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Emkay Global Financial has reiterated a BUY rating for HDFC Bank, setting a target price of Rs 2,000. The bank has outperformed its peers due to better margins and asset quality, while implementing strategies to reduce its loan-to-deposit ratio and planning an IPO for its NBFC subsidiary, HDB Fin. A potential CRR cut by the RBI could further enhance HDFC Bank's net interest margins.
The combined market valuation of nine of the top-10 most valued firms increased by Rs 2.29 lakh crore last week, driven by a rally in benchmark indices. Life Insurance Corporation of India (LIC) emerged as the biggest gainer, with its valuation rising by Rs 60,656.72 crore to Rs 6,23,202.02 crore. HDFC Bank also saw a significant increase, adding Rs 39,513.97 crore to reach a valuation of Rs 13,73,932.11 crore.
Heavyweight stocks, including Reliance Industries and HDFC Bank, rebounded on Friday, lifting benchmark indices Sensex and Nifty after a challenging period. The BSE Sensex rose by 721.31 points to close at 79,765.05, while the NSE Nifty gained 208.50 points, settling at 24,122.70. HDFC Bank's shares climbed 0.63 percent, nearing its 52-week high.
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HDFC Bank Target Price Set at Rs 2000 by Emkay Global Financial
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08:44 29.11.2024
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