India's Federal Bank hits record high

Federal Bank

12/06/2024 10:51

** Shares of Federal Bank  FED.NS  up 3.8% to a record high
of 173.94 rupees 
    ** Reuters could not immediately ascertain a reason for the
stock move 
    ** Lender is the top percentage gainer on the Nifty private
bank index  .NIFPVTBNK , which is up 0.3% 
    ** Separately, co likely submitted three names to the
Reserve Bank of India for Managing Director and Chief Executive
Director posts, CNBC-TV18 reported citing sources 
    ** The names include KVS Manian, deputy MD at Kotak Mahindra
Bank  KTKM.NS , and two executive directors currently working
with Federal Bank 
    ** The company did not immediately respond to a Reuters'
request for comment 
    ** Analysts' avg rating on stock is "Buy", median PT is 195
rupees, per LSEG data 
    ** Including session's gains, stock is up ~12% YTD, while
NIFPVTBNK is down 0.5% 



 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))