HDFC Bank share price rises 2% after Q2 results; should you buy, sell or hold the stock?
HDFC Bank share price today: HDFC Bank share price rose about 2 per cent in early trade on BSE on Tuesday, October 17, a day after the company announced its September quarter results. HDFC Bank share price opened at ₹1,558 against the previous close of ₹1,529.50 on the BSE. Around 9:20 am, the stock was up 1.34 per cent at ₹1,549.95.
HDFC Bank reported a rise of 50.6 per cent in standalone net profit at ₹15,976.11 crore for Q2FY24, compared to ₹10,605.78 crore in the corresponding period last year. The net interest income (NII) -the difference between interest earned and interest expended - of India's largest private lender grew 30.27 per cent to ₹27,385.23 crore, compared to ₹21,021.16 crore in the year-ago period. HDFC Bank's gross non-performing assets were at 1.34 per cent of gross advances as on September 30, as against 1.41 per cent as on June 30, as per exchange filing.
Net non-performing assets were 0.35 per cent of net advances as on September 30. Also Read: HDFC Bank Q2 Results: Net profit jumps 50% to ₹15,976.11 crore, NII up 30% (Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Most brokerage firms remain positive about HDFC Bank stock and retain their earlier views on it after the lender's September quarter numbers.
Nirmal Bang Institutional Equities is positive about the stock. It has maintained a buy call on HDFC Bank and raised the target price to ₹1,994 from ₹1,935 earlier, implying a 30 per cent upside potential. "After incorporating better-than-expected Q2FY24 performance, we have revised our target price from ₹1,935 earlier (valued at 2.8 times June 2025E ABV + value of subsidiaries) to ₹1,994 (2.75
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