7 Days of Consecutive Gain! Sharekhan Recommends ‘BUY’; Check HDFC Bank Share Price Target
HDFC Bank Share Price Target 2024, HDFC Bank Share Price NSE BSE Today Latest News, HDFC Bank Share Price History: HDFC Bank share price rose for 7 consecutive trading sessions. On March 27, the counter quoted at Rs 1,440.70 per share and in Monday’s trading session (April 8), the scrip settled at Rs 1,545.50 apiece on the National Stock Exchange (NSE). On Monday, the stock fell and underperform the sector by -0.41 per cent. The stock has been trading higher than 5 day, 20 day, 50 day and 100 day moving averages. The delivery volume of 2.2 crore on 5 April has risen by 40.67 per cent against 5-day average delivery volume.
HDFC Bank Share Price Target 2024
Domestic broking firm Sharekhan has a ‘BUY’ call on the largest private sector lender by market valuation. The analysts at the brokerage recommended a share price target of Rs 1,900 per stock.
The brokerage in its report, said “We believe loan growth is expected to be in low mid-teens in the near term and deposit growth should outpace loan growth by atleast 300-400 bps, which should help the CD ratio to normalise gradually. We retain a Buy rating on the stock with an unchanged price target (PT) of Rs. 1,900, as valuations are reasonable and have priced in all the barring factors that could weigh down earnings trajectory of the merged entity. We remain constructive on the stock from medium to long-term perspective. Key monitorable remains NIM progression and retail deposit mobilisation.”
HDFC Bank reported strong deposit growth in Q4FY2024. Incremental deposits mobilised during Q4 stood at Rs. 1,66,000 crore vs Rs 41,100 crore in the last quarter. This would result in faster normalisation of credit deposit ratio (~ 110.5% in Q3). Gross advances grew by 1.6% q-o-q. Retail loans grew by 3.7% q-o-q. Commercial and rural banking grew by 4.2% q-o-q. However, Corporate, and other wholesale loans degrew by 2.2% q-o-q. Overall deposits grew by 7.5% q-o-q. CASA deposits grew by 8.4% q-o-q. Out of the total incremental deposit moblised, 77% were retail deposits which is a key positive. YoY comparison is not appropriate due to merger, the report added.
HDFC Bank Share Price NSE BSE Today Latest News
The counter settled at Rs 1,545 a share on the NSE, down marginally by 0.29 per cent. On the BSE, it settled at Rs 1,546.05, ending red at 0.22 per cent.
A total of 3.03 lakh shares changed hands today of HDFC Bank which is a constituent of S&P BSE SENSEX index generating a total turnover of Rs 46.87 crore. The large cap company has a market cap of Rs 11,74,520.37 crore, as per BSE website. The shares of the company have a PE of 18.08x. In volume terms, over 102.41 lakh shares of the company were traded on the NSE during the day.
HDFC Bank Share Price History
In the last 30 days, the counter has moved north of 8.34 per cent.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of TN Network.)
