Live Markets »News & Advice»Market News»Market News Details
Market News Details
Back

HDFC Bank hits all-time high of Rs 2,223 on back of heavy volumes

SI Reporter/Mumbai 13 Mar 19 | 12:09 PM

Shares of HDFC Bank hit an all-time high of Rs 2,223, up 2.4 per cent, to surpass its previous high of Rs 2,220 recorded on July 18, 2018 on the National Stock Exchange (NSE) in intra-day trade, on back of heavy volumes.

Till 11:42 am, a combined 10.78 million equity shares changed hands, as compared to an average of 2.6 million shares traded daily in past two weeks on the NSE and BSE. HDFC Bank was the top gainer among Nifty 50 and the S&P BSE Sensex indices, which were trading flat.

Related Stories

    No Related Stories Found
Widgets Magazine

In past two trading days, the stock of HDFC Bank were up 4.4 per cent after the private sector lender said its board will meet on Saturday, 20th April, 2019 to consider the audited financial results for the quarter and year ending 31st March 2019 along with the consolidated accounts for the year ending 31st March 2019 and recommendation of dividend, if any.

HDFC Bank boasts of a strong lending franchise and capital position; healthy growth in fund and non-fund based income, impeccable asset quality performance, strong cover for gross non-performing lending (GNPLs), and high return ratios.

“Improving operating efficiency with further improvement in cost to income ratio is expected to be a key driver for RoA expansion. Notably, CASA ratio at 40.7 per cent has lagged deposit growth in recent quarters and management’s push to gain market share in CASA remains critical," according to analysts at Reliance Securities.

Moreover, the impact of management transition will be a key development to watch out for, the brokerage firm said in a recent note with a BUY recommendation on the stock with a target price of Rs 2,560.

Analysts at Anand Rathi Share and Stock Brokers also maintain ‘buy’ rating on HDFC Bank with a target price of Rs 2,420 per share.

Considering the opportunistic macro conditions, healthy balance sheet growth and superior asset quality & management, we believe the bank is well poised to deliver consistently with margin leadership & robust return ratios, the brokerage firm said in Q3FY19 result update.

Widgets Magazine

Sensex

Company Price Gain (%)
ICICI Bank431.505.09
Larsen & Toubro1,543.654.60
Bharti Airtel353.304.40
Vedanta163.854.20
Tata Motors182.154.09

Poll

Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine