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Shares of HDFC Bank rallied over 7% in intra-day trade on April 7, 2020 to Rs. 876 on the BSE after the private sector lender reported a jump in its deposits as well as advances for the fourth quarter ending March 2020. The deposits and loan at the bank grew by 24% and 21%, respectively.
In its business update for the quarter ended March, bank also highlighted that its CASA ratio increased from 39.5% in the December quarter to 42%.
Foreign brokerage maintains overweight rating on the counter with a target price of Rs. 1280.
The stock is the biggest contributor to gains in the Nifty index today.
Morgan Stanley has maintained its overweight rating on the stock with a price target of Rs 1,280.
At 9/:48 am, the stock trades higher by 5.35% or Rs. 43.5 at Rs.857 per share on the BSE.
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