Private sector IDFC First Bank has released its December quarter business updates. After these reports, strong buying was seen in bank shares on Friday. Market experts believe that the rise in shares may continue on Monday also.
stock performance
- On Friday:
- IDFC First Bank share price reached ₹65.80.
- This was about 1.25% higher than Thursday’s closing price of ₹64.68.
- The stock ended the day at ₹65.18, marking a rise of 0.74% from the previous day.
- 52-week high: The share had reached ₹89.60 in January 2024.
December quarter performance
IDFC First Bank reports strong financial numbers for the quarter ending December 31, 2024:
- Recorded an annual growth (YoY) of 25%.
- Impressive growth of 21.9% in loans and advances.
- Also notable expansion in consumer deposits and CASA (current account and savings account).
expert opinion
Anshul Jain, Research Head, Laxmishree Investments & Securities
- The bank has registered significant growth in loans, advances and deposits.
- This is a positive sign for shareholders.
Mahesh M Ojha, AVP-Research, Hansex Securities
- technical approach:
- ₹62: Strong support level.
- The share may reach ₹72 soon.
- On crossing ₹72, targets could be ₹75 and ₹78.
- Suggestion:
- Existing investors should hold shares with a stop loss of ₹62.
- New investors can buy at current prices with near term targets of ₹72 and ₹78.
advice for investors
- Existing Investors:
- Maintain stop loss at ₹62.
- Hold shares keeping in mind the targets of ₹72, ₹75, and ₹78.
- New Investors:
- Buy at the current market price.
- Adhere to strict stop loss at ₹62.
