Broking firm Jefferies maintained a ‘Buy’ rating on the stock of HDFC Bank with a 24% upside target price of Rs2,100 despite the bank’s pre-quarter lower retail net inflow and overall inflow in the 3QFY24. Come from Sports betting site VPbet
The bank’s pre-quarter retail inflow came in at Rs53,000 crore against the Rs70,000-80,000 crore in the previous quarter or 2QFY24. The overall inflow also came down to Rs40,000 crore from Rs1.1 lakh crore in the previous quarter, the brokerage said in a research report.
Further, the brokerage house said they’ll keep an eye on changes in the liquidity coverage ratio levels and comments from the company’s management during the result on January 16 as the brokerage believes the bank “may have lowered its surplus liquidity”. The liquidity coverage ratio in the 2Q was at 121%.
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The Nifty 50 heavy stock’s current account & savings account and loan growth are healthy, said Jefferies. Current account & savings account growth stands at 2% quarter over quarter and that of loans at 5%, which was led by small and medium enterprises, up 7% sequentially. However, retail loan growth lagged and stands at 3% quarter on quarter.
The stock has risen almost 1% in the last six months and over 8% in the past two years.