Buy HDFC, target price Rs 2423: ICICI Securities

Housing Development Finance Corporation Ltd., incorporated in the year 1977, is a Large Cap company (having a market cap of Rs 307823.68 Crore) operating in NBFC sector.

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Promoters held 0 per cent stake in the company as of June 30, 2020, while FIIs held 70.4 per cent, DIIs 18.1 per cent and public and others 11.5 per cent.
ICICI Securities has given a buy rating to HDFC with a target price of Rs 2423. The share price moved up by 0.63 per cent from its previous close of Rs 1770. The stock’s last traded price is Rs 1781.15.

Housing Development Finance Corporation Ltd., incorporated in the year 1977, is a Large Cap company (having a market cap of Rs 307823.68 Crore) operating in NBFC sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 29953.57 Crore, up 80.44 % from last quarter Sales of Rs 16600.08 Crore and up 29.53 % from last year same quarter Sales of Rs 23124.73 Crore. The Company reported net profit after tax of Rs 2457.72 Crore in latest quarter.

HDFC-graph

Investment Rationale
The brokerage maintains stance of excess buffers (credit cost, liquidity, capital) and superior profile to support earnings traction and help consolidate HDFC’s positioning amidst adversity. It maintains with a revised SoTP-based target price of Rs 2,423.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of June 30, 2020, while FIIs held 70.4 per cent, DIIs 18.1 per cent and public and others 11.5 per cent.
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