IDFC First Bank shares hit 52-week high as Q4 profit hits record high. Buy, sell or hold?
2 min read 02 May 2023, 10:59 AM ISTStock market today: IDFC First Bank shares logged more than 6 per cent intraday rise on Tuesday within few minutes of the opening bell session
PremiumStock market today: After announcement of strong Q4 results on Saturday, IDFC First Bank shares touched 52-week high in early morning deals on Tuesday. IDFC First Bank share price today opened upside and went on to hit intraday high of ₹65.25 apiece on NSE, logging around 6 per cent rise within few minutes of stock market's opening bell today.
Why IDFC First Bank shares are rising?
Speaking on the reason for rise in IDFC First Bank shares, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "IDFC First Bank shares are rising as the private lender announced strong Q4 numbers on Saturday last week. As this is the first trade session after the IDFC First Bank results, bulls are giving positive response to the banking stock."
Chandan Taparia of Motilal Oswal went on to add that IDFC First Bank share price is in uptrend and it may go up to ₹68 to ₹70 apiece levels in short term. So, those who have this stock in portfolio should hold the scrip for the given target whereas fresh entry is also looks suitable at current levels.
"IDFC First Bank shareholders can hold the stock for ₹68 to ₹70 per share short term target keeping stop loss at ₹60 per share levels. For fresh buyers, current levels can be a good level to enter for the same short term target maintaining stop loss at ₹60 apiece levels," said Chandan Taparia.
IDFC First Bank Q4 results
IDFC First Bank Q4 results was announced on Saturday last week. In Q4FY23 results, IDFC First Bank reported strong growth in earnings. The private lender's net profit in fourth quarter of the recently ended financial year 2022-23 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 IDFC First Bank's net profit skyrocketed by 134% 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.
IDFC First Bank share price history
IDFC First Bank shares are in uptrend for last one month as the banking scrip has risen from ₹55.55 to ₹64 apiece levels in this time, delivering around 15 per cent return to its shareholders. In last one year, IDFC First Bank share price has given 65 per cent return to its positional long term shareholders.
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