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Last Updated : Jul 12, 2019 01:15 PM IST | Source: Moneycontrol.com

HDFC gains after CLSA raises target price; sees 21% upside

HDFC is well placed to play housing demand & is among top picks, CLSA said.

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Housing Development Finance Corporation shares gained a percent intraday on July 12 after CLSA raised price target of its top pick.

"We maintain buy call and raised price target to Rs 2,730 from Rs 2,500, implying 20.7 percent potential upside after analysing Annual Report of the company," CLSA said, adding the company is capitalising on affordable housing opportunity.

It is well placed to play housing demand and is among top picks, the brokerage said.

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Key highlight from HDFC's Annual Report was a 40 percent YoY rise in units it financed, CLSA said, adding the shift in growth driver from 'value' to 'volume' is a structural positive for HDFC.

The research firm feels housing finance company's liabilities are diversified, asset liability management (ALM) is balanced & forex risks are hedged.

The stock was quoting at Rs 2,274.40, up Rs 12.95, or 0.57 percent on the BSE at 1012 hours IST.

Disclaimer: The views and investment tips expressed by the 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 12, 2019 10:29 am
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