Hot Stocks: Brokerage firms on HDFC Bank, Dalmia Bharat, SBI Life and IOC

Macquarie maintained outperform rating on HDFC Bank with target price of Rs 2075. The bank is consolidating, focusing on NIMs. Deposit growth must exceed loan growth by 400bps over next 3 years for pre-merger NIMs. CLSA raised target price for SBI Life to Rs 1730, it has limited impact of surrender value regulations. SBI’s wide presence gives it an advantage. CLSA upgraded Dalmia Bharat to buy with target price of Rs 2700. Q3 Ebitda in line with estimates. Nomura maintained neutral rating on IOC with target price of Rs 105, Q3 results above estimates.

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