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HDFC Bank June quarter review: Should you buy, sell, or hold?

SUMMARY

HDFC Bank on Saturday reported a 19.6 percent rise in the standalone net profit at Rs 6,658.62 crore for the June quarter of the current financial year. The country's largest private sector lender clocked a net profit of Rs 5,568.16 crore in April-June 2019-20. The bank improved on its asset front with gross non-performing assets (NPAs) falling to 1.36 percent of the gross advances as on June 30, 2020, from 1.40 percent by June-end 2019. Brokerages remain bullish on the stock post the earnings. CLSA, Nomura and Jefferies raised the target for the stock while maintaining a 'buy' call. Here's what they are saying:

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By Pranati Deva  July 20, 2020, 9:02:42 AM IST (Updated)

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Morgan Stanley: The brokerage sees continued market share gains for the stock, helped by its strong balance sheet. It added that the key positive was 13 percent YoY growth in core PPoP.

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CLSA: The brokerage maintained a 'buy' call on the stock with the target raised to Rs 1,450 from Rs 1,250 earlier. It also increased FY22-23 earnings by 6-9 percent.

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Nomura: The brokerage maintained a 'buy' call on the stock and raised the target to Rs 1,325 from Rs 1,225 earlier. It is confident on the company's ability to navigate the current crisis.

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Jefferies: The brokerage maintained a 'buy' call and raised the target to Rs 1,350 from Rs 1,280. It added that tighter new lending in the retail segment could drag NIMs.

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Citi: The brokerage maintained a 'buy' call on the stock and increased the target to Rs 1,350 from Rs 1,225. Strong franchise, tight underwriting give the bank an edge over peers, it added.

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Kotak Institutional Equities: The brokerage maintained an 'add' rating on the stock with a target at Rs 1,200 per share. It added that a positive outcome on credit costs would help maintain its premium.

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