Related Stories20 Stocks to watch today: HDFC Bank, ICICI life, Wipro, DLF, Ola Electric & Gland PharmaImportant StoriesSupreme Court rules YES Bank's AT1 bond write-off illegalSTT collection surges 52% in FY27 amid market volatility; net direct tax collection grows 13%India’s September exports jump 23% to $44.4 billion; trade deficit narrows to $30.2 billionKochi Port set to cruise into the future of AI immigrationIndia says first phase of US trade deal finalisedFollow UsFOLLOW US ON WHATSAPPHomeGO BACK TO HOME THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. HDFC Bank shares rise 2% after Bagchi appointment, Q2 update Shares traded flat at ₹723 on the NSE at 9.58 am after rising to ₹734.20 in early trade from ₹721.20 previous close By BL Bengaluru Bureau Updated - October 15, 2026 at 09:04 PM. | Bengaluru ×ShareWhatsAppXFacebookLinkedInMessengerRedditMailhttps://www.thehindubusinessline.com/markets/hdfc-bank-shares-rise-nearly-2-after-bagchi-appointment-q2-business-update/article71545827.eceCopy HDFC Bank shares rose close to 2 per cent in early trade on Monday after the bank announced managerial developments and reported growth in advances and deposits for the September 2026 quarter.

Shares traded flat at ₹723 on the NSE at 9.58 am after rising to ₹734.20 in early trade from ₹721.20 previous close.

The Reserve Bank of India has approved the appointment of Anup Bagchi, currently Chief of ICICI Prudential Life Insurance, as Managing Director and Chief Executive Officer of HDFC Bank for three years, effective October 27, 2026. Bagchi is an ICICI Group veteran.

HDFC Bank’s average advances under management stood at ₹31,87,200 crore for the September 2026 quarter, up around 14.0 per cent from ₹27,94,600 crore in the corresponding September 2025 period.

The bank’s average deposits stood at ₹31,66,500 crore for the September 2026 quarter, a growth of around 16.8 per cent over ₹27,10,500 crore in the corresponding September 2025 period.

Average CASA deposits stood at ₹9,71,200 crore for the September 2026 quarter, a growth of around 10.7 per cent over ₹8,77,000 crore in the corresponding September 2025 period.

Pursuant to the Reserve Bank of India’s swap facility for FCNR(B) deposits introduced on June 8, 2026 and available for deposits mobilised till August 31, 2026, HDFC Bank mobilised foreign currency deposits aggregating to USD equivalent of 11.5 billion, or ₹1,10,340 crore.

The overseas branches of the bank extended loan facilities aggregating to $5.7 billion, equivalent to ₹54.77 crore, against these deposits. Standby letters of credit issued to other banks in respect of loans against these deposits aggregated to $3.1 billion, or ₹29.34 crore.

During June-August 2026, HDFC Bank also issued an aggregate $2.5 billion of USD-denominated senior unsecured bonds, equivalent to ₹23.96 crore.

Citi maintained a buy rating on HDFC Bank with a target price of ₹970, noting that FCNR deposits are driving the headline numbers, while core advances growth trails the system average.

Kotak Institutional also retained a buy rating with a ₹1,050 target, citing Anup Bagchi’s strong track record in franchise building and execution, while expecting senior management changes under the new leadership and a gradual, rather than immediate, re-rating. JPMorgan retained its overweight rating with a ₹990 target, viewing the external CEO appointment as a positive inflection point that could reduce the stock overhang, while noting that a revival in NII growth remains key for re-rating.

Morgan Stanley retained its overweight rating with a ₹1,025 target, saying the appointment reduces uncertainty around CEO succession, which had been an overhang on the stock, while noting that the stock has underperformed Bankex by 19 percentage points YTD.

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