Buy HDFC Bank, target price Rs 1305: ICICI Securities

ICICI Securities has given a buy rating to HDFC Bank with a target price of Rs 1305. The share price moved up by 2.09 per cent from its previous close of Rs 1215.50. The stock’s last traded price is Rs 1240.90.
HDFC Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 667206.10 Crore).

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated Interest Income of Rs 25119.76 Crore, down 3.30 % from last quarter Interest Income of Rs 25978.00 Crore and up 3.23 % from last year same quarter Interest Income of Rs 24333.99 Crore. The bank reported net profit after tax of Rs 7711.37 Crore in latest quarter.

Investment Rationale
Change of Polarity as the stock is rebounding taking support at the recent range breakout area (1158-993) and MACD in buy mode.

Promoter/FII Holdings
Promoters held 21.2 per cent stake in the company as of Sept 30, 2020, while FIIs held 49.1 per cent, DIIs 18.6 per cent and public and others 11.1 per cent.