AU Small Finance Bank share price hits record high. Extends rally for 13th straight session
AU Small Finance Bank share price today climbed to new life-time high on second day in a row
PremiumStock market today: AU Small Finance Bank share price has been in uptrend after announcement of Q4 results last month. After announcement of AU Small Finance Bank results, AU Bank share price has risen from around ₹660 to ₹792.75 apiece levels, logging near 20 per cent in near one month time after the announcement of fourth quarter results for the financial year 2022-23.
AU Small Finance Bank share price today opened with an upside gap and went on to hit fresh life-time high within few minutes of stock market's opening bell, extending its uptrend for thirteenth straight session on NSE. While climbing to new high, AU Small Finance Bank shares hit record high on second day in a row as well.
According to stock market experts, AU Small Finance Bank has reported better than expected Q4 results but there is stability in the banking sector as well. The private sector bank benefitted from the FIIs' buying and momentum in the private sector banks with strong fundamentals. They said that AU Small Finance Bank shares may go up to ₹850 apiece levels in short term and advised shareholders of the bank to maintain trailing stop loss at ₹765 apiece levels.
AU Small Finance Bank share price outlook
Speaking on the reasons that has fueled AU Small Finance Bank share price rally, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "AU Small Finance Bank is getting benefit of momentum and stability in the banking space. FIIs are aggressively buying banking stocks that have strong fundamentals. As AU Small Finance Bank has reported better-than-expected Q4 results last month, FIIs have gone highly bullish on the scrip."
AU Small Finance Bank share price target
On suggestion to AU Small Finance Bank shareholders, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "AU Small Finance Bank shares are in bullish trend after giving breakout at ₹765 apiece levels. Those who have this stock in their portfolio, they are advised to hold the banking stock for short term target of ₹850 per share levels. However, they must maintain a trailing stop loss at ₹765 per share levels."
On suggestion to those who want to take fresh position in AU Small Finance Bank shares, Chandan Taparia of Motilal Oswal said, "One can initiate momentum buy in the stock at current market price (CMP) for short term target of ₹850 maintaining stop loss at ₹765 levels."
AU Small Finance Bank results
AU Small Finance Bank surpassed the street's expectations in terms of bottom-line performance for the quarter ending March 31, 2022 (Q4FY23) period. The SFB garnered 22.7 per cent growth in net profit to ₹424.6 crore in Q4FY23 compared to ₹346.07 crore in the same quarter last year. The bank posted healthy growth in interest income, while provisions dipped sharply year-on-year and asset quality improved further.
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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