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HDB.N

ISIN: US40415F1012
SEDOL: 2781648

Rating:

HOLD

Target Price:

127.72 USD

Investment Horizon:

6 to 12 months
15th Jan 2010 View Report   Download

3Q 10 News Alert

HDFC Bank Ltd. (HDFC Bank) reported strong sequential growth in Net Interest Income (NII) driven by lower interest expenses. Furthermore, lower provisions for loan losses & contingencies, reflecting improving economic conditions, resulted in strong sequential growth in the company's bottom-line. However, we remain cautious about the impact of expected changes in policy rates in the wake of rising inflation and high liquidity conditions and believe…

12th Jan 2010 View Report   Download

2Q 10 Update Report

The Indian economy grew at a robust pace of 7.9% y-o-y during the quarter ended 30 September 2009, with continued strength expected in the quarter ended 31 December 2009. Furthermore, the Index of Industrial Production continued its robust growth, at 10.3% in October 2009. However, Consumer Price Index (CPI) inflation stood at 13.51% in November 2009. High inflation coupled with rising liquidity has put tremendous pressure on the Reserve Bank…

14th Oct 2009 View Report   Download

2Q 10 News Alert

HDFC Bank Ltd. (HDFC Bank) reported strong y-o-y growth in non-interest income in 2Q 10, led by fees and commissions. However, Net Interest Income (NII) was a damp squib, on account of slow credit offtake. Although we expect credit growth to be moderate only in the near term, our longer term outlook remains positive. Meanwhile, although asset quality remains firm compared to a year ago, we remain concerned regarding prospects for growth in…

28th Jul 2009 View Report   Download

1Q 10 Update Report

Indian Wholesale Price Index (WPI) inflation stood at -1.2% for the week ending 04 July 2009, compared to +12.2% for the corresponding period in 2008, and the Index of Industrial Production (IIP) grew by 2.7% in May 2009, after a rise of 1.4% in April 2009. Meanwhile, the International Monetary Fund (IMF) has revised its GDP growth estimate from 4.5% to 5.4% and from 5.6% to 6.5% for 2010 and 2011 respectively (source: World Economic Outlook, July 2009)....

14th Jul 2009 View Report   Download

1Q 10 News Alert

HDFC Bank Ltd. (HDFC Bank) reported healthy growth in non-interest income in 1Q 10, led by fees and commissions. However, Net Interest Income (NII) was a damp squib, with the economic downturn now beginning to affect demand for credit. Although we expect this trend to continue over the coming 6-12 months, our longer term outlook remains positive. Meanwhile, although asset quality remains firm compared to a year ago, we remain concerned about the prospects for growth in…