HDB Financial Services' shares continue to decline. The company's stock was listed on the exchange in July this year. The price had risen after that. But due to the fall, HDFC Bank's financial arm's share price has dropped below the listing price. In this situation, the company's shareholders' concerns have increased. In this context, let's see what advice brokerage firm Jefferies has given regarding HDB Financial's stock.
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HDB Financial's IPO issue price upper band was ₹740. However, the stock was listed at ₹835 on the country's two stock exchanges. That means it rose at listing at about 13 per cent higher than the issue price. After that, it increased further, and the share price reached ₹849.85 on the National Stock Exchange. On Thursday, the stock price fell by 1.22 per cent to ₹750. This data explains the extent of HDB Financial's stock decline.
Although HDB Financial's share price has declined in the past few months, brokerage firm Jefferies doesn't see much to worry about. The company's experts believe that due to this price decline, new investors are getting an opportunity to buy the company's stock at attractive prices. Therefore, Jefferies has given a 'buy' rating on HDB Financial's stock. And has set its target price at ₹900.
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Jefferies reports that despite a temporary decline in share price, there is potential for significant growth in the future for this financial service provider company's stock. This is because the company's financial report is expected to remain strong according to experts' analysis. The company has also grown in the recent past. Additionally, it has been reported that the company's asset quality is also expected to remain stable. This is why Jefferies is confident in this stock.
{News Ei Samay does not provide investment advice anywhere. Investment and trading in the share market or any field involve risk. Proper study and expert advice are recommended beforehand. This news is published for educational and awareness purposes.}
