Nifty index, retreated up to 9 per cent after lower-than-expected financial results for the quarter ended March 31.
Where Infosys on April 13 after-market hours reported 12 per cent year-on-year (YoY) growth in net profit (after minority interest) at Rs 5,686 crore in Q4FY22
HDFC Bank on April 15 announced that its standalone net profit jumped 22.8 per cent to Rs 10,055.2 crore for the quarter ended March 31, 2022.
Domestic equity markets were closed on April 14 and April 15 on account of public holidays.
Brokerage Kotak Securities projected a profit of Rs 10,478.20 for HDFC Bank and Rs 5,754.40 crore for Infosys.
financial results provide an opportunity for investors to lap up these stocks for the long term.
HDFC Bank with a target price of Rs 1,831, indicating a growth of nearly Rs 30 per cent from the current market price of Rs 1,411.
The bank’s Net Interest Income (NII) increased by 10.2 per cent to Rs 18,872.7 crore in the January-March quarter.
The same stood at Rs 17,120.2 crore in the quarter ended March 31, 2021.
ICICIdirect maintained a ‘Hold’ rating on Infosys with a price target of Rs 2,000.
Shares of Infosys plunged as much as 9 per cent to Rs 1,592.05 in the early trade. Following the sell-off in index
the benchmark BSE Sensex tanked more than 1,200 points to around 57,132.