Goldman Sachs Gives HDFC Bank a 'Buy' Rating

Equities research analysts at The Goldman Sachs Group have assumed coverage of HDFC Bank (NYSE:HDB) shares, setting a 'buy' rating on the bank's stock. This follows various research reports issued recently, including upgrades and downgrades from other firms.

The firm cited HDFC Bank's strong performance in its quarterly earnings report released on July 18th, which beat analysts' consensus estimates of $0.38 per share by $0.02. The bank reported revenue of $9.01 billion for the quarter.

Several large investors have increased their holdings in HDB, including Principal Financial Group Inc., Royal Bank of Canada, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC, and Wellington Management Group LLP. Institutional investors own 17.61% of the company's stock.