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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Nov 02, 2018 11:07 AM IST | Source: Moneycontrol.com

HDFC gains over 1% after good Q2 show; brokerages maintain positive stance

Brokerages termed the performance to be in line with estimates, but believe that steady asset quality and loan spread bode well for the stock.

 
 
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Shares of HDFC were higher by over a percent on Friday morning as investors cheered the September quarter results.

Brokerages termed the performance to be in line with estimates, but believe that steady asset quality and loan spread bode well for the stock.

The housing finance company reported a healthy 24.71 percent on year growth in second quarter profit to Rs 2,467 crore, driven by income from stake sale in AMC business.

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Profit in the year-ago period stood at Rs 1,978.2 crore.

Housing Development Finance Corporation earned profit of Rs 1,000 crore on sale of stake in HDFC AMC in quarter ended September 2018, against reported income on sale of investments of Rs 63 crore in same period last year.

HDFC AMC had raised Rs 2,800 crore through its IPO in last week of July. Founders HDFC as well as Standard Life Investments offloaded stake through this IPO.

Brokerage: Morgan Stanley | Rating: Overweight | Target: Rs 2,400

The global research firm said that the profit was slightly better than consensus. Further, it said that the profit was driven by lower net interest income and higher provisions. Overall gross NPL ratio moved lower QoQ to 1.13% from 1.18%, while the loan spread was stable at 2.28 percent.

Brokerage: Jefferies | Rating: Buy | Target: Cut to Rs 2,025 from Rs 2,030

Jefferies has tweaked FY19-21 estimates by 0-4%. It is forecasting AUM CAGR of 18% & BVPS CAGR of 12.8% over FY18-21. Further, the margin was largely stable at 3.5 percent. Asset quality witnessed sequential improvement. Lastly, it said that the one time investment gain from stake sale in the asset management company business led to non-interest income spurting.

Brokerage: Credit Suisse | Rating: Outperform | Target: Cut to Rs 2,150 from Rs 2,350

The brokerage house said that Q2 results were in-line with healthy AUM growth of 17% YoY. The profit aided by sale of 4% stake in HDFC AMC, it added. It also said that the company has been able to raise not just commercial papers but also long tenure funds. It has cut EPS estimate by 3-6% on margin pressure.

At 11:02 hrs Housing Development Finance Corporation was quoting at Rs 1,789.50, up Rs 27.80, or 1.58 percent, on the BSE. It touched an intraday high of Rs 1,799.00 and an intraday low of Rs 1,766.80.
First Published on Nov 2, 2018 11:07 am
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