May 31, 2018 / 8:36 AM / a year ago

BUZZ-India's HDFC Bank hits record; Macquarie sees "last opportunity" for foreigners to buy stock

** Shares of lender HDFC Bank Ltd rise as much as 3.8 pct to an all-time high of 2,126.45 rupees; biggest intraday pct gain since July 2017

** Macquarie Research expects foreign institutional investors (FIIs) to buy more than $1 bln of the shares on June 1 when a trading window for them opens for a day

** Capital markets regulator has told stock exchanges to close effective July 1 the trading window, which allowed FIIs to trade among themselves in stocks where the foreigners' quota has been exhausted

** HDFC Bank’s American Depositary Receipts (ADR) premium expected to spike due to ban since it will be the only route for FIIs to buy, Macquarie analysts write in a note, retaining a ‘buy’ on the stock

** Of 50 brokerages covering stock, 45 rate it ‘buy’ or higher, 3 ‘hold’ and 2 ‘sell’; median target price 2,348 rupees - Thomson Reuters data

** More than 4 mln HDFC Bank shares change hands vs 30-day moving avg of around 1.5 mln shares

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