Buy HDFC Bank; target of Rs 1705: Geojit

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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Geojit's research report on HDFC Bank

HDFC Bank was incorporated in August 1994. It provides corporate banking and custodial services and is also involved in treasury and capital markets. In addition, it offers project advisory services and capital market products, including GDR and currency bonds. Gross interest income saw a growth of 4.8% QoQ (+15.6% YoY) to Rs. 37,273cr, while interest expenses grew 7.4% QoQ (+15.0% YoY). Net interest margin (NIM) remained stable sequentially at 4.0%. Restructuring of stressed assets under the RBI Resolution Framework for Covid-19 stood at Rs. 10,750cr. The bank delivered a steady performance during the quarter. The merger with HDFC Limited remains on track and, post completion, will further strengthen its position in the banking space.

Outlook

We remain positive on the stock and retain our BUY rating, with a lower target price of Rs. 1,705, based on 2.9x FY24E BVPS.

More Info

At 17:30 HDFC Bank was quoting at Rs 1,392.85, up Rs 31.85, or 2.34 percent.

It has touched an intraday high of Rs 1,397.00 and an intraday low of Rs 1,362.00.

It was trading with volumes of 501,946 shares, compared to its thirty day average of 310,637 shares, an increase of 61.59 percent.

In the previous trading session, the share closed down 0.34 percent or Rs 4.70 at Rs 1,361.00.

The share touched its 52-week high Rs 1,724.30 and 52-week low Rs 1,271.75 on 18 October, 2021 and 17 June, 2022, respectively.

Currently, it is trading 19.22 percent below its 52-week high and 9.52 percent above its 52-week low.

Market capitalisation stands at Rs 773,770.09 crore.

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HDFC Bank - 230722 - geo