India's Federal Bank rises after cenbank approves KVS Manian as CEO

Federal Bank

23/07/2024 05:04

** Shares of India's Federal Bank  FED.NS  climb as much as
5.5% to a record high of 203.44 rupees, last up 3%  
    ** Co said Reserve Bank of India has approved appointment of
KVS Manian, former joint MD of Kotak Mahindra Bank  KTKM.NS , as
its MD and CEO 
    ** KVS Manian's background ticks most of the key boxes that
investors would look for in a bank CEO, said analysts at Yes
Securities 
    ** Focus would also be on long-term bottom-up change,
brokerage adds 
    ** Nifty Private Bank index  .NIFPVTBNK , which FED is a
part of, up 0.2% 
    ** Average rating on the stock is "buy", median TP 195
rupees - LSEG data
    ** YTD stock has risen 28% vs ~5% gain in Nifty private bank
index 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))