Buy IDFC First Bank, target price Rs 44: IIFL

IIFL has buy call on IDFC First Bank with a target price of Rs 44.0. The current market price of IDFC First Bank Ltd. is Rs 42.85.

IDFC First Bank Ltd., incorporated in the year 2014, is a banking company (having a market cap of Rs 23483.50 Crore).

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated Interest Income of Rs 3093.91 Crore, down -.29 % from last quarter Interest Income of Rs 3102.75 Crore and up 4.13 % from last year same quarter Interest Income of Rs 2971.20 Crore. The bank reported net profit after tax of Rs 109.03 Crore in latest quarter.

Investment Rationale
Stock has given a Golden Crossover (89/200Dema), breakout on the daily chart & has added fresh long positions on the derivative front.

Promoter/FII Holdings
Promoters held 40 per cent stake in the company as of March 31, 2020, while FIIs held 13.56 per cent, DIIs 9.85 and public and others 36.59 per cent.