India's IDFC First Bank hits record high after GQG Partners buys stake

IDFC First Bank

04/09/2023 07:50

** Shares of IDFC First Bank  IDFB.NS  rise as much as 5.4%
to 98.45 rupees, their all-time high
    ** Investment firm GQG Partners bought 2.6% stake in IDFB
for 15.27 bln rupees ($184.6 mln) on Friday- BSE data
    ** GQG Partners-owned funds Goldman Sachs GQG Partners
International Opportunities and GQG Partners Emerging Markets
Equity pick up 1.63% and 0.96% stake, respectively
    ** Over 52.2 mln shares change hands as of 12:07 p.m. IST,
1X the 30-day moving average
    ** Six analysts rate the stock "buy" or "strong buy", two
"hold", three "sell"; median PT is 82.5 rupees - LSEG data
    ** Including day's move, stock up 65.6% YTD, and up 18.4%
since IDFB's merger with IDFC Ltd  IDFC.NS  approved on July 4

($1 = 82.7325 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))