Federal Bank share: Veteran investor Rekha Jhunjhunwala has many such stocks in her portfolio which have given surprising returns to the investors. One such stock is Federal Bank. Experts seem bullish on the shares of this private sector bank. On Tuesday, the second day of the week, the stock price of Federal Bank reached Rs 199.75. On August 13, 2024, the share was at Rs 206.55. This is the 52-week high of the stock. The share was at Rs 137.30 in October 2023. This is the 52-week low level of the stock.
brokerage estimate
Motilal Oswal Financial Services (MOFSL) has advised to buy the stock. The brokerage has kept the target price for the share at Rs 230. Analysts at Motilal Oswal are bullish on Federal Bank as the company has shown a strong performance with 20 per cent compound annual growth rate (CAGR) in its loan book and 18 per cent deposit growth in FY2022-24.
New command of Federal Bank
Recently, KVS Manian has taken charge as the new MD and CEO of Federal Bank. According to Federal Bank, Manian has joined Federal Bank after an illustrious career of more than two and a half decades at Kotak Mahindra Bank Limited. During his tenure at Kotak, he was instrumental in transforming the bank from a non-banking financial company (NBFC) to one of India’s leading private sector banks. Let us inform that in the quarter ending June 1 of the current financial year 2024-25, the profit of Federal Bank increased by 16.74 percent to Rs 1,027.51 crore. The bank was helped by higher recoveries from written off accounts.
Bets of big investors
Veteran investor Rekha Jhunjhunwala holds more than 2 percent stake in Federal Bank. Public shareholders, not promoters, hold 100 percent stake in the bank. Many mutual funds – Tata, Axis, DSP, HSBC, SBI and ICICI – have stakes in it.
