Shares of Federal Bank rose more than 1.35 per cent during the trading session on Thursday to Rs 156.75 with a total market captialization close to Rs 38,000 crore.
Federal Bank on Tuesday reported a net profit of Rs 1,007 crore for the December quarter of the financial year 2023-24, a 25 per cent jump on a year-on-year basis.
Shares of private sector lender Federal Bank Ltd are trading near their record high. The banking stock touched an all-time high of Rs 159.25 in the previous session. However, the stock saw partial profit-booking and closed 2.76% lower at Rs 153.10 on Wednesday.
The banking shares touched a record high of Rs 158.05, rising 2.59% in early deals today against the previous close of Rs 154.05 on BSE. Market cap of the bank rose to Rs 38,295 crore.
Federal Bank: Nuvama Institutional Equities said it maintained its ‘Buy’ rating on the stock due to inexpensive valuation and its own expectation of better performance in quarters ahead.