IDFC First Bank Shares At Over One-Month High As Total Business Grows 23%
The share price rose as much 6.49% on the NSE to 60.90 apiece, the highest since Feb. 21.
Shares of IDFC First Bank Ltd. rose to the highest level in over a month on Thursday after its total business grew 23% to Rs 4.8 lakh crore in the last financial year.
The private sector bank's loans and advances rose 20% year-on-year to Rs 2.4 lakh crore. Customer deposits jumped 25% to Rs 2.4 lakh crore, according to an exchange filing.
IDFC First Bank's CASA ratio stands at 46.9% in the January–March quarter compared to 47.7% in the previous quarter, the exchange filing said.
Shares of IDFC First Bank rose as much 6.49% on the NSE to 60.90 apiece, the highest since Feb. 21. The stock was trading 5.65% higher at Rs 60.42 as of 2:48 p.m., compared to a 0.35% decline in the benchmark Nifty.
The stock declined 22.93% in the last 12 months and 4.36% on a year-to-date basis. The total traded volume so far in the day stood at 5.9 times its 30-day average. The relative strength index was at 60.48.
Eleven out of the 22 analysts tracking the company have a 'buy' rating on the stock, six recommend 'hold' and five suggest 'sell', according to Bloomberg data. The average of 12-month consensus price target implies a potential upside of 6.9%.
