HDFC Bank hits new high
The stock has rallied nearly 5% in past three trading sessions on the Bombay Stock Exchange.
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HDFC Bank is trading higher by 1.4% to Rs 852, extending its 3% gain in past two trading sessions, in an otherwise subdued market.
The stock opened at Rs 848 and touched a record high of Rs 856 on the BSE. A combined 1.58 million shares have changed hands on the counter till early noon deals on BSE and NSE.
HDFC Bank has underperformed the Bankex after MSCI announced a reduction in HDFC Bank’s weighting from 5.4% to 1.9% (execution on 30th May’14).
With the overhang due to the MSCI rebalancing now behind us, we expect fundamentals, which we think remain as strong as ever, to take precedence for HDFC Bank, analysts at Espirito Santo Securities said in a note.
We reiterate our BUY rating on HDFC Bank with a target price of Rs 975 and maintain it as our top pick in the banking space, analysts had said in a report dated June 2, 2014.
The stock opened at Rs 848 and touched a record high of Rs 856 on the BSE. A combined 1.58 million shares have changed hands on the counter till early noon deals on BSE and NSE.
HDFC Bank has underperformed the Bankex after MSCI announced a reduction in HDFC Bank’s weighting from 5.4% to 1.9% (execution on 30th May’14).
With the overhang due to the MSCI rebalancing now behind us, we expect fundamentals, which we think remain as strong as ever, to take precedence for HDFC Bank, analysts at Espirito Santo Securities said in a note.
We reiterate our BUY rating on HDFC Bank with a target price of Rs 975 and maintain it as our top pick in the banking space, analysts had said in a report dated June 2, 2014.
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First Published: Jun 13 2014 | 11:21 AM IST