Leadership▲ Bullish for HDFC Bank
Anup Bagchi's Appointment Removes Key Overhang For HDFC Bank Stock, Supports Re-Rating, Say Brokerages
The brief
- Brokerages say Anup Bagchi's appointment removes a key overhang for HDFC Bank stock
- Analysts expect the appointment to support a re-rating and restore investor and customer confidence
- Improved confidence and a possible re-rating could support HDFC Bank shares
- HDFC Bank replaces ICICI Bank as top sector pick, says GreenEdge Wealth’s Digant Haria
- Sensex rallies over 600 points as Indian markets rebound after eight weeks of declines
- HDFC Bank appoints Anup Bagchi as next managing director and CEO
- Anup Bagchi named HDFC Bank CEO; shares rise nearly 2%
- HDFC Bank names Anup Bagchi CEO; PNB receives administrative warning
HDFC Bank leadership change and stock outlook
HDFC Bank shares fell 27% year to date amid slowing growth, record-low margins and succession uncertainty; Anup Bagchi was appointed CEO. Jefferies named the bank its top pick, citing 22% upside, and brokerages said the appointment removes a key overhang and supports a re-rating.
Monday, 5 October
- Anup Bagchi's Appointment Removes Key Overhang For HDFC Bank Stock, Supports Re-Rating, Say Brokerages