Federal Bank share price: Buy Federal Bank, target price Rs 110: Angel Broking
Did you Know? Stock score of Federal Bank Ltd moved down by 1 in a week on a 10-point scale. View Latest Stock Report »
Angel Broking has buy call onwith a target price of Rs 110. The current market price of Federal Bank Ltd. is Rs 80.5.Time period given by analyst is one year when Federal Bank Ltd. price can reach defined target.Federal Bank Ltd., incorporated in the year 1931, is a banking company (having a market cap of Rs 16830.05 Crore).For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 4147.77 Crore, up 3.79 % from last quarter Total Income of Rs 3996.43 Crore and up 2.28 % from last year same quarter Total Income of Rs 4055.42 Crore. The bank reported net profit after tax of Rs 356.76 Crore in latest quarter.Federal bank is one of India’s largest old generation private sector banks with total assets of Rs. 1.9 lakh cr. with deposits of Rs. 1.56 lakh cr. and a loan book of Rs. 1.2 lakh cr in F21. NPA’s have remained steady for the bank over the past few years with GNPA for Q3FY21 at 3.38% while NNPA ratio stood at 1.14%. PCR at the end of Q3FY21 stood at ~67% which the brokerage believes is adequate.Restructuring book is expected to be at Rs. 1,500-1,600 crore out of which Rs. 1,067 crore has already been restructured. This is against earlier expectations of total restructuring of Rs. 3,000-3,500 crore.Promoters held 0 per cent stake in the company as of March 31, 2021, while FIIs held 25.6 per cent, DIIs 42.7 per cent and public and others 31.7 per cent.
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London spot Gold rose by 1.4% or $25 and closed at $1,817.57 an ounce, achieving the level in more than three weeks after U.S. Fed Chair Powell did not provide any clear guidance on the timeline for paring economic support at the Jackson Hole economic conference. For the week, London gold advanced more than 2%. The Fed Chair Powell said the Fed will likely begin to ease off its monetary stimulus packages but added that interest rate hikes are still off in the distance. At the same time, worries over the rapid spread of the Delta strain persisted, as some countries in the Asia-Pacific imposed fresh restrictions. MCX gold October future may appreciate as the dollar has weakened after Fed Chair Powell offered no signal on when the central bank plans to cut its asset purchases beyond saying it could be “this year” and indicated it will remain cautious in any eventual decision to raise interest rates. On Friday MCX Gold October appreciated by nearly 300 points hence we don’t rule out possibility of a subdued start of week but eventually we expect MCX Gold October to appreciate to Rs. 47,700 per 10 gram Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers