Federal Bank shares soar 14% on stellar Q4 show

Shares of Federal Bank today zoomed 14 per cent, adding Rs 2,204.86 crore to its market valuation, after the company's net profit went up manifold to Rs 256.59 crore for the quarter to March.
The stock soared 13.58 per cent to close at Rs 107.45 on BSE. During the day, it skyrocketed 15.22 per cent to Rs 109 -- its 52-week high.
On NSE, shares of the company surged 14 per cent to end at Rs 107.60.
Led by the sharp gain, the company's market valuation rose by Rs 2,204.86 crore to Rs 18,513.86 crore.
On the volume front, 72.31 lakh shares of the company were traded on BSE and over 7 crore shares changed hands on NSE during the day.

Net profit stood at Rs 10.26 crore in the January-March quarter of 2015-16.

The board also approved plans of capital raising of Rs 2,500 crore through various means, including qualified institutional placement (QIP), rights issue, preferential issue or follow-on public offer.
Total income during the period rose to Rs 2,598.06 crore, from Rs 2,262.94 crore a year ago, Federal Bank said in a regulatory filing.
The bank improved its asset quality, with net non- performing assets (NPAs) or bad loans easing to 1.28 per cent of net loans as on March 31, 2017, from 1.64 per cent at the end of March 2016.

Gross NPAs read 2.33 per cent of gross advances by the end of 2016-17, slightly down from 2.84 per cent a year ago.