IDFC First Bank Shares Touch Seven-Month High Post RBI Repo Rate Cut
The NSE Nifty Bank rose 0.80% to a record high of 56,205 around 11:00 a.m. on Friday.
Share price for IDFC First Bank Ltd. jumped over 5% after the Reserve Bank of India cut the repo rate by 50 basis points to 5.5%, as announced by RBI Governor Sanjay Malhotra.
The central bank also reduced the cash reserve ratio by 100 basis points to 3% in the June policy meeting. These moves are expected to boost liquidity in the banking system.
The NSE Nifty Bank rose 0.80% to a record high of 56,205 around 11:00 a.m. on Friday. Shares of HDFC Bank Ltd. and Axis Bank Ltd. were at the forefront of the rally.
IDFC First Bank Share Price
Share price for IDFC First Bank rose as much as 5.76% to Rs 70.65 apiece, the highest level since Oct. 22, 2024. It pared gains to trade 5.06% higher at Rs 70.18 apiece, as of 11:30 a.m. This compares to a 0.92% advance in the NSE Nifty 50.
The stock has risen 11.09% on a year-to-date basis, but fallen 9.19% in the last 12 months. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 43.05.
Out of 25 analysts tracking the company, 13 maintain a 'buy' rating, seven recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.9%.
