HDFC Bank stock rises after RBI's approval for selling 90% stake in HDFC Credila; what is analyst target?

HDFC Bank Share Price: HDFC Bank was trading in positive territory on BSE on Monday (February 26, 2024) after the RBI gave approval to the lender to sell its 90 per cent stake in HDFC Credila. 

The stock of India's largest bank ended the trading session on Monday higher by 0.10 per cent, or Rs 1.35, at Rs 1422.25.

The jump in the stock was in the first trading session after the Reserve Bank of India (RBI) gave the go-ahead to the sale of equity shares of HDFC Credila Financial Services Limited (“HDFC Credila”) to Kopvoorn B.V., Moss Investments Limited, Defati Investments Holding B.V., and Infinity Partners. 

"We have been informed that the RBI has via letter communication dated February 23, 2024 to HDFC Credila, granted its approval to the application submitted by HDFC Credila for seeking prior approval of the RBI under Chapter VI of the Master Direction – Reserve Bank of India (Non-Banking Financial Company –
Scale Based Regulation) Directions, 2023 for the proposed change in control and consequent change in the constitution of the board of directors of HDFC Credila pursuant to the Proposed Transaction," HDFC Bank said in a statement on Friday.

Zee Business analyst's target for HDFC Bank

Zee Business analyst Ashish Charurvedi has given a 'Buy' rating to the lender. 

He has given a target of Rs 1438 with a stop-loss at Rs 1420.