Over the last week, there has been significant buying activity in HDFC Bank shares. The share price of HDFC Bank increased by 6% in only one week, sparking rumours that the large-cap banking company will exit its base-building phase after its merger with HDFC Ltd. On April 20, 2024, HDFC Bank is anticipated to release its Q4 2024 earnings.

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The share price of HDFC Bank saw a significant increase last week, according to stock market analysts, after the private lender’s release of a better-than-expected Q4FY24 business update. They said that a significant resistance level at ₹1,730 per share is being faced by the company, and a break of this level should result in significant upward movement in HDFC Bank shares.

HDFC Bank share triggers

Shreyansh V. Shah, a research analyst at StoxBox, explained the increase in HDFC Bank shares by saying, “The recent fourth-quarter business update surprised investors on the upside amid early signs of merger synergies.” The main factor stoking excitement about the bank’s prospects was the good deposit performance, particularly in the retail deposit space. In light of worries over the bank’s loan-to-deposit ratio (LDR), HDFC Bank is working to increase the ratio, with an emphasis on incremental loan-to-deposit growth. We also believe the bank is well-positioned to perform well in the next quarters given its emphasis on branch growth in semi-urban and rural regions.”

Trade $1,549.4021.50 (1.41%) with HDFC Bank +

Revised: April 5, 2024, 1554.00 days

DAY HIGH: 1530.00; DAY LOW:

DAY LOW BSE: 14,71,714.00 VOLUME

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“The bank’s subsidiaries have access to significant cross-selling possibilities because of its extensive branch network, which helps to indirectly assist topline growth. The StoxBox analyst said, “earnings have increased at a 17% CAGR over the last five years, compared to a 9% market cap growth rate. This suggests a significant opportunity for HDFC Bank to grow over the long term.”

Target share price for HDFC Bank

Anticipating more gains in HDFC Bank’s stock, “HDFC Bank shares have given a weekly breakout at ₹1,480 apiece levels and the banking stock is looking bullish on chart pattern after this fresh breakout,” said Ganesh Dongre, Senior Manager—Technical Research at Anand Rathi. It is recommended that investors with HDFC Bank shares in their portfolio hold onto their shares with the aim of reaching ₹1,620 while keeping their stop loss at ₹1,440 per share. We may anticipate that the price of HDFC Bank’s shares would reach between ₹1,710 and ₹1,720 after it firmly breaks over the ₹1620 barrier.”

According to the Anand Rathi expert, the price of HDFC Bank shares has attempted to exit the base-building phase in the past as well, but it has been unable to overcome the significant barrier set at ₹1,730 a share. The large-cap banking stock may become quite positive if it breaks out over ₹1,730 a share on a weekly closing basis.

HDFC Bank’s Q4FY24 financial report

As of March 31, 2024, HDFC Bank’s gross advances had grown by 55.4% YoY to ₹25.08 lakh crore from ₹16.14 lakh crore the previous year. The biggest private sector bank in India had a 1.6% increase in advances from ₹24.69 lakh crore in December 2023 on a sequential basis.

The bank’s advances increased by around 53.8% over March 31, 2023, and by about 1.9% (₹472 billion) over December 31, 2023, after accounting for transfers via interbank participation certificates and rediscounted bills, HDFC Bank said in a BSE filing on Thursday of last week.

Date of HDFC Q4 results: 2024

The board of directors of HDFC Bank has announced that on April 20, 2024, the private lender would review and approve the quarterly results for Q4 Q4FY24. Through an exchange filing, the biggest private lender in India revealed the HDFC Bank Q4 numbers for 2024.

In an exchange filing, HDFC Bank notified Indian stock market exchanges that the Board of Directors of HDFC Bank Limited will meet on Saturday, April 20, 2024, to discuss a number of matters, including the audited financial results and consolidated accounts for the year that ended on March 31, 2024.

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