India's Federal Bank gains on Q2 profit beat

Federal Bank

29/10/2024 04:18

** Shares of Federal Bank  FED.NS  jump about 7% to 197.8
rupees, eyes best pct gain since June 5
    ** Stock top gainer on Nifty private bank index
 .NIFPVTBNK , which is down 0.9%
    ** Lender posts net profit of 10.57 bln rupees ($126 mln),
beating estimate of 9.94 bln rupees, per LSEG data
    ** Emkay Research cites strong growth in retail and mall and
medium-sized enterprises loans
    ** Avg rating of 30 analysts is "buy" rating; median PT is
230 rupees - LSEG data
    ** Stock up 26% YTD vs a 1.4% gain in private bank index
 
 ($1 = 84.0740 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))