Sharekhan Lists 3 Large Private Banks After Strong Loan Growth, Recommends Buy For Robust Return

Sharekhan has recommended 3 large private banks namely HDFC Bank Ltd, ICICI Bank Ltd, and Axis Bank Ltd for investment. The analyst has recommended investors to buy HDFC Bank with a target price of Rs 1800 apiece, buy ICICI Bank with a target price of Rs 1120 apiece, and buy Axis Bank with a target price of Rs 1040 apiece.

According to Sharekhan, large Private banks such as HDFC Bank, ICICI Bank, and Axis Bank reported strong loan growth of 23% y-o-y, 23% y-o-y, and 18% y-o-y, respectively. Check key takeaways below:

1. Buy HDFC Bank Ltd

The current market price of HDFC Bank is Rs 1597 apiece with an intraday decline of 1.03%. The stock's 52-week high is Rs 1721 apiece and 52-week low is Rs 1271 apiece, respectively. The banking stock has a market capitalisation of Rs 8,90,263.24 crore. The stock has given a maximum return of 73% in last 5-years. In this last 1-month, the stock has jumped 11%.

Sharekhan has assigned buy rating to HDFC Bank with a price target of Rs 1800 and a potential return of 13%. The reason that the analyst has given for buying the stock is "retained earning estimates."

2. Buy ICICI Bank Ltd

The current market price of ICICI Bank is Rs 921 apiece with an intraday gain of 0.07%. The stock's 52-week high is quoted at Rs 942 apiece and 52-week low is quoted at Rs 642 apiece, respectively. The company has a market capitalisation of Rs 6,42,317.26 crore.

The stock has given a return of 188% in last 5-years, 85% in last 3-years, and 21% in last 1-year. The stock has jumped 6% in last 3-months.

Sharekhan has recommended investors to buy ICICI Bank with a target price of Rs 1120 apiece and a potential return of 22%. The analyst said, "Increased our FY2023E/24E earnings estimates factoring in margin improvement."

3. Buy Axis Bank

The current market price of Axis Bank is Rs 869 apiece with an intraday surge of 1.22%. The stock's 52-week high is Rs 919 apiece and 52-week low is Rs 618 apiece, respectively.

The company has a market capitalisation of Rs 2,67,300.01 crore. The stock has given a return of 59% in last 5-years, 18% in last 3-years, and 23% in last 1-year. The stock has jumped 15% in last 3-months.

Sharekhan has assigned buy rating to Axis Bank with a target price of Rs 1040 apiece and a potential return of 20%. Buy Axis Bank as the Sharekhan said, "Increased our FY2023E/24E earnings estimates factoring in margin."

Disclaimer

The stocks have been picked from the brokerage report of Sharekhan. 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.