Federal Bank Share Price on 7 May 2024
Recent Trends: Federal Bank shares have been on the rise in the past few days, with domestic brokerage firm Anand Rathi recommending buying the shares. Experts suggest that Federal Bank shares could touch the ₹200 mark in a short span of time.
Recent Performance: Last Friday, the bank’s shares were trading at ₹165.95, up by 1.22%. On Monday, 6 May 2024, the shares saw a decline of 1.72% to trade at ₹163.10. By Tuesday (7 May 2024), the shares were trading at ₹163, down by 0.21%.
Financial Outlook: According to brokerage firms, there are strong indications of a robust growth in Federal Bank shares. The bank reported a net profit of ₹906 crores in the January-March quarter of 2023-24. For the entire financial year 2023-24, Federal Bank recorded a 24% increase in net profit, amounting to ₹3,721 crores.
Revenue Collection: In the January-March quarter, Federal Bank collected ₹6,432 crores in revenue, marking a growth of 23.42%. During the same period, the bank’s net interest income increased by 15% to ₹2,195 crores.
Major Shareholders: Rekha Jhunjhunwala, wife of stock market veteran Rakesh Jhunjhunwala, holds 38,311,060 shares of Federal Bank, accounting for 1.59% ownership. After Rakesh Jhunjhunwala’s demise, Rekha Jhunjhunwala has taken over his portfolio, which includes 24,500,000 shares of Federal Bank.
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.