Federal Bank broke out from a consolidation range, presenting a buying opportunity for short-term traders aiming for an upside target of Rs 199-200. Technical indicators suggest bullish momentum with potential pullback.
Shares of Federal Bank surged more than 4.76 per cent to Rs 170.25, hitting its new 52-week high and commanding a total market capitalization of more than 41,000 crore.
The Federal Bank board recommended final dividend of Rs 1.20 per equity share of the face value Rs. 2 each (60%) for the financial year 2023-24 subject to the approval of the Shareholders at the ensuing Annual General Meeting (AGM) of the lender.
The bank s operating profit for the quarter was lower at Rs 1110 crore due to 41% higher operational expenses including Rs 162 crore one-time pension-related staff cost, offsetting 15% higher net interest income at Rs 2195 crore, its highest ever.