Buy HDFC, target price Rs 2440: ICICI Securities

ICICI Securities has buy call on HDFC with a target price of Rs 2440. The current market price of Housing Development Finance Corporation Ltd. is Rs 2321.2.

Housing Development Finance Corporation Ltd., incorporated in the year 1977, is a Large Cap company (having a market cap of Rs 413717.77 Crore) operating in NBFC sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 34082.97 Crore, up 13.79 % from last quarter Sales of Rs 29953.57 Crore and up 3.92 % from last year same quarter Sales of Rs 32796.50 Crore Company reported net profit after tax of Rs 3392.98 Crore in latest quarter.

Investment Rationale
Stock rebounding taking support at the lower band of the rising channel and 20 days EMA and RSI in buy mode

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.