On Friday, HDFC Bank shares are trading near the day’s low amid a broad-based selloff in the overall market. Today, the majority of banking stocks were under pressure. HDFC Bank is planning to merge NBFC-giant HDFC under its umbrella to enable seamless delivery of home loans. However, HDFC Bank shares to buy has the potential to reach Rs 1,800 per share.

• Rail Vikas Nigam Shares Soar 10% on Securing Rs 837 Crore Order 
• IFCI Shares Skyrocket 15% as Board Approves Merger 
• Prakash Industries Shares Surge 7% on Acquiring 30-Year Mining Lease 
• Stocks Under F&O Ban: Gujarat Narmada Valley, Adani Enterprises, Hindustan Copper, and Others 
• Stocks in Focus: Tech Mahindra, Real Estate Stocks, Signature Global, and Others

On the Bombay Stock Exchange (BSE), HDFC Bank shares were performing at Rs 1488, falling by Rs 32.90 or 2.16 per cent at the time of writing. Nearly the shares were low at Rs 1,483 per share. Overall, the shares have dipped by at least 2.5 per cent on Dalal Street. As per the market valuation of HDFC Bank, the current price level is around Rs 8,27,927.20 crore. The previous closing, the market cap was down over Rs 18,732 crore. HDFC Bank’s market valuation has dropped by Rs 21,000 crore on the day’s low. The board meeting will be held on October 15 to consider the consolidated financial result after an audit for Q2 FY23. 

In the first quarter of FY23, HDFC Bank garnered a net profit of Rs 9,196 crore, increasing by 19 per cent from the first quarter of FY22. The net interest income (NII) of Rs 19,481.4 crore in the first quarter of FY23 was up by 14.5 per cent from Rs 17,009 crore in FY22. 

Gross non-performing assets were at 1.28 per cent of gross advances, 1.06 per cent, which excludes NPAs, as compared to 1.47 per cent in the first quarter of FY22, as of June 22 end.