The Banking sector has been one most contributing sector to overall market in the previous year. The bank Nifty has increased by 10.92% in one year and 19.86% in the past six months. Currently, the Nifty Bank is trading at the levels of 42,381(IST: 10:40). With the companies reporting their Q3 performances for FY23, Sharekhan has given a buy recommendation on the following banking sectors with an upside of up to 25%
HDFC Bank Limited
Sharekhan has a ‘Buy’ call on HDFC Bank Limited with a target price of Rs 1920 per share which represents an upside of 17.62% from the current levels of Rs 1,632.35.
During the Q3 of FY23, the company earned a total revenue of Rs. 54,122 crores which is an increase of 24.81% compared to the Q3 of FY22. The net profits for Q3FY23 were reported at Rs. 12,735 crores which is a year-on-year increase of 19.97%.
Axis Bank Limited
Sharekhan has a ‘Buy’ call on Axis Bank Limited with a target price of Rs 1140 per share which represents an upside of 23.93% from the current levels of Rs 919.85.
While the financials of Q3FY23 are yet to be reported, the company earned a total revenue of Rs.20,782 crores in Q2FY23 which is an increase of 24.58% compared to the Q2 of FY22. The net profits for Q2FY23 were reported at Rs. 5,625 crores which is a year-on-year increase of 66.32%.
– Written by Aaron Vas
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