Buy HDFC, target price Rs 2010: IIFL

IIFL has given a buy rating to HDFC with a target price of Rs 2010. The share price moved up by 0.80 per cent from its previous close of Rs 1978.75. The stock’s last traded price is Rs 1994.60.

Housing Development Finance Corporation Ltd., incorporated in the year 1977, is a Large Cap company (having a market cap of Rs 355542.64 Crore) operating in NBFC sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 29953.57 Crore, up 80.44 % from last quarter Sales of Rs 16600.08 Crore and up 29.53 % from last year same quarter Sales of Rs 23124.73 Crore. The Company reported net profit after tax of Rs 2457.72 Crore in latest quarter.

Investment Rationale
Stock has given a consolidation breakout above its 200 DEMA on the daily chart.

Promoter/FII Holdings
FIIs held 70.87 per cent stake in the company as of March 31, 2020, while DIIs held 17.78 per cent, and public and others 11.08 per cent.