Equitas Small Finance Bank shares hit new high despite weak stock market sentiments. Buy, sell or hold?
- Equitas Small Finance Bank shares are expected to scale further upside as the SFB has managed to improve CASA despite rise in cost of funding, say experts
Stock market today: Equitas Small Finance Bank shares have been in uptrend after the announcement of Q2 results 2023 on Thursday last week. The small finance bank share has been hitting record high for the last two sessions. However, stock market experts believe that the stock may further continue uptrend as it has managed to improve its CASA and growth on quqarter after quarter. Interestingly, Equitas shares have been hitting new highs despite weak stock market sentiments.
Speaking on why Equitas Small Finance Bank shares are skyrocketing, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "In small finance bank, Equitas Small Finance Bank has managed to improve growth on a regular basis, which led to continuous rise in Equitas Small Finance Bank shares in last one year. Apart from this, when cost of funding has gone up after high interest regime peaked out in previous quarter, this small finance bank has managed to report improved CASA, which has attracted attention of stock market bulls. Recent rise in Equitas Small Finance Bank shares should be seen from these angles."
Equitas Small Finance Bank share price target
Expecting further upside in Equitas Small Finance Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, "Equitas Small Finance Bank shares are looking bullish on chart. Those who have this stock in portfolio are advised to upgrade trailing stop loss at ₹95 whereas fresh entry is also advisable below ₹100 for near term target of ₹110. However, one must maintain stop loss at ₹95 while taking fresh position in the scrip."
Equitas Small Finance Bank Q2 results
Equitas Small Finance Bank (SFB) announced its Q2 results for fiscal 2023-24 (Q2FY24), reporting a growth of 70.2 per cent in net profit at ₹198 crore, compared to ₹116.4 crore in the corresponding period last year. The private lender's net interest income (NIIs) – the difference between interest earned and interest expended – during the second quarter of current fiscal stood at ₹765.6 crore, registering a growth of 25 per cent, compared to ₹609.7 crore in the year-ago period.
Equitas Small Finance Bank share price history
In last one month, Equitas Small Finance Bank shares have risen from around ₹85 to ₹100 delivering over 15 per cent return to its shareholders. In last six months, Equitas Small Finance Bank share price has surged from around ₹70 to ₹100 apiece levels, delivering to the tune of over 40 per cent return to its investors. In YTD time, Equitas share price has delivered over 60 per cent return to its shareholders whereas in last one year, it has doubled shareholders' money by delivering to the tune of 105 per cent in this time.
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.
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