BNP Paribas Optimistic On These Two Banking Stocks, Sees 45% Upside

Leading brokerage firm BNP Paribas has been optimistic on two banking stocks namely HDFC Bank Ltd and Axis Bank Ltd and given buy rating. Axis Bank has a market capitalization of Rs 2,39,911.45 crore and HDFC Bank has a market capitalization of Rs 8,35,329.14 crore. Check details below:

Axis Bank Stock Outlook

The current market price of the stock is Rs 781 apiece with an intraday gain of 0.18%. According to BNP Paribas, if you buy the stock of Axis Bank Ltd, it has the potential to surge to Rs 1130 apiece with a potential gain of 44.69%. The 52-week high of Axis Bank is Rs 866 apiece and 52-week low is 618 apiece, respectively.

Axis Bank Q1 Result

Axis Bank announced its financial results for the first quarter of the financial year 2022-33 (Q1FY23) recently. Axis Bank, in the last quarter Q4FY22, recorded a 54% growth year-on-year (Y-o-Y) in the net profit to Rs 4,118 crore. In FY22, the bank doubled its net profit to Rs 13,025 crore, 98% higher than the FY21. Also, the net profit in Q4FY22 was Rs 4,118 crore. The operating profit of the bank surged by 13% YOY & 5% QOQ.

About Axis Bank

Axis Bank Ltd is an Indian bank and financial services provider having its headquarters in Mumbai. Axis Bank's customer base includes large and mid-size companies, SMEs, and retail businesses. The promoter group of Axis Bank consists of some leading names such as United India Insurance Company Ltd, Oriental Insurance Company Ltd, Life Insurance Corporation, UTI, National Insurance Company Limited, etc.

HDFC Bank Stock Outlook

The current market price of the stock is Rs 1498 apiece with an intraday gain of 0.08%. As per BNP Paribas report, if you invest in HDFC Bank stock now, it has the potential to rise to Rs 2030 apiece with a potential gain of 35.51%. The 52-week high of the stock is quoted at Rs 1724 apiece and 52-week low is quoted at Rs 1271 apiece, respectively.

HDFC Bank Q1 Result

The leading bank reported a approximately 21% surge in its April-June quarter net profit at Rs 9,579.11 crore on the back of robust loan growth and a rise in low-cost deposits. On a standalone basis, HDFC Bank's net profit surged to Rs 9,195.99 crore from Rs 7,729.64 crore in the year-ago tenure.

About HDFC Bank

HDFC Bank was incorporated in August 1994 in the name of HDFC Bank Limited, with its registered office in Mumbai, India. The bank commenced operations as a Scheduled Commercial Bank in January 1995. As of June 30, 2022, the Bank had a nationwide distribution network of 6,378 branches and 18,620 ATM's in 3,203 cities/towns.

Disclaimer

The stocks have been picked from the brokerage report of BNP Paribas. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.