HDFC Bank shares rise 5 pct on results

Shares in India's second-largest private sector lender, HDFC Bank , rose more than 5 percent on Monday afternoon as brokerages gave a thumbs up to the bank's third-quarter results announced on Friday.

Shares in India's second-largest private sector lender, HDFC Bank , rose more than 5 percent on Monday afternoon as brokerages gave a thumbs up to the bank's third-quarter results announced on Friday.

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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.