IDFC First Bank shares have been in uptrend after announcement of fourth quarter results ahead of ushering in May 2023. After announcement of IDFC First Bank results, share price of the private lender has surged from around ₹61.50 to ₹70.80 apiece levels, logging around 15 per cent in less than one month time. IDFC First Bank share price today opened upside and hit new 52-week high for second straight session as stock witnessed strong buying interest after trading tepid in early morning deals. The stock witnessed heavy buying during 11:15 AM to 13:30 PM deals and hit fresh 52-week high of ₹70.80 apiece levels on NSE. While climbing to new 52-week peak, IDFC First Bank shares hit August 2017 highs.
According to stock market experts, due to strong Q4 results, IDFC First Bank share has been attracting both DIIs and FIIs as banking segment is expected to outperform others in near to medium term. They said that IDFC First Bank share price may go up to ₹80 apiece levels in near term.
On why IDFC First Bank share price is skyrocketing, Vaibhav Kaushik, Research Analyst at GCL Broking said, "IDFC First Bank shares have been rising after strong Q4 results declared at the end of April 2023. In fact, entire banking segment has been in uptrend after announcement of strong Q4 results by various Indian companies. This has reflected that growth and demand are still intact in the Indian economy. As IDFC First Bank reported strong Q4 results, this sparked positive sentiment towards the private lender which is still on."
IDFC First Bank share price target
Expecting further upside in IDFC First Bank share price, Sumeet Bagadia, Executive Director at Choice Broking said, "IDFC First Bank shares have climbed to August 2017 levels after giving breakout at ₹70 apiece levels. The banking stock is facing hurdle at ₹75 apiece levels and on breaching this hurdle, this banking stock may go up to ₹80 apiece levels. So, those who have this stock in portfolio are advised to hold the stock for these levels maintaining stop loss at ₹67 per share levels."
IDFC First Bank results
IDFC First Bank witnessed strong growth in earnings for the fourth quarter of FY23. The lender's net profit in Q4FY23 more than doubled to ₹803 crore which is the highest ever in a quarter, while recording double-digit growth in net interest income (NII). At the bank, customers' deposits and loan books stood strong.
In Q4FY23, the bank's net profit skyrocketed by 134 per cent to ₹803 crore as against a profit of ₹343 crore in Q4 of the previous fiscal. Overall, in FY23, PAT jumped by multi-fold to ₹2,437 crore versus a meager ₹145 crore in FY22.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 29 May 2023, 02:56 PM IST
