The stocks of HDFC and HDFC Bank, which previously underperformed due to uncertainties regarding their merger, are now gaining attention as management expresses their desire for the deal to be effective from July 1. Technical analysts have set targets of Rs 2,000 for HDFC Bank and Rs 3,000 for HDFC. The merger is expected to be finalized on June 30, with the record date to be announced later. Following the announcement, both stocks experienced an increase of around 1.5%.
Commenting on Nifty scaling a new lifetime high, Santosh Meena, Head of Research, Swastika Investmart, said that the 50-stock index surged to an unprecedented all-time high on account of solid fundamentals of the Indian economy and the consistent stability in global cues witnessed recently.
HDFC-HDFC Bank merger: In a press conference on June 27, HDFC's chairman Deepak Parekh said that the board of these two companies will meet on June 30 to finalise the merger and it will be effective on July 1
The merger of housing finance major HDFC with HDFC Bank, the country's biggest private lender, will come into effect on July 1, according to HDFC Chairman Deepak Parekh.