Citi has reiterated its ‘Buy’ rating on HDFC Bank, setting a target price of Rs 1,990. HDB has filed for an IPO to meet mandatory listing requirements and raise capital for growth. HDB is a leading, diversified NBFC-UL with a strong AAA credit rating. After the IPO, HDB’s valuation at 3-4x would account for 2.8-4.3% of HDFC Bank’s market capitalization.
Posts in category Economic Times
Stocks to buy or sell today: SBI, Info Edge among top 7 trading ideas for November 5, 2024 (05-11-2024)
The Indian market is expected to consolidate on 5 November 2024, following mixed global cues. The Nifty50 index closed below 24,000, indicating potential weakness. Bearish sentiment dominates, with increased call writing and a rising put-call ratio. Experts suggest short-term trading opportunities in stocks like SBI, Info Edge, and Bharat Electronics, recommending buy and sell strategies based on technical analysis.
Buy Kotak Mahindra Bank, target price Rs 1,916: Axis Securities (05-11-2024)
Axis Securities recommends buying Kotak Mahindra Bank with a target price of Rs 1,916. The current price is Rs 1,741.25. The bank reported positive financial growth in recent quarters. Axis Securities expects growth in advances, NII, and earnings by FY24-27E. Promoters and foreign investors hold significant stakes in the bank.
Record foreign exodus casts a pall over India’s stock market (05-11-2024)
Foreign investors are becoming increasingly bearish on India’s stock market, withdrawing a record $10 billion in October as signs emerge that the country’s post-pandemic economic growth is slowing. This massive pullback contributed to the benchmark stock index nearing a technical correction. Citigroup warns that continued foreign outflows could weigh on the market’s performance in the near term.
That giant sucking sound is from India’s stock market (05-11-2024)
The lead-up to this year’s festival saw a significant downturn in India’s market, with FIIs pulling out $10 billion in October—surpassing even the capital flight during the March 2020 Covid-19 lockdown. The benchmark index experienced its largest monthly decline in over four years. This selling pressure seems far from over, as stock valuations remain high and corporate earnings expectations dim following a series of disappointing results for the September quarter across industries.