KR Choksey Sees This Large Cap Bank Stock Soaring, Assigns Buy Call

KR Choksey has assigned buy call to HDFC Bank Ltd with target price of Rs 1960 per share. Current market price of HDFC Bank Ltd is Rs 1658.25 per share on BSE. If you buy HDFC Bank Ltd share now, you can get potential return of 18% soon. According to the analyst, "HDFCB reported a healthy growth momentum on the overall business front, where deposits outpaced credit growth during the quarter." Check details below:

HDFC Bank Ltd Stock Performance & Return: Last trading price of HDFC Bank is Rs 1658.25 apiece on BSE. Its 52-week high price is Rs 1715.85 per share and 52-week low price is Rs 1271.75 per share, respectively. Its market capitalisation is Rs 9,25,260.85 crore. The stock rallied 14% in last 6-months, 18% in last 1-year, and 16% in last 2-years. It gave 82% return in last 3-years.

HDFC Bank Ltd Valuation: According to KR Choksey, "We maintain our target price at INR 1,960 per share, implying a P/ABV multiple of 3.2x to the adjusted book value of INR 612 per share for FY25E, showing an upside of 17.7% over the CMP. Accordingly, we reiterate our BUY rating on the shares of HDFC Bank Ltd. The improving consumer sentiment will continue to drive growth across the retail loan segment, and at the same time, corporate segment growth will grow gradually with further improvement in corporate activities."

HDFC Bank Ltd About: 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 March 31, 2023, the Bank had a nationwide distribution network of 7,821 branches and 19,727 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,811 cities / towns, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of KR Choksey. 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.