The premier private sector bank's stock sustained its rally into a second day on Friday. Following the release of HDFC Bank's business update for Q4 FY2024, the shares are experiencing an uptick. The bank's stock jumped over 3% on Thursday, while Friday also saw a healthy growth in share value.
On Friday, HDFC Bank shares climbed 1.47%, reaching ₹1,550. Over the course of the week, the private sector bank's stock dished out a robust 5.73% return. The past seven trading days have seen a healthy 9% surge, with the stock climbing 7.45% in a month. Meanwhile, numerous global and domestic brokerage firms are predicting a significant rally for this stock.
This stock has been underperforming for a year
The 52-week high for HDFC Bank shares is ₹1757.80 per share. The stock had been underperforming for nearly a year, dipping by 10% in 2024 while the Nifty saw a 3.6% increase. However, experts are now bullish on HDFC Bank, as witnessed by the major boost in its American Depository Receipts (ADRs) in the US market yesterday.
Will HDFC shares hit ₹2000?
According to the global brokerage firm Macquarie, HDFC Bank's Q4 business update indicates potential benefits for the bank. They noted that the bank surprised on the deposit front and exhibited solid loan growth. The brokerage firm believes that with the valuations being favorable, the stock could potentially hit a ₹2000 per share target.
HDFC Bank's Stock Performance Over Five Years
On the other hand, HSBC suggests that the stock could reach ₹1750, while Morgan Stanley has granted an 'overweight' rating, putting a target price of ₹1,900 per share. Notably, HDFC Bank shares have fallen 6.98% over the past year but have seen a mere 1% increase over six months. Over a five-year span, the stock has ascended nearly 37%.
