AU Small Finance Bank shares hit life-time high after Q4 results. Experts see more upside

Stock market today: AU Small Finance Bank or AU Bank shares today climbed to a new peak of ₹736.85 apiece on NSE during Tuesday deals. AU Bank share price today opened upside and went on to hit intraday high of ₹736.85 per share, logging intraday gain to the tune of 2.80 per cent. 

According to stock market experts, after strong Q4 results declared by Indian companies, market believes that growth and demand is intact with the Indian economy. Hence, they are bullish on banking and other companies that have announced better Q4 numbers. They said that AU Bank shares are in strong uptrend and it may go up to ₹820 apiece levels in short to medium term.

Why AU Bank share is skyrocketing?

On why AU Bank shares climbed to new highs, Vaibhav Kaushik, Research Analyst at GCL Broking said, "After strong Q4 results season, market has a believe that growth and demand are intact with Indian economy and investors are out of the recession fears. So, strong economy is expected to benefit banking sector and hence those banks that have delivered better Q4 results are expected to attract stock market bulls. AU Bank has reported better than expected quarterly numbers and hence bulls are following this small finance bank."

Expecting further upside in AU Bank share price, Sumeet Bagadia, Executive Director at Choice Broking said, "AU Bank shares are in strong uptrend and it may go up to ₹750 and ₹775 apiece levels in short term. Those who have this stock in portfolio are advised to hold the scrip for these levels maintaining stop loss at ₹710 per share levels. For those who want to enter can buy the stock now and keep on accumulating till it is sustaining above ₹710 apiece levels. One can expect the above mentioned ₹750 and ₹775 levels in short term after taking fresh position in AU Bank shares."

Advising positional investors to upgrade their time horizon for short to medium term, Vaibhav Kaushik of GCL Broking said, "AU Bank shares have given breakout at ₹725 apiece levels in recent sessions and hence I am expecting this ₹725 as strong support level for the scrip. One can buy AU Bank shares at current levels AU Small Finance Bank or AU Bank shares today climbed to a new peak of ₹736.85 apiece on NSE during Tuesday deals. AU Bank share price today opened upside and went on to hit intraday high of ₹736.85 per share, logging intraday gain to the tune of 2.80 per cent. According to stock market experts, after strong Q4 results declared by Indian companies, market believes that growth and demand is intact with the Indian economy. Hence, they are bullish on banking and other companies that have announced better Q4 numbers. They said that AU Bank shares are in strong uptrend and it may go up to ₹820 apiece levels in short to medium term.

AU 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 made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.