Angel Broking has maintained its accumulate rating on HDFC Bank with a target price of Rs 1770 in its October 14, 2009 research report. At 11:07 am, the share was quoting at Rs 1,701.80, down Rs 1.6, or 0.09%.

"HDFC Bank recorded a net profit growth of 30% yoy to Rs 687 crore, in line with our estimates. The Slow balance sheet and NII growth was compensated by strong treasury gains and better cost control during the quarter. We maintain an 'Accumulate' on the stock, with a target price of Rs 1,770," says Angel Broking's research report.

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