HDFC Bank Share Price Target, Q4 Result Date: Shares of HDFC Bank on Wednesday climbed more than 2.50 per cent in intraday trade to emerge as one of the top Sensex gainers. The Street sentiment turned positive after the country’s largest private lender shared its fourth-quarter update.
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The stock opened higher at Rs 1,613 apiece on BSE and touched the day’s high at Rs 1,653.75. The counter held firmly in green around 12:45 PM at Rs 1,649 apiece. Around 1.34 crore shares of the company changed hands around the same time.
HDFC Bank Share Price Target
Nooresh Merani, an independent technical analyst, said that HDFC Bank shares have bounced back in the last couple of weeks. He said that the target for the upside continues to be around Rs 1,650 – Rs 1,700.
“Once the stock will cross the Rs 1,700 mark, the trend will change in a big way. The trend is shaping up for an eventual breakout,” he said.
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HDFC Bank Q4 Update
HDFC Bank on Tuesday released its operational update for the January-March quarter, informing exchanges that advances aggregated to approximately Rs 16,005 billion as of March 31, 2023, registering a growth of around 16.9 per cent YoY and around 6.2 per cent QoQ.
As per the bank’s internal business classification, domestic retail loans grew by around 21 per cent over March 31, 2022, and around 5 per cent over December 31, 2022. The bank’s commercial and rural banking loans grew by around 30 per cent YoY and around 9.5 per cent QoQ. Its corporate and other wholesale loans grew by around 12.5 per cent YoY and around 4.5 per cent on a sequential basis.
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The bank’s deposits grew around 20.8 per cent to approximately Rs 18,835 billion as of March 31, 2023, from Rs 15,592 billion on March 31, 2022. The retail deposits increased by around Rs 1,067 billion during the quarter, growing around 23.5 per cent YoY.
HDFC Bank said that its CASA deposits amounted to Rs 8.360 billion as of March 2023, representing a growth of around 11.3 per cent over Rs 7,510 billion as of March 31, 2022.
During the quarter that ended on March 31, 2023, the bank purchased loans aggregating Rs 93.40 billion through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation Limited.
HDFC Bank Q4 Results 2023 Date
HDFC Bank is slated to release its fourth-quarter financial results on April 15, Saturday.
