Buy HDFC, target price Rs 2810: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities has buy call on Housing Development Finance Corporation with a target price of Rs 2810. The current market price of Housing Development Finance Corporation is Rs 2703.15.
Time period given by analyst is Intra Day when Housing Development Finance Corporation Ltd. price can reach defined target.

Housing Development Finance Corporation Ltd., incorporated in the year 1977, is a Large Cap company (having a market cap of Rs 488302.76 Crore) operating in NBFC sector.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 30997.13 Crore, down -13.30 % from last quarter Total Income of Rs 35753.86 Crore and up 3.46 % from last year same quarter Total Income of Rs 29959.34 Crore. Company reported net profit after tax of Rs 3426.31 Crore in latest quarter.

Investment Rationale
Pole and Flag breakout on daily frame and follow-up buying is visible at higher zones.

Promoter/FII Holdings
Promoters held 21.1 per cent stake in the company as of June 30, 2021, while FIIs held 50.7 per cent, DIIs 17.6 per cent and public and others 10.7 per cent.