Federal Bank has been moving within a range and is seeing resistance near the Rs 152 level for quite some time. The stock has near-term support at Rs 143, which is also where the significant 50-EMA lies.
Shares of Federal Bank Ltd hit an all-time high today after the lender reported better-than-expected earnings for the quarter ended September 2023. Net profit climbed 35.56% to Rs 954 crore in Q2 against the profit of Rs 703.7 crore in the September quarter of 2022. The bank logged highest ever quarterly profit in Q2. Net interest income came 16.7% higher at Rs 2056.4 in Q2 against Rs 1761.18 crore in September quarter of the previous fiscal. NII too was the highest in the last quarter.
Analysts tracking the counter expect a double-digit growth in net interest income (NIIs) on a year-on-year (YoY) basis, while sequential performance (QoQ) may remain subdued.
Five insurers namely ICICI Prudential Life, SBI Life, HDFC Life, Tata AIA Life and Kotak Life owned Rs 1,991 crore worth of IHCL shares, which is seen as key beneficiary of rising demand and pick up in average room rentals.
Federal Bank was mutual funds' biggest bet in value terms. Domestic fund managers bought increased their holdings in Federal Bank by 12.32 crore (worth Rs 1,670 crore) to 81.59 crore shares in July.