IIFL Finance: Over the past four trading sessions, the stock has surged by 23%, showcasing a remarkable recovery. Since hitting their March low of ₹313 apiece, the shares have appreciated by 39%, currently trading at ₹435.65 apiece.
IIFL Finance shares rose 15.40 per cent to hit a high of Rs 408.75 on BSE. A total of 9.10 lakh IIFL Finance shares changed hands on the stock exchange against a two-week average of 3.10 lakh shares.
SBI, HDFC Bank: Banks are attracting small ticket size gold loan customers backed by their improved pan-India reach (improved branch network), lower interest rates as well as improved turnaround time by adopting digital means, InCred said.
While initiating coverage on the stock with a buy rating and setting a target price of Rs 790, HSBC Global Research said a surge in retail assets under management (AUM) and the prospect of lower volatility in asset quality during the next economic cycle could trigger a positive re-rating for IIFL Finance.