The rumours started earlier this month with speculation that Kotak is in talks to buy out its larger private sector rival.
Reliance Securities has a reduce on the stock with a target price of Rs 5,647. It said there is still a long way for the company to go before a full-fledged recovery.
Cement stocks like Ambuja Cement, Ultra Tech Cement and Shree Cement were up between 0.55-1.24 per cent on Monday at market close.
I feel there is a high probability that pharma stocks have bottomed out at least in the near term, said Anshul Saigal, head, portfolio management services, Kotak Mahindra AMC.
"If 8970 is crossed on sustainable basis then it can open 9350 on higher side," said A.K.Prabhakar, Head of Research, IDBI Capital Markets & Securities.
Factors such as sluggish capital spending and less attractive interest rates have contributed to subdued demand from the private sector for bank credit, says ICRA.
HDFC Bank trades a price-tobook value of 4.57, the highest among private banks, which trade at an average P/B of 2.2 times.
The public issue consists of up to 29,300,000 equity shares of face value of Rs 10 each. The issue size is estimated to be around Rs. 1200 crore.
The brokerage is overweight on the stock with a target price of Rs 1,600. It expects earnings growth to accelerate and premium valuations to sustain.
HDFC Securities has reiterated its positive stance on the stock despite the recent bulk sale by Jhunjhunwala.
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