Top Five Investments

Sushil Finance has advised "Neutral" for Axis Bank.

Below is the Stock Ranking Report of Banking & Finance Stocks :

Rank	1	2	3	4	5
Company	HDFC Bank	Bank of Baroda	State Bank of India	Corporation Bank	HDFC
BSE Code	500180	532134	500112	532179	500010
Final Rating
Factors Ratings
Internal Factors
External Factors
Growth & Risk
Ratings
Internal Factors
Credibility & Reliability
Promoters Holdings
Management
Group Companies
Financial
External Factors
Industry Health
Market Sentiments
Fund House preference
Growth & Risk Factors
Short Term Risk
Long Term Risk
Future Growth

HDFC Bank Review
	Overall Rating	Current Price	Rs 1194.7
	Internal Factors Ratings	52 Week High/Low	Rs 1562.0/ Rs 774.0
	External Factors Ratings	Face Value	Rs 10
	Growth / Risk Factors Ratings	Stock Type	Very Large

Investment Rationale

Delivering consistent and superior returns as compared to most of its peers in the industry has been the mainstay of HDFC Bank's performance in the last couple of fiscals. While it has largely outperformed the sectoral average in terms of advance growth in the past 3 to 4 fiscals, HDFC Bank has also struck a balance between growth, profitability and cautiousness in terms of quality. While being one of the key originators of parent HDFC's home loans has helped the bank attain a 69% compounded annual growth in retail loans in the past 5 years, it has also de-risked its portfolio by buying back 70% of the assets from HDFC in the form of mortgage backed securities. Sustenance of one of the best margins, return ratios and asset quality across interest rate cycles sets the bank apart from its peers.