HDFC Bank shares rise 5 pct on results | india | Hindustan Times
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HDFC Bank shares rise 5 pct on results

india Updated: Jan 18, 2010 17:20 IST
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Shares in India's second-largest private sector lender, HDFC Bank <HDBK.BO>, rose more than 5 percent on Monday afternoon as brokerages gave a thumbs up to the bank's third-quarter results announced on Friday.

Morgan Stanley upgraded the bank to "overweight" from "equal", citing the pace of decline in credit costs and the improvement in its earnings quality.

HDFC Bank reported a 32 percent rise in quarterly profit as it rode robust loan growth, and analysts said they expected the bank to maintain the pace in the coming quarter.

At 2 pm, the stock was up 5.04 percent at 1,776.25 rupees, while the main index <.BSESN> rose 0.6 percent.