HDFC Bank rise After CLSA Raises Target Price

On Tuesday, shares of HDFC Bank Limited gained 3 percent intraday to hit a new high of Rs 1,429.85 on NSE after research firm CLSA raised its price target on the stock from Rs 1,525 to Rs 1,700 per share while retaining the "buy" rating. CLSA said that the macro-environment has improved after lockdown, adding that the better use of data analytics is leading to lower retail stress against Profit After Tax cycles.

Notably, The HDFC Bank was recently in the news after its digital payment services were down during the weekend causing net banking, debit card payments, UPI, IMPS, and NEFT to become inoperative. Some customers were not able to receive one-time passwords (OTPs) to complete online transactions while others were unable to withdraw cash from ATMs.

Benchmark indices carry forward a bullish tone during the Mid-noon session. At around 12.30 pm, the BSE Sensex is trading at 44,384.02 up 307 points, while the NSE Nifty traded at 13016, up by  90 points in trade.

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