Buy HDFC Bank, target price Rs 1740: Nuvama Wealth
HDFC Bank with a target price of Rs 1740. The current market price of HDFC Bank is Rs 1627.15.
Nuvama Wealth brokerage recommended to keep stop loss at Rs 1568.
HDFC Bank, incorporated in the year 1994, is a banking company (having a market cap of Rs 1228435.38 Crore).
HDFC Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2023.
Financials For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 61021.29 Crore, up 6.76 % from last quarter Total Income of Rs 57158.84 Crore and up 38.05 % from last year same quarter Total Income of Rs 44202.32 Crore. The bank has reported net profit after tax of Rs 12370.38 Crore in latest quarter.
Investment Rationale
Prices have given a swing breakout after a strong base formation at levels of Rs 1,550.
Promoter/FII Holdings Promoters held 25.52 per cent stake in the company as of 30-Jun-2023, while FIIs owned 33.38 per cent, DIIs 26.68 per cent.
