Buy HDFC Bank, target price Rs 1580: Chandan Taparia

Chandan Taparia of Motilal Oswal has buy call on HDFC Bank Ltd. with a target price of Rs 1580. The current market price of HDFC Bank Ltd. is Rs 1514.35. Time period given by analyst is Intra Day when HDFC Bank price can reach defined target.

HDFC Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 837159.78 Crore).

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 38933.63 Crore, down -4.83 % from last quarter Total Income of Rs 40909.49 Crore and up 6.09 % from last year same quarter Total Income of Rs 36698.59 Crore. The bank reported net profit after tax of Rs 7922.09 Crore in latest quarter.


Investment Rationale
Higher highs–higher lows from last three weeks and strength continues despite slight dip on daily frame.

Promoter/FII Holdings
Promoters held 26 per cent stake in the company as of March 31, 2021, while FIIs held 40.1 per cent, DIIs 20.7 per cent and public and others 13.2 per cent.