Buy HDFC, target price Rs 2840: ICICI Direct

ICICI Direct has buy call on Housing Development Finance Corporation with a target price of Rs 2840. The current market price of Housing Development Finance Corporation Ltd. is Rs 2773.35. Time period given by analyst is intraday 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 505340.05 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
Trend line breakout joining previous intermediate highs

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.