HDFC Bank share price : Srinivasan Vaidyanathan, Chief Financial Officer, HDFC Bank has said that HDFC Bank And the merger of HDFC Ltd may be completed a few months or even 1 quarter earlier than the earlier stated period.
Significantly, there were already indications that this merger could be completed by September or second-third quarter of FY 2024. But the company says that looking at the speed with which the merger is being done, it seems that this merger can now be completed only by the first and second quarter of FY 2024.
Let us tell you that HDFC Bank on Saturday released its July-September 2022 quarter results. Along with this, on Friday, the NCLT has approved the proposal to call the shareholders of the company on November 25. In this meeting, approval will be taken on the proposal of merger of HDFC with HDFC Bank.
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It is noteworthy that on October 15, the bank had released its September quarter results, according to which HDFC Bank’s consolidated net profit has increased by 22.3% to Rs 11,125 crore for the quarter ended September 30, 2021. The bank’s loan growth in the September quarter has been 23%. Along with this, the bank has benefited from good asset quality.
HDFC Bank’s net revenue grew 18.3% to Rs 28,869.8 crore in the July-September quarter. It was Rs 24,409.7 crore in the same quarter last year.
Meanwhile, Nomura has given a buy rating on HDFC Bank giving a buy rating on this stock. The brokerage house says that the FY23 EPS estimate has been increased by 4.8 per cent. The result is better than expected due to less provisioning. The brokerage house has given a target of Rs 1690 per share on the stock.
On the other hand, Credit Suisse has said in its report released on HDFC Bank that earnings are strong, asset quality has been stable. The bank has sufficient capital. It is one of the fastest growing banks.
Talking about the movement of the stock, around 11.35 pm, HDFC Bank’s stock was seen at Rs 1442.40 with a gain of Rs 3.30, or 0.23 per cent, on the NSE. The day’s low of the stock is Rs. 1,427.00 while the day’s high is of Rs. 1,427.00. The 52 week high of the stock is Rs 1,725.00 while the 52 week low is at Rs 1,271.60. Presently the volume of the stock is 5,404,934 shares. The company’s market cap is Rs 803,494 crore.
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