HDFC Securities recommends a buy on Federal Bank, targeting Rs 240. The bank’s Q2 2024 total income rose 4.59% sequentially to Rs 8015.29 crore, with a net profit of Rs 1096.25 crore. HDFC foresees improved RoA and RoE ahead, advising investments at Rs 202-207 and Rs 182-187 for potential gains in the next 2-3 quarters.
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