Top brokerages remained bullish on ICICI Bank and HDFC Bank after their September quarter earnings, though their assessments of the two lenders differed sharply. Analysts were upbeat about ICICI Bank’s stronger-than-expected earnings and resilient asset quality, reinforcing its position as a preferred stock among large private sector banks. Their assessment of HDFC Bank was more measured after the lender reported modest profit growth and pressure on margins. However, attractive valuations, prospects of an earnings recovery and expectations of improved execution amid leadership changes helped sustain the positive outlook.
Both stocks closed lower on Monday, with ICICI Bank falling 1.1% to Rs 1382 and HDFC Bank declining 2.3% to 712. The benchmark Nifty fell 1.11%, while the Bank Nifty slipped 0.6%. According to Bloomberg data, target prices for ICICI Bank imply a potential upside of 24-48%. For HDFC Bank, the target prices indicate potential gains of 17-78%.
The large-cap segment has underperformed the mid- and small-cap segments over the years, but a closer look at individual stock performance suggests that the weakness may not be as broad-based as the headline index returns indicate. According to the NSE website, the Nifty 50 has delivered a 6.04% return in the last 3 years, compared…
With just days left before the July 31 deadline for most individual taxpayers, the Income Tax Department has said that more than 5 crore Income Tax Returns (ITRs) have already been filed for Assessment Year (AY) 2026-27. In a post on X, the department urged eligible taxpayers to avoid the last-minute rush and submit their…
Workers in five US states are set to receive higher minimum wages from 1 January 2027, further widening the gap between state-level pay floors and the federal minimum wage of $7.25 an hour. Washington, California, Connecticut, New Jersey and Michigan are among the states increasing their minimum wages, with Washington set to have the highest…
Gold and silver prices: The price of the yellow metal in India’s retail market traded mixed on Thursday, 6 August, amid hopes of a soon-to-be-reached peace deal between the United States and Iran. Iran said the US was ready to “return to commitments” while denying that negotiations were ongoing with Washington, after United States President…
National Stock Exchange of India (NSE) on Friday said it has paid Rs 714.74 crore to Sebi after receiving the regulator’s in-principle approval to settle the long-pending colocation and dark fibre cases for Rs 1,491.21 crore. The latest payment, together with the Rs 776.47 crore already deposited by the NSE, completes the Rs 1,491.21-crore settlement…
The Bombay High Court has ordered a son to vacate two properties. These flats had been gifted to him by his parents. The case centres on his failure to take care of his parents. Ramesh Bachaulal Soni, 68, gifted two flats in 2023. These included a Lower Parel flat and part of a Byculla flat….
Agencies
