All existing monthly and weekly F&O contracts of HDFC will expire on Wednesday and shall be physically settled. All shareholders of HDFC will get 42 HDFC Bank shares for every 25 shares of its parent company.
Morgan Stanley has resumed its overweight rating on HDFC Bank and set a target price of Rs 2,110. The brokerage firm expects loan growth and EPS growth to be around 17-18% YoY after FY24. They believe that the stock is available at an attractive valuation and trades at a discount to its historical mean. The analysts also highlight key drivers for the stock, including strong trailing investments, sustained deposit market share gains, steady margin trends, strong asset quality, and operating leverage. They expect re-rating over the next year as profitability and loan growth improve.
Shares of Paytm dropped as much as 13 percent after the Reserve Bank of India (RBI) barred the company’s Paytm Payments Bank venture from accepting new customers.
The sell-off takes the stock’s decline from its November issue price to about 67 percent, and comes after the digital payments start-up had begun winning back the confidence of some analysts.
The action by the RBI is based on certain “material supervisory concerns” and the restrictions are to continue pending a comprehensive audit of its information technology (IT) systems, the central bank said in a statement on Friday.
The company is taking steps to comply,