HDFC bank share shoot up
Today HDFC bank share price jumped by 4% in a single trading session due to a positive indication in the bank. The latest shareholding data of HDFC Bank shows that foreign institutional investors’ (FII) ownership has decreased to below 55%. This is expected to increase the stock’s weight in the MSCI index, potentially attracting more passive investments. According to BSE data, as of June 2024, FII ownership in the Bank is at 54.8%.
Jefferies has reiterated its “Buy” rating for the Bank, with a target price of Rs 1,880 per share. The report underscores several key factors that could affect the bank’s performance and stock valuation in the near and medium term.
Foreign Shareholding Adjustment: Foreign ownership in the Bank has decreased to 54.8%. This reduction could benefit the bank in the upcoming MSCI review.
