PRE-MARKET INDIAN STOCKS NEWS: Q2 earnings from HDFC Bank, ICICI Bank, Axis Bank and Yes Bank; India to cut prices of up to 137 cancer drugs

HDFC Bank (HDFCBANK.NS) shares fell 2% on October 19, making it one of the top losers on the Nifty 50 after its Q2 results. The bank reported a 4.7% YoY increase in net profit to Rs 19,510 crore, meeting estimates. Brokerages maintained bullish ratings but lowered price targets due to margin pressure and growth concerns.

HDFC Bank shares fell 1.7% after reporting a 4.7% YoY net profit increase but a record-low net interest margin of 3.1%. Net interest income rose 10% to ₹34,649 crore, while non-interest income declined 3.6% YoY. The bank's YTD returns are -26%. Deputy Managing Director Kaizad Bharucha's planned exit may also impact sentiment.

HDFC Bank reported Q2 earnings with a 4.7% YoY net profit increase and 9.7% NII growth, meeting market expectations. Brokerages like Bernstein, JPMorgan, and Citi maintained bullish ratings but cut target prices, citing margin pressure and loan growth concerns. Bernstein sees 58% upside, while others project 18-33% upside.

Nomura raised its price target for ICICI Bank to 1,740 Indian Rupees. The bank's stock is currently trading at 1,397.00 INR, up 0.55% over 5 days and 3.10% year-to-date. This adjustment may impact investor sentiment and trading activity.

ICICI Bank reported a 20.1% YoY rise in Q2 net profit, beating estimates. Brokerages like Goldman Sachs, JPMorgan, and Nomura raised targets, citing strong loan growth and profitability. Goldman Sachs sees 45% upside with a target of Rs 2,025. ICICI Bank's NIM was 4.18%, and total advances grew 30% YoY.

Nomura has raised its price target for HDFC Bank to 940 Indian Rupees. The bank's shares have seen a 5-day change of 728.85 INR, a 1st Jan change of +0.28%, and a year-to-date change of +3.05%.