the steady improvement in earnings per share growth continued in Q3.
Kotak Securities reiterated its 'add' rating but trimmed its target price to Rs 1,050 from Rs 1,100. It said a steady recovery is underway at the bank, with margins improving off a low base and lower provisions driving earnings growth.
Morgan Stanley continued with its 'overweight' stance and a target price of Rs 1,225, highlighting that the quarter saw higher NIMs, steady growth in CASA and retail segments, and improving loan growth. The brokerage said asset quality remains strong and operating leverage is beginning to play out.
BofA maintained a 'buy. rating with a target price of Rs 1,175, describing Q3 as an inline quarter with management remaining focused on accelerating growth.
HDFC Bank Share Price Today
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The scrip fell as much as 0.78% to Rs Rs 927.80 apiece during the day. This compares to a 0.69% growth in the NSE Nifty 50 Index.
Total traded volume so far in the day stood at 20.53 times its 30-day average. The relative strength index was at 35.06.
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