IDFC First Bank has announced on its website that the bank hiked interest rates on bulk FD’ ranging from ₹2 Cr to ₹25 crore. The range of interest will vary from 5.30% to 7.30% on deposits maturing in 7 days to 10 years. Premature withdrawals is not permitted by the bank.
IDFC First Bank started trading on the NSE in November 2015 at a price of ₹70.40. The current price of the stock is 59.30 as on Tuesday’s closing, trading at 15.77% away from its life time high. The Bank has a 52 Week range of ₹28.95 on lower side and ₹64.3 on the upper side. The stock is trading 7.7% away from its yearly high.
Looking at the technical, the stock’s pivot point is on ₹60.76, Support is at ₹60.14, ₹59.72, 59.19, and the Resistance is at ₹61.09, 61.62, 62.04 in the standard calculation as per investing dot com. The has breached the Support 2 but has closed above the Support 3 point.
Looking at the fundamentals, the Bank has a market capitalisation of ₹ 37,825.54 crores, PE Ratio of 22.32, and ROE of 0.68%. As per the shareholding patter, the promoters holds 36.47%, public holds 30.18%, DII’s hold 21.65% and FII’s hold 11.70% of the shares. The current dividend per share is 0 and the last dividend was ₹ 0.75 declared in 2018 as per trade brains portal.
The bank had a Net Sales of ₹ 5,469.76 Cr and Net Profit of ₹ 567.19 Cr taking its Net Profit Margin to 10.37%, 5% above the Jun 2022 quarter. The yearly performance till Sep 22 quarter is showing Net Profit Margin of 0.77%, 74% lower than 2021 as there was an increase in the operating expenses. The results of the December quarter are awaited.
IDFC First Bank is Large Cap private sector Bank. It was formed when Infrastructure Development Finance Company’s banking arm and Capital First Ltd, an Indian non-bank financial institution merged. The bank was launched in 2015 and is headquartered in Mumbai and has V. Vaidyanathan as CEO from December 2018.
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