Q1 Results effect! Federal Bank share price marks biggest gain in 1 year, rallies 21% to 5-week high

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Published: July 17, 2018 4:06:24 PM

Federal Bank share price: Shares of Kochi-based private sector lender Federal Bank marked the biggest gain in over 1 year and rallied little more than 21% on Tuesday following the better-than-expected Q1 FY19 results.

Federal Bank share price: The stock of Federal Bank rose 21.04% to a nearly 5-week high of Rs 89.75 before closing up 19.29% at Rs 88.45 on NSE. (Image: Reuters)

Federal Bank share price: Shares of Kochi-based private sector lender Federal Bank marked the biggest gain in over 1 year and rallied little more than 21% on Tuesday following the better-than-expected Q1 FY19 results. Federal Bank share price on Monday saw its biggest intraday percentage gain since April 2017. Rakesh Jhunjhunwala, India’s most-admired stock picker, owns nearly 2% stake in Federal Bank. According to the latest shareholding data available with stock exchanges, Rakesh Jhunjhunwala holds 3.47 crore equity shares of Federal Bank which accounts for 1.79% of the total shares held by the public shareholders.

The stock of Federal Bank rose 21.04% to a nearly 5-week high of Rs 89.75 before closing up 19.29% at Rs 88.45 on NSE. This is the highest level since 11 June 2018 when Federal Bank share price hit a high of Rs 90.3 (intraday) on NSE. Federal Bank share price on BSE got appreciated by 20.65% to a high of Rs 89.4 before closing up 19.16%% at Rs 88.3 today. Notably, Federal Bank share price tumbled 0.88% to a 52-week low of Rs 73.5 on NSE today.

Federal Bank Q1 Results 2019: The Federal Bank Ltd on Tuesday reported an increase of 25% in the standalone net profit to Rs 262.71 crore in the April-June period of the financial year 2018-2019 as compared to Rs 210.15 crore in the same quarter a year earlier. During the quarter, the asset quality of Federal Bank deteriorated with gross non-performing assets (NPAs) rising to 3.42% from 2.42% as on 30 June 2017. Similarly, net NPAs rose to 1.72% from to 1.39% in the same quarter a year ago. The bad loans provisioning and contingencies dropped to Rs 199.15 crore for April-June quarter from Rs 236.44 crore a year ago.

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