HDFC bank up 54% in the year; JP Morgan says ‘buy’
Posted on 19th September 2017 |
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| JP Morgan has raised the target for HDFC bankto Rs 1,975, from the previous target price of Rs 1,720; a near 15% increase. The shares have returned more than 54% since January, as against the BSE Sensex returns of 21.77% in the year. The shares were trading flat at Rs 1,859.75 on Tuesday morning. The global asset management firm expects that HDFC bank’s earnings will grow at a steady pace, as there’s minimal asset quality risk for the bank. Further, JP Morgan estimates that the EPS will grow at 15% for the next three years. The private sector lender had reported more than a 20% increase in net profit to Rs 3,893.84 crore for the first quarter of 2017-18 fiscal, as against Rs 3,238.91 crore in the April-June quarter of last fiscal. Total income rose to Rs 22,185.38 crore during the quarter under review, up 14.81% against Rs 19,322.63 crore in the same period last year. Net NPA reported by the bank stood at 0.44% of net advances as on 30 June as against 0.32% reported in the first quarter of the previous fiscal. Sandip Bhatia, Head – India Equities, Macquarie Capital Securities too is bullish on the scrip. HDFC Bank, YES Bank and ICICI Bank are his bets from the financial services space, as told to ET Now last month. Despite such stellar outperformance by HDFC bank scrip in the year so far, Sandip believes that the Bank’s stock is attractive at these levels. The S&P BSE Bankex is up by 35% since January this year. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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| Be the first person to write a business review for HDFC bank up 54% in the year; JP Morgan says ‘buy’ |
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