Federal Bank rose 1.23% to Rs 111.60 at 15:18 IST on BSE on reports that a foreign brokerage firm initiated coverage on the stock with a 'Buy' rating.
Meanwhile, the S&P BSE Sensex was down 193.15 points, or 0.61% to 31,699.08.On the BSE, 8.42 lakh shares were traded in the counter so far, compared with average daily volumes of 9.42 lakh shares in the past one quarter. The stock had hit a high of Rs 112.90 and a low of Rs 109.65 so far during the day. The stock hit a record high of Rs 122.40 on 16 June 2017. The stock hit a 52-week low of Rs 61.85 on 26 December 2016.
The stock had underperformed the market over the past one month till 1 September 2017, falling 2.78% compared with 1.07% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 3.63% as against Sensex's 1.98% rise. The scrip had outperformed the market in past one year, rising 57.24% as against Sensex's 11.78% rise.
The large-cap lender has equity capital of Rs 389.16 crore. Face value per share is Rs 2.
According to reports, the brokerage cited revival in loan growth, cost-control and better asset-quality as key triggers for the Federal Bank stock.
Federal Bank's net profit rose 25.61% to Rs 210.15 crore on 17.2% growth in operating income to Rs 2653.19 crore in Q1 June 2017 over Q1 June 2016.
Federal Bank is one of the leading private sector banks in India.
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