HDFC Bank Stock Price: HDFC Bank share price rose more than 2 per cent in the early trade on March 14 after the Reserve Bank of India (RBI) had lifted the restrictions that were placed on the fresh digital launches of HDFC Bank. HDFC Bank share price rose over 2 per cent to touch an intraday high of Rs 1,433 apiece on the Bombay Stock Exchange. At 12:08 hrs, HDFC Bank was quoting at Rs 1,435, up Rs 38.20, or 2.74 per cent on the BSE.
This comes after the private sector lender stated on Saturday, the Reserve Bank of India (RBI), lifted restrictions on some of its activities under its digital programme. “We would like to inform one and all that the Reserve Bank of India (RBI) has lifted the restriction on the business generating activities planned under the Bank’s Digital 2.0 programme, vide its letter dated March 11, 2022,” HDFC Bank said in a statement.
The Digital 2.0 programme of the bank is designed to provide products to its customers for a frictionless financial experience. It will help customers to move from a single transaction to a complete financial solution journey such as loan disbursement, payments and investment.
Here’s What Brokerages Say About the HDFC Bank Stock:
Motilal Oswal: RBI Lifting Restrictions Removes Key Overhang; See 43% Upside
average valuations), it added.
“Healthy provisioning coverage and a contingent provision buffer provide comfort on asset quality,” it added. “HDFC Bank is currently trading at an attractive valuation of 2.5x FY24E P/ABV, which offers favorable risk-reward. We maintain our BUY rating on the stock with a TP of Rs 2,000,” it said.
Morgan Stanley: RBI Nod Should Reduce Investor Concerns
Morgan Stanley has maintained an overweight rating on the stock with a target at Rs 2,050 per share. RBI nod should reduce investor concerns on bank’s digital capabilities and expect it to regain momentum as revenue growth accelerates.
Jefferies: Key Stock-Specific Overhang is Behind Now
The broking house has kept buy call on the stock with a target at Rs 2,160 per share. RBI lifting the ban would push the launch of new platforms, even BAU initiatives would get simpler with this clarity from RBI. It further said that key stock-specific overhang is behind now.
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