The share price of HDFC Bank climbed up to 3 per cent on August 18. However, later it declined. Today at 10.51, HDFC Bank shares were trading at Rs 1535.50, up 1.39 percent. A day before this, on the evening of August 17, RBI partially lifted its technology ban by HDFC Bank. After this the bank got permission to issue new credit cards.
HDFC Bank said in the information given on August 18, “RBI has given permission to issue new credit cards.” In a statement to BSE, HDFC Bank said, “We would like to inform that in a letter dated August 17, 2021, RBI has lifted the ban on issuance of new credit cards.”
However, HDFC Bank cannot start new digital offers yet. For this, the bank will have to sign a letter from the board and give it. In this letter, the board will have to agree that HDFC Bank is now following all the terms and conditions of RBI.
However, after the partial relaxation of restrictions, the target of HDFC Bank shares has been increased.
Brokerage Firm: JPMorgan
Target: Rs 1,800
JP Morgan has said that the digital ban has been removed from HDFC Bank but it is not completely removed yet. But the bank has got permission to issue new credit cards. This is the most profitable business of the bank. Keeping all these things in mind, a target of Rs 1800 has been given for HDFC Bank.
Brokerage Firm: Motilal Oswal
Target: Rs 1,800
The brokerage firm has also advised to buy it for HDFC Bank, giving a target of Rs 1800. HDFC Bank shares were trading in a limited range for the last few months. But after giving partial relaxation in technology ban by RBI, its shares have once again recovered.
Overall, the bank will continue to make contingent provisioning so that the impact of coronavirus infection does not affect its balance sheet.
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