HDFC bank: HDFC Bank scales fresh record high; should you buy?

ETMarkets.com|

Sep 18, 2017, 10.42 AM IST

HDFC Bank is on rising spree since the beginning of the ongoing calendar year.
HDFC Bank is on rising spree since the beginning of the ongoing calendar year.
NEW DELHI: Shares of HDFC Bank scaled fresh record high of Rs 1,863.90 in morning trade on Monday. The scrip was trading 0.71 per cent up at Rs 1,861.95 around 10 am (IST).

HDFC Bank is on rising spree since the beginning of the ongoing calendar year. On a year-to-date basis, shares of the private sector lender have surged 54 per cent till September 15, whereas benchmark equity index BSE Sensex gained 21 per cent during the same period.

Japanese brokerage firm Nomura recently lifted the target price of HDFC Bank to Rs 2,100 from Rs 2,000 earlier.

Nomura in a research note said, “We met with top management of HDFC Bank. The lender’s key message remains ‘the best is yet to come for the bank’ as it is uniquely positioned to take advantage of market share churn and it is ahead of competition in investing for the future (digital) and very focused on reducing turnaround time.” The brokerage house further added that HDFC Bank’s opex ratios will continue to head lower, creating a buffer for any pricing-related disruption. Nomura believes consolidated PAT to record a 21 per cent CAGR over FY17-20F.

For the quarter ended June 30, 2017, HDFC Bank reported net profit of Rs 3893.84 crore, up 20.22 per cent, against Rs 3238.91 crore in the corresponding quarter last year.

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