On September 4, GQG Partners had bought a 2.6 percent stake in the Mumbai-based private lender in a deal worth Rs 1,527 crore.

The shares of IDFC First Bank scaled a record high of Rs 98.99 each, keeping up the rally for the fourth straight trading session on September 4. With a 67 percent surge so far this year, it leads all listed banks

IDFC First Bank, which settled the Friday's trade with just 0.11 percent gains at Rs 93.44 on the BSE, clocked uptrend in last 18 out of 20 weeks and registered 73 percent gains in the same period.

A total of 28.1 crore shares changed hands at Rs 90 apiece, a day after the bank made its way into the MSCI Global Standard Index. The buyers and sellers could not be identified immediately

Motilal Oswal is bullish on IDFC First Bank recommended buy rating on the stock with a target price of Rs 100 in its research report dated July 30, 2023.

IDFC First Bank has given a return of 46.48 percent over the last six months.

According to Nuvama Alternative Research, IDFC First Bank is the top probable contender for MSCI August 2023 Standard Index inclusion. However, the stock needs to rally close to 10 percent from current levels

Analysts expect the spread to contract as the merger progresses. The merger is likely to be completed in 12-15 months.