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Last Updated : Jul 01, 2019 12:44 PM IST | Source: Moneycontrol.com

HDFC Bank shares gain after CLSA raises target price to Rs 2,930

CLSA has maintained buy call on the stock and raised price target to Rs 2,930 from Rs 2,850 per share

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HDFC Bank shares gained 1.4 percent intraday on July 1 after global brokerage house CLSA raised price target by 3 percent on increasing risk appetite.

"The risk appetite is peaking and the bank is focussing on deposit mobilisation and digitisation," the brokerage said. It sees a 21 percent profit CAGR over FY19-22.

CLSA has maintained buy call on the stock and raised target price to Rs 2,930 from Rs 2,850 per share, implying 19.7 percent potential upside from current levels.

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Staff churn is rising ahead of potential CEO succession raised a risk, the brokerage said.

Last month, the private sector lender decided to begin a global search to find a successor to the founding-chief executive Aditya Puri, who retires in October 2020.

The stock has rallied 29 percent in the last nine months. It was quoting at Rs 2,476.75, up Rs 30.35, or 1.24 percent on the BSE at 1156 hours IST.

Disclaimer: The views and investment tips expressed by brokerages on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Jul 1, 2019 12:44 pm
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