Hdfc Bank share price bounced back from its intraday low of ₹1,633 apiece on NSE after announcement of HDFC Bank Q1 results 2023. HDFC Bank share price today opened higher at ₹1,650 apiece levels but soon profit booking triggered and HDFC Bank share nosedived to its intraday low of ₹1,633 per share levels ahead of its Q1 results 2023. However, announcement of better than expected HDFC Bank results, buying interest triggered in HDFC Bank shares and the stock scaled to its intraday high of ₹1,675 levels, logging around 2.50 per cent rise from its Monday lows.
According to stock market experts, HDFC Bank has reported better than expected Q1 results 2023 as its profit has surged around 30 per cent in YoY terms during April to June quarter in current financial year. They said that the private lender has improved its net interest income and margins that will help it improve its CASA in upcoming quarters. They said that HDFC Bank’s CASA has already improved and the current HDFC results is going to improve it further. They advised HDFC Bank shareholders to hold the stock further for near term target of ₹1,850 per share levels. They even suggested fresh buying in the stock either above ₹1,780 or around ₹1,750 apiece levels.
Why HDFC Bank share price is rising
On why HDFC Bank share price surged after Q1 results 2023, Vaibhav Kaushik, Research Analyst at GCL Broking said, ‘HDFC Bank has reported better than expected results in Q1FY24. The private lender has reported around 30 per cent YoY rise in net profit whereas its NII shot up around 21 per cent in this time. After HDFC Bank HDFC merger, its CASA has already improved and this strong quarterly results for Q1FY24 would further help the private lender to improve its CASA in upcoming quarters. Those who have this stock in portfolio are advised to hold for immediate target of ₹1,820 levels.”
HDFC Bank share price target
On HDFC Bank shares’ technical outlook, Sumeet Bagadia, Executive Director at Choice Broking said, “The stock is looking positive on chart pattern and it can go up to ₹1,825 to ₹1,850 apiece levels in near term. I would advise HDFC Bank shareholders to hold the stock with stop loss at ₹1,725 for short term target of ₹1,850 apiece levels.”
On suggestion to fresh investors, Vaibhav Kaushik of GCL Securities said, ‘HDFC Bank share price has minor hurdle at ₹1,780 apiece levels. So, my suggestion to fresh investors is to wait for the breakout at ₹1,780 apiece levels and buy only when it sustains above ₹1,780 per share levels. In other case, if the stock dips around ₹1,750 apiece levels, then one can by the scrip in this range for immediate target of ₹1,780 and ₹1,720 apiece.”
The GCL Broking expert went on to add that HDFC Bank shareholders can upgrade trailing stop loss at ₹1,750 apiece levels once the stock gives breakout at ₹1,780 levels on closing basis. However, in case of profit booking before breakout, then fresh entry can be done around ₹1,750 keeping stop loss at ₹1,725 to ₹1,730 apiece levels.
HDFC Bank today reported a standalone net profit of ₹11,951.7 crore for the quarter ended June 2023, registering a growth of 30 per cent from ₹9,196 crore in the the corresponding period in FY23. The private lenders net interest income (NII) went up 21.10 per cent from ₹19,481.40 crore to ₹23,599.1 crore during April to June 2023 quarter.
Hdfc Bank Investments
HDFC Bank’s parent firm, Housing Development Finance Corporation, invested Rs. 1 billion in Yes Bank in March 2020. 75% of the corporation’s total investment would be locked in for three years under the Yes Bank rehabilitation plan. On March 14, Yes Bank distributed to the corporation 100 billion shares with a face value of 2 each at a price of 10 per share (including an 8 premium), representing a total of 7.97 percent of Yes Bank’s post-issue equity share capital.