Buy Federal Bank, target price Rs 98: IIFL

IIFL has buy call on Federal Bank with a target price of Rs 98. The current market price of Federal Bank Ltd. is Rs 93.55. Time period given by analyst is Intra Day when Federal Bank Ltd. price can reach defined target.

Federal Bank Ltd., incorporated in the year 1931, is a banking company (having a market cap of Rs 19666.58 Crore).

Federal Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2021.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 4147.77 Crore, up 3.79 % from last quarter Total Income of Rs 3996.43 Crore and up 2.28 % from last year same quarter Total Income of Rs 4055.42 Crore. The bank reported net profit after tax of Rs 356.76 Crore in latest quarter.


Investment Rationale
Stock has given an inverse head & shoulder breakout on the daily chart

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of March 31, 2021, while FIIs held 25.6 per cent, DIIs 42.7 per cent and public and others 31.7 per cent.