Reliance Securities is bullish on HDFC has recommended buy rating on the stock with a target price of Rs 1995 in its research report dated July 28, 2017.
Reliance Securities' research report on HDFC
HDFC has reported a strong 20% YoY growth in loan disbursement during 1QFY18 led by robust growth in both individual and non-individual segments. Its overall loan book remained healthy at 18% YoY led by continued pick-up in non-individual loans book (+22.4% YoY and +6.9% QoQ) owing to strong pick-up in lease rental discounting and construction finance. Sustained pick-up in growth of high-margin non-individual loan is encouraging, as the share of corporate loan in overall loan book increased to 29.9% in Jun’17 from 28% in Sept’16.
We reiterate our BUY recommendation on the stock with an upwardly revised Target Price of Rs1,995 (from Rs1,786 earlier) primarily due to higher valuation of subsidiaries/associates.
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