The Economic Times daily newspaper is available online now.

    Buy HDFC Bank, target price Rs 1470: ICICI Securities

    Synopsis

    HDFC Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 570165.43 Crore).

    ICICI Securities has given buy rating to HDFC Bank with a target price of Rs 1470. The share price moved down by 1.07 per cent from its previous close of Rs 1041.40. The stock’s last traded price is Rs 1030.30.
    HDFC Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 570165.43 Crore).


    Financials
    For the quarter ended 30-06-2020, the company reported a Consolidated Interest Income of Rs 25978.00 Crore, up .23 % from last quarter Interest Income of Rs 25919.24 Crore and up 10.26 % from last year same quarter Interest Income of Rs 23560.50 Crore. The bank reported net profit after tax of Rs 6940.88 Crore in latest quarter.
    Investment RationaleThe new appointment is very much on expected lines; RBI has approved the appointment of Mr. Sashidhar Jagdishan as MD & CEO taking over the charge from Mr. Aditya Puri w.e.f. October 27th, ’20 for a period of 3 years. Mr. Jagdishan was strategically positioned as the preferred choice and this is what street was factoring in. His appointment would lend certainty to the stability of business as usual. Incremental developments, findings and superior metrics just reaffirm the stance of it being able to rebound quicker offsetting near-term macro volatility and challenges.
    Promoter/FII HoldingsPromoters held 26.2 per cent stake in the company as of June 30, 2020, while FIIs held 41.3 per cent, DIIs 17.5 per cent and public and others 16 per cent.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in