Buy Housing Development Finance Corporation, target price Rs 2600: Edelweiss

Edelweiss has buy call on Housing Development Finance Corporation with a target price of Rs 2600. The current market price of Housing Development Finance Corporation Ltd. is Rs 2454.05. 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 444413.24 Crore) operating in NBFC sector.

Housing Development Finance Corporation Ltd. key Products/Revenue Segments include Interest, Income From Sale Of Share & Securities, Other Services, Dividend, Fees & Commission Income and Rental Income for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 31307.69 Crore, down -18.90 % from last quarter Total Income of Rs 38603.51 Crore and down -20.27 % from last year same quarter Total Income of Rs 39267.59 Crore. Company reported net profit after tax of Rs 3708.15 Crore in latest quarter.


Investment Rationale
HDFC has respected 2300 level. Prices have given a swing reversal hinting towards a fresh upswing.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 31-Dec-2021, while FIIs owned 72.14 per cent, DIIs 16.59 per cent.