The company will be a key beneficiary of consolidation in the NBFC sector.
Housing Development Finance Corporation (HDFC) share price rose 1% intraday on December 10 after broking house Kotak Institutional Equities upgraded the stock and also raised the target price.
Kotak Institutional Equities has upgraded the stock to buy rating from add and also raised its target price to Rs 2,600 from Rs 2,400 per share.
According to the broking house, the company will be a key beneficiary of consolidation in the NBFC sector.
Decline in funding costs improved its ability to compete with banks in retail business and it is a best placed to capture growth in developer loans whenever cycle turns, it added.
At 09:46 hrs, Housing Development Finance Corporation was quoting at Rs 2,327.50, up Rs 16.90, or 0.73% on the BSE.
The share touched its 52-week high Rs 2,357.00 and 52-week low Rs 1,821.55 on 18 July, 2019 and 27 February, 2019, respectively.
Currently, it is trading 1.25% below its 52-week high and 27.78% above its 52-week low.
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