Buy IDFC First Bank, target price Rs 64: IIFL

IIFL has buy call on with a target price of Rs 64. The current market price of IDFC First Bank is Rs 60.9. Time period given by analyst is Intra Day when IDFC First Bank Ltd. price can reach defined target.

IDFC First Bank Ltd., incorporated in the year 2014, is a banking company (having a market cap of Rs 37782.62 Crore).

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 4834.19 Crore, down -.03 % from last quarter Total Income of Rs 4835.86 Crore and up 6.17 % from last year same quarter Total Income of Rs 4553.07 Crore. The bank reported net profit after tax of Rs 136.93 Crore in latest quarter.

Investment Rationale
Bullish candlestick pattern, engulfing the entire candle body of the last seven trading sessions.
Promoter/FII Holdings
Promoters held 40 per cent stake in the company as of March 31, 2021, while FIIs held 11.9 per cent, DIIs 10.5 per cent and public and others 36.9 per cent.

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