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Change Change %
6.40 0.33%

Updated:19 Apr, 2018, 15:53 PM IST

Change Change %
4.90 0.25%

Updated:19 Apr, 2018, 16:00 PM IST

Research Report Detail

Report Date Call Price@Call Target Price
Stop Loss
Current Status Time Horizon
Reliance Securities
31-08-2017 Buy 1767.45 1940.00
Target Hit Long (1Y)

Reliance Securities maintains buy on HDFC Bank

Despite adverse operating environment, HDFC Bank continued to deliver strong performance on business growth as well as operating fronts. The Bank has delivered a healthy performance on business growth and operating front in 1QFY18. Despite a mere 6.1% YoY growth in banking industry loan, its loan book grew by 23.4% YoY and 4.8% QoQ,. This outperformance on loan growth front with a huge margin vs. the industry is really commendable as it is the second largest bank in India in terms of loan book size.

Its gross NPA and net NPA increased by 23.1% QoQ and 37.1% QoQ, respectively in 1QFY18. However, we are not much concerned over this marginal rise in gross NPA, as the headline NPA and PCR continue to remain best-in-class in the industry.

We have revised our loan growth target to 20-21% from earlier estimate of 17-18% led by relatively higher loan growth over last two quarters.

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