Reported divergence for FY17 is at Rs20.5bn. Of which JSPL (Rs17.1bn) slipped and got upgraded during the quarter post JLF decision after satisfactory performance. BUY with target price of Rs2,400: In times of gigantic deterioration in asset quality for corporate peer bank, preference toward high quality retail banks will continue to remain. As a result premium valuation for HDFCB is fairly justified in our opinion. We value HDFCB at 4.4x P/ABV FY19E (30% premium to mean valuations) deriving a...