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HDFC Bank gains 6% post March quarter results, analysts bullish

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Mumbai: Shares of HDFC Bank rose nearly 6% on Monday as investors cheered the private lender’s March quarter results declared on Saturday.

The bank’s net profit rose 17.72% year-on-year to ₹6,927.69 crore in the fourth quarter of FY20. Its net interest income increased 16.15% to ₹15,204.06 crore in Q4 against ₹13,089.49 crore a year ago.

At 0232 pm, shares of the bank were at ₹946.80 on the BSE, up 4% from its previous close, while the benchmark Sensex was at 31,848.21, up around 1%.

Analysts have remained bullish on the stock but reduced earnings forecast going forward. Analysts at Emkay Global Financial Services Ltd have trimmed earnings estimates further by 3% and 2% for FY21 and FY22 respectively, factoring in lower loan growth,

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