Despite adverse operating environment, HDFC Bank continued to deliver strong performance on business growth as well as operating and assets quality front. It has consistently been outperforming its peers both in financial and operational front backed by strong liability franchise, low exposure to stressed sectors and superior risk management practices. Maintaining our positive stance on the Bank, we raise our valuation multiple on the back of pick-up in the loan growth and strong growth in core other income. We maintain our BUY recommendation on the stock with an upwardly revised Target Price of Rs2,065 (from Rs1,940 earlier) based on...