Shares of HDFC Bank hit a new high of Rs 1,503, surging 2.5 per cent in the intra-day trade on the BSE on Monday, after the private sector reported steady performance for the October-December quarter (Q3FY21) with net profit increasing by 18 per cent year on year (YoY) to Rs 8,758 crore, driven by robust growth in net interest income and other income. The stock settled 1.15 per cent higher on the BSE, at Rs 1,483 apiece, and was among the only four gainers on the Sensex today. The counter saw huge trading volumes with a combined 22.21 million equity shares changing hands on the NSE and BSE.
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Benchmark NSE Nifty index was trading 105.15 points down at 14328.55 on Monday on account of selling in frontline bluechip counters.
Among the stocks that touched their 52-week highs on NSE were: Happiest Minds Technologies, HDFC Bank, Indian Energy Exchange; Orchid Pharma, Kajaria Ceramics, Anant Raj Global, Sundaram Brake Linings, Tata Steel Long Products, JBM Auto, Emco Ltd, Greenpanel Industries and Eris Lifesciences.
Overall, 9 shares were trading in green in Nifty50 index, while 41 were trading in red in the afternoon trade.
In the Nifty 50 index, UPL , HDFC Bank, Wipro, Nestle India and RIL were among top gainers, while Tata Motors, Tata Steel, Hindalco Inds., ONGC and Bajaj Finance were trading in red.
Impressed by HDFC Bank’s stellar Q3 numbers, analysts hike target price
January 18, 2021
Stock hits all-time record of ₹1,503
The stock of HDFC Bank recorded its all-time high on Monday as analysts remained bullish on the stock and hiked the price target after the bank unveiled strong third-quarter results.
After recording the peak of ₹1,503 intra-day, shares on the BSE closed the day at ₹1,483.20, up ₹16.85, or 1.15 per cent. HDFC Bank’s shares opened at ₹1,472.80 against its previous close of ₹1,466.35. On the NSE, the private bank hit the peak of ₹1,502.85.
Steady performance
While brokerages remained bullish on the stock, today’s rally was mainly on account of short covering in F&O as some had expected the stock to cool off, analysts said.
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NEW DELHI: HDFC Bank s third quarter results impressed analysts, who said that the profit beat was led by healthy treasury gains and recoveries. They noticed a slight recovery in the lender s net interest margin (NIM) and said the restructuring of 0.5 per cent of its loans was in line with expectations.
The bank s management expects faster asset quality normalisation and better credit growth outlook, said analysts, who suggested a target price as high as Rs 1,860 for the stock. This suggests a potential upside of 27 per cent over Friday s closing price of Rs 1,466.35.
On Monday, the scrip was up 1.51 per cent at Rs 1,488.45 on BSE.
HDFC Bank Q3 results: Net profit rises 18% to Rs 8,758 crore; NII grows 15%
The rise in net profit came on the back of increase in net interest income, which grew 15.1 per cent to Rs 16,317.6 crore in December quarter from Rs 14,172.19 crore in same quarter last fiscal
BusinessToday.In | February 2, 2021 | Updated 16:54 IST
HDFC Bank reported 18.1 per cent increase in net profit for the quarter ended December 31, 2021. For the quarter under review, the private sector lender posted a standalone net profit of Rs 8,758.29 crore, as opposed to Rs 7,416.48 crore in the year-ago period.
The rise in net profit came on the back of increase in net interest income (NII), the difference between interest earned and interest expended. The bank s NII for December quarter this fiscal grew 15.1 per cent to Rs 16,317.6 crore from Rs 14,172.19 crore in the corresponding quarter last fiscal. Advances growth of 15.6 per cent and core net interest margin of 4.2 per cent drove the rise in NII.