 "IDFC, IDFC First Bank up for 7 straight days despite market volatility")
Shares of IDFC and IDFC First Bank have logged consecutive gains in the last 7 and 8 trading sessions, respectively, even as the frontline indices traded on a jittery note.
IDFC has gained 5 per cent in the last 7 straight trading sessions, up 4.9 per cent so far this and has rallied over 58 per cent so far this fiscal year. Whereas, IDFC First Bank has surged 6.6 per cent in the last 8 straight trading sessions, up 7.1 per cent so far this month, and has zoomed 69.5 per cent so far this financial year.
Meanwhile, the NSE Nifty 50 has been hovering around the 19,400 level in the last eight trading sessions and is down 1.8 per cent so far this month. The index, however, has gained 11.8 per cent so far in FY24.
On Wednesday, IDFC registered a fresh 52-week high at Rs 125.25, and was up 0.8 per cent at Rs 124 with trades of around 4.15 lakh shares so far on the BSE. On the other hand, IDFC First Bank hit a fresh 52-week high at Rs 93.63, and was up 0.8 per cent at Rs 92.57 on the BSE. The counter had seen trades of around 11 lakh shares so far.
Meanwhile, the S&P BSE Sensex was down 0.1 per cent at 65,150 as of 10:35 AM.
In July 2023, the board of IDFC and IDFC First Bank had approved the scheme of amalgamation between the two entities. As per the scheme, shareholders of IDFC will get 155 shares of IDFC First Bank for every 100 shares owned by them as per the record date.
In the recently concluded June quarter, IDFC reported a sharp 93.5 per cent fall in net profit at Rs 11.74 crore when compared with Rs 181.12 crore in the corresponding quarter a year ago. Total income plunged 88.1 per cent from Rs 191.57 crore in Q1FY23 to Rs 22.83 crore in Q1FY24.
IDFC First Bank posted a 61 per cent year-on-year growth in Q1 net profit at Rs 765 crore for the quarter ended June 2023 when compared with Rs 474 crore in the corresponding quarter a year ago. Net Interest Income grew by 36 per cent YoY to Rs 3,745 crore from Rs 2,751 crore.