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Shares of HDFC Bank, India's largest private sector lender, saw a significant increase of over 2% in share price on Wednesday, adding Rs 28,758.71 crore to its market valuation. This surge also contributed to the benchmark indices Sensex and Nifty reaching record highs. The rise can be attributed to the bank's reported Q1 2024 shareholding data, which showed a decline in FII ownership, potentially leading to an increased weightage in global index provider MSCI's rebalancing next month.
HDFC Bank, one of the leading private sector banks in India, experienced a surge in its stock price today, hitting a 52-week high on the NSE at ₹1,794. The stock price rose by 3.07% on the NSE, trading at ₹1,783.65 as of 11:26 am. This increase in stock price is a positive indicator of the bank's performance and may attract investors looking for profitable options in the stock market.
HDFC Bank's decision to sell its stake in HDFC Education and Development Services has resulted in a significant boost in its stock price. The bank, which was permitted by the RBI to retain the stake for two years post-merger, has now entered into a binding agreement for the sale. This move is expected to have a positive impact on the bank's financials, drawing attention from investors and propelling its shares higher. Follow us on Twitter, Facebook, LinkedIn and Instagram for more updates on this developing story.
HDFC Bank's shares have plunged for the second day in a row after the bank reported lower-than-expected results for the October-December 2023-24 period. The stock's biggest single-day drop in three years has raised concerns among investors. While analysts remain constructive on the bank's future prospects, they acknowledge the need for growth drivers and NIM improvement in the near to medium term. The bank has also received a revised target price from Axis Securities, who maintain a "BUY" rating on the stock.
HDFC Bank's American Depository Receipts (ADR) saw a sharp fall of 9.1% in a single day, contributing to a decline of over 15% in the past two days, resulting in a slump in the domestic stock market. The poor performance of HDFC Bank, which holds the largest weightage in the Nifty 50 index, had a cascading effect on other private sector banks, leading to a 4% drop in the Bank Nifty index. Despite management's reassurance of a gradual improvement in net interest margins, analyst remain cautious due to low earnings growth in Q3.
Despite a second consecutive day of decline, analysts remain optimistic about HDFC Bank's stock. Chief Investment Strategist Dr. V K Vijayakumar suggests that the market's downward trend is due to the bank's disappointing results, leading to a buying opportunity for long-term investors. However, Research Analyst Ajit Kabi warns of potential concerns regarding the bank's net interest margin, corporate debt restructuring, and liquidity coverage ratio. Despite this, Kabi predicts a recovery in the stock and sets a one-year target of Rs 1,700, representing a potential 11% increase.
Railway stocks showed significant gains on Monday, with IRFC, RVNL, and IRCON all hitting new 52-week highs. Texmaco Rail, Railtel, RITES, and Jupiter Wagons also showed strong performances. This rise in railway stocks is attributed to India's ongoing infrastructure development, defense, and increased domestic demand, as reported by Prabhudas Lilladher. The stock market as a whole also saw a new milestone, with the Sensex crossing the 73,000 mark and the Nifty reaching 22,000 points, fueled by gains in IT, Reliance, and HDFC Bank shares.