"Core Performance of HDFC Ltd. came in line with our expectations on the back of stable spread and healthy loan growth. Asset quality remained healthy - both gross NPA and net NPA saw YoY improvement. Although we liked the operational performance of HDFC Ltd, we recommend Accumulate rating on the stock as current market price is close to its fair value."
Saday Sinha, banking analyst, Kotak Securities
Saday Sinha, banking analyst, Kotak Securities
