IDFC First Bank share price jumps after Q3FY23 results. Buy, sell or hold?

Market


After strong Q3FY23 results, IDFC First Bank share price today attracted huge buying interest in early morning deals. IDFC First Bank shares opened upside in opening bell today and went on to hit intraday high of 61.85 apiece on NSE, logging around 4 per cent rise against its Friday close of 59.35 per share.

According to stock market experts, IDFC First Bank share price is ascending after strong Q3 results, reported by the private bank on Saturday. They said that IDFC First Bank Q3 numbers have beaten estimates on most counts. The private lender managed to execute well on its liabilities in a tough cycle and its assets are also growing well. They said that IDFC First Bank share price may go up to 75 apiece levels in short to medium term.

Speaking on IDFC First Bank share price rally, Anuj Gupta, Vice President — Research at IIFL Securities said, “IDFC First Bank share price are surging on strong Q3 numbers. The private lender has reported 115 per cent jump in PAT on YoY basis, which has gone down well among the Dalal Street bulls. Those, who have this banking stock in portfolio are advised to hold it for further target of 70 levels. However, if someone is looking to enter in IDFC First Bank scrip, they can buy the counter at current levels and keep on accumulating till the stock is sustaining above 52.”

Upgrading target of IDFC First Bank shares, CLSA has said that IDFC First Bank Ltd has managed to beat street estimates on majority of the counts as the private bank has been able to execute its liabilities despite tough cycle in recent quarters. In fact, IDFC First Bank has managed to improve its asset quality. The brokerage upgraded IDFC First Bank share price target from 63 to 75 and advised positional investors to ‘Buy’ the banking scrip for long term.

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IDFC First Bank declared its Q3 results for current fiscal on Saturday. In its Q3FY23 results, IDFC First Bank reported strong performance on all fronts including profitability, customer deposits, funded asset, capital adequacy, asset quality and net NPA. The private lender reported 115 per cent YoY jump in net profit after tax (PAT), 27 per cent YoY rise in net interest income (NII) whereas its core operating income grew 32 per cent in this period.

Disclaimer: .he views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.


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