Private sector lender HDFC Bank's shares rose as much as 2.66 per cent to Rs 2,020, its highest level since October 3
The stock gained today after the company reported record profit of Rs 5,005 crore for the September quarter on Saturday, helped by higher interest and fee income.
The company’s asset quality was largely stable in the quarter with gross gross bad loans as a percentage of total loans at 1.33 per cent.
Analysts at Morgan Stanley had said the bank didn't disclose exposure to IL&FS, but sounded confident about its corporate loan portfolio; retain 'overweight' rating with a price target of Rs 2,550.
Nomura said that the bank remains “best placed in the current liquidity tightening cycle and strong capital position” should aid it to capture market share without materially compromising on margins; keep HDFC Bank as the preferred bank pick. Nomura has maintained a 'buy' rating with a price target of Rs 2,350.