Stock market analyst Sanjay Surekha has maintained 'buy' rating on HDFC Bank stock with long term target of Rs 2180.
According to analyst, the investors can buy the stock stop loss of Rs 1990.
Today, the stock of the bank opened at Rs 2052 on the Bombay Stock Exchange (BSE).
Current EPS & P/E ratio stood at 68.91 and 30.03 respectively.
The share price has seen a 52-week high of Rs 2110.40 and a low of Rs 1369 on BSE.
Nucleus Software declared that one of its major client's in the country, HDFC Bank, has bagged the Celent Model Bank 2010 reward for its loan origination arrangement.
On the back of sturdy growth in its retail as well as wholesale sectors, coupled with lower provisions, have strengthened HDFC Bank's April-June quarter numbers, especially a 34% increase in its net profit, regardless of a sharp decline in the treasury income.
The bank's net profit increased to Rs 811.71-crore in the three month period ended June 2010 as against Rs 606-crore net profit made in the same period of last fiscal.
During the quarter ended June 30, the bank's gross advances, amplified by a little more than 40%.
HDFC Bank's executive director, Paresh Sukthankar, said, "Around Rs 21,000-crore of retail loans is auto loans, Rs 9,500-crore housing loans and around Rs 9,000-crore personal advances, the bank said. Of the total loan growth, around 10% increase in advances came from "short-term, one-off movements in wholesale loans."
Moreover, HDFC Bank anticipates a better-than-industry increase in its advancements and is hopeful to maintain its NIM to be quite stable' at 4.2-4.3%.
During the April-June period, NIM surged marginally to 4.3% as against 4.2% in 2009.
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