Shares of HDFC Bank increased for the second consecutive session on Thursday, following a strong Q2 update. The bank reported an 18.2% year-on-year (YoY) increase in the July-September deposits to Rs 21,73,000 crore and gross advances of Rs 23,54,500 crore. This growth comes after its $40 billion merger with HDFC, India's largest corporate deal to date.
Despite experiencing a 5.5% drop in share value this year, HDFC Bank has now climbed among the top five global lenders by market value. This performance stands in contrast to a 6.4% rise in the Nifty50 index.
Analysts from Morgan Stanley and Jefferies maintained their 'buy' ratings for the bank, with target prices set at Rs 2,110 and Rs 2,030 respectively. The positive outlook is attributed to the bank's strong financial performance post-merger and its future growth prospects.
The merger with HDFC has been a significant catalyst for HDFC Bank's growth trajectory. It not only marks India's largest corporate deal but also paves the way for HDFC Bank to expand its operations and reach, strengthening its position in the global banking industry.
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