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    Buy IDFC, target price Rs 92 : Nuvama Wealth

    Synopsis

    IDFC has broken out from a “Bullish Flag and Pole”pattern indicating revival of bullish sentiments.i

    BuyAgencies
    Promoters held 0 per cent stake in the company as of 30-Jun-2022, while FIIs owned 20.58 per cent, DIIs 12.49 per cent.
    Nuvama Wealth brokerage has buy call on IDFC with a target price of Rs 92. The current market price of IDFC is Rs 85.45. Nuvama Wealth brokerage recommended to keep stop loss at Rs 82.2.

    IDFC, incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 13681.97 Crore) operating in Term Lending Institutions sector.

    IDFC key Products/Revenue Segments include Interest for the year ending 31-Mar-2021.

    Financials
    For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 58.46 Crore, up 161.33 % from last quarter Total Income of Rs 22.37 Crore and down -57.92 % from last year same quarter Total Income of Rs 138.93 Crore. Company has reported net profit after tax of Rs 78.85 Crore in latest quarter.

    The company’s top management includes Mr.Anil Singhvi, Mr.Mahendra N Shah, Mr.Ajay Sondhi, Ms.Anita Belani, Dr.Jaimini Bhagwati. Company has KKC & Associates LLP as its auditors. As on 30-06-2022, the company has a total of 160 Crore shares outstanding.

    Investment Rationale
    IDFC has broken out from a “Bullish Flag and Pole” pattern indicating revival of bullish sentiments.

    Promoter/FII Holdings
    Promoters held 0 per cent stake in the company as of 30-Jun-2022, while FIIs owned 20.58 per cent, DIIs 12.49 per cent.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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