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We had released our initiating coverage report on HDFC Bank Ltd. with a Accumulate rating on 28th January 2014 at Rs.325. Since our initiating report, the stock has posted a high of Rs.1,500 today and has achieved our target price .

With the recent run-up in the share price, our Target Price for the stock is achieved; hence, we are now changing our rating on the stock to Neutral and recommend our investors to book profits at the current price.

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