India's largest bank in terms of market value, HDFC Bank has witnessed tremendous recovery in the past few days. To put it into perspective, HDFC Bank has been in green for seven consecutive trading sessions, rising by nearly 9%. Not just that the lender's American Depositary Receipts (ADR) have surged significantly. The big boost for HDFC Bank shares is after its Q4 operational data. 4 global brokerages have accordingly recommended buying in HDFC Bank for targets ranging from Rs 1,600 to Rs 2,000.
HDFC Bank Share Price:
HDFC Bank has been among the top gainers broadly this week. On April 5th, the stock gained as much as 2% with an intraday high of Rs 1554 apiece on BSE with a market cap of nearly Rs 11.78 lakh crore.
But 7-consecutive days gaining spree, HDFC Bank rose most on April 4th with an upside of over 3%. So did its ADR which surged by massively over 5.1% to $59.28.
From March 26th to date, HDFC Bank shares are up by 8.9% on the BSE. While it rallied by 7% in five trading sessions.
HDFC Bank Q4 Update:
As per the regulatory filing, HDFC Bank reported gross advances of Rs 25,080 billion as of March 31, 2024, a growth of around 55.4% over Rs 16,142 billion as of March 31, 2023, and a growth of around 1.6% (Rs 387 billion) over Rs 24,693 billion as of December 31, 2023.
Further, the bank's deposits aggregated to approximately Rs 23,800 billion as of March 31, 2024, a growth of around 26.4% over Rs 18,834 billion as of March 31, 2023, and a growth of around 7.5% (Rs 1,660 billion) over Rs 22,140 billion as of December 31, 2023.
Meanwhile, the bank's CASA deposits stood at Rs 9,090 billion as of March 31, 2024, a growth of around 8.7% over Rs 8,360 billion as of March 31, 2023 and around 8.8% (Rs 734 billion) over Rs 8,356 billion as of December 31, 2023.
HDFC Bank Dividend, Bonus, Stock Splits:
Except for bonus issues, HDFC Bank has carried two stock splits and paid up to 24 dividends so far.
Stock Split: HDFC Bank's share price has split into 10 new shares. The first stock split was in July 2011 in the ratio of 1:5, where its face value was trimmed from Rs 10 each to Rs 2 each. The second stock split was in September 2019 where HDFC Bank's face value further split from Rs 2 to Rs 1 each.
In total, HDFC Bank's 1 share has split by to 10 shares. For example, 1 share price of Rs 10 face value, was split to 5 shares at Rs 2 face value. While the same 5 equity shares were split by 1:2 which means to 10 as of now. This is the power of compounding in a stock split.
Dividend: Since April 2001, HDFC Bank has delivered up to 24 dividends, as per Trendlyne data. In the last 12 months, the bank paid its highest dividend of Rs 19 per share. Currently, it has a dividend yield of 1.22%.
HDFC Bank Share Price Target 2024:
Four global brokerages are optimistic about HDFC Bank's share price. The highest target set by them is Rs 2,000.
Nomura has maintained a buy for a target price of Rs 1,625 per share with a neutral outlook. Also, HSBC maintained Buy on Bank for a target price of Rs 1750 per share price with a Positive outlook. Macquarie has maintained an Outperform on Bank for the highest target price of Rs 2000 per share while keeping its outlook as Positive.
Disclaimer: The recommendations made above are by market analysts and are not advised by either the author nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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