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HDFC Bank Share Price Hits Record High

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Shares of HDFC Bank gained by 0.3 percent in trade on Wednesday to hit an all-time high of Rs 2,503.30 apiece on NSE. The stock has been fluctuating between losses and gains, touching a low of Rs 2,487.10 in intraday.

In six out of the last eight trading sessions, the private lender closed higher. The stock has provided a return of 18.3 percent so far in 2019.

HDFC Bank Share Price Hits Record High
 

Earlier this week global brokerage house CLSA raised price target on the stock by 3 percent on increasing risk appetite. "The risk appetite is peaking and the bank is focussing on deposit mobilisation and digitisation," it said.

It also said that the it sees a 21 percent CAGR (compound annual growth rate) over the financial years FY 19 to 22.

CLSA had maintained a buy call on the stock and raised price target from Rs 2,850 per share to Rs 2,930.

The brokerage also pointed out that a staff churn is rising ahead of potential CEO succession, projecting a risk. In the last month, HDFC Bank began its global search to find a successor to the founding-chief executive and managing director Aditya Puri, who retires in October 2020.

Of the sectoral gauges onn NSE, Nifty PSU Bank Index saw the biggest gain of 0.84 percent in morning trade on Wednesday.

Read more about: hdfc bank
Story first published: Wednesday, July 3, 2019, 12:00 [IST]
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