Buy Federal Bank, target price Rs 119: Religare Broking

Religare Broking has buy call on Federal Bank with a target price of Rs 119. The current market price of Federal Bank Ltd. is Rs 107.3. 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 22581.17 Crore).

Federal Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 4318.17 Crore, up 3.54 % from last quarter Total Income of Rs 4170.55 Crore and up 4.11 % from last year same quarter Total Income of Rs 4147.77 Crore. The bank reported net profit after tax of Rs 656.30 Crore in latest quarter.

Investment Rationale
Stock has witnessed a consolidation range i.e. 80- 100 breakout with a noticeable surge in volumes.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 30-Jun-2022, while FIIs owned 26.2 per cent, DIIs 42.12 per cent.