A total of 46.70 lakh HDFC Bank shares worth Rs 720 crore changed hands in early Friday trade, a media report suggested. A total of 67.46 lakh shares, or 0.06 per cent stake, had changed hands on the private banking counter worth Rs 1,038 crore by 10.26 pm. The scrip was trading 0.63 per cent lower at Rs 1,540.15. As per a CNBC TV 18 report, shares changed hands at Rs 1,540 apiece.
In its quarterly preview note, Prabhudas Lilladher said the creation of excess liquidity could affect HDFC Bank's quarterly net interest magrin (NIM), even as it feels margin may bounce back in H2FY24E as credit growth picks up and liquidity is utilised.
"While core earnings growth would be muted for FY24E (3.5 per cent YoY), as NIM and loan growth normalise, core PAT may witness a 20.7 per cent CAGR over FY24-26E. Basis core RoA at 1.74 per cent for FY26E (ICICI Bank 1.94 per cent) we maintain multiple at 2.8 times on September 2025 core ABV," it said while suggesting a 'Buy' on the stock with a target of Rs2,025.
Emkay Global said September could be a bottoming out quarter for HDFC Bank, which would be a key beneficiary of margin recovery from Q3. "This, coupled with reasonable valuations among peers should drive up the stock," the brokerage said.
Nomura India said it would watch out for HDFC's trends in its post-merger RoA profile, as well as how much of the impact on its NIMs are structural versus transient.
"For the broader private banking space, we will watch out for any directional management comments on deposit cost trajectory. Sustainability of the broad strength currently seen in credit demand, any caution/stress in unsecured retail, and any directional trends/comments on a broader corporate capex pick-up, , will be key monitorables," it said.
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