Street Signs: Analyst coverage of HDFC dips, defence stocks gain, and more

Defence stocks, such as Bharat Electronics, Mazagon Dock Shipbuilders, and Cochin Shipyard, logged strong gains last week amid buying interest from wealthy investors

HDFC sees drop in analyst coverage

The number of analysts tracking Housing Development Finance Corporation (HDFC) has dropped to 35 (from 39), ahead of the merger announcement with HDFC Bank. On the other hand, the private bank has seen an increase in coverage from 48 to 51 analysts, according to Bloomberg data. Market players say some brokerages have shifted focus to the bank – a bigger entity in terms of market value — even before consummation of the merger that is still some time away. Under merger terms, every HDFC shareholder will get 42 shares of HDFC Bank for 25