Multibagger Bank Stock Hits 52-Week For 2nd Day After GQG Partners Buys 2.6% Stake

Shares of IDFC First Bank Ltd rallied more than 5% on September 4, 2023 after US-based boutique investment firm, GQG Partners on September 1 bought 2.6% stake in the banking company for approximately Rs 1527 crore via bulk deals. Current market price of IDFC First Bank share is Rs 100.00 apiece with an intraday rally of 1.57% till 9:30 am. IDFC First Bank stock also hit its new 52-week high today. It also hit fresh 52-week high on September 4, 2023. Check details below:

It is worth mentioning Warburg Pincus affiliate Cloverdell Investment on September 1 sold nearly 4.2% or 27.9 crore shares at an average price of Rs 89 apiece, taking the aggregate transaction value to Rs 2,480.34 crore. Cloverdell held approximately 7.12% of IDFC First Bank as of June quarter.

Meanwhile, Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund on September 1 purchased 10,77,55,028 shares, accounting for 1.63% of IDFC First's equity. GQG Partners Emerging Markets Equity Fund bought 6,38,47,470 shares, representing 0.96% of the banking company's equity.

IDFC First Bank Stock Performance: IDFC First Bank share soared 5.36% on Monday to Rs 98.45 per share. Current market price of IDFC First Bank stock is Rs 100.00 per share on BSE. Its 52-week high price is Rs 100.00 per share and 52-week low price is Rs 46.10 apiece, respectively. The banking company has a market capitalisation of Rs 65,353.61 crore. IDFC First Bank stock gained 35% in last 3-months, surged 61% YTD, rallied 103% in last 1-year, and offered 210% return in last 3-years. In last 5-years, IDFC First Bank shares rose 119% in last 5-years.

IDFC First Bank Financial Performance: The company for the quarter ended June 30, 2023 announced its consolidated total income at Rs 8,232.47 crore, up 5.24% as against its last quarter total income of Rs 7,822.23 crore. The company in its latest quarter announced its net profit after tax at Rs 731.51 crore.

IDFC First Bank About: IDFC FIRST Bank was founded by the merger of Erstwhile IDFC Bank and Erstwhile Capital First on December 18, 2018. IDFC Limited was set up in 1997 to finance infrastructure, focusing primarily on project finance and mobilization of capital for private sector infrastructure development, according to its official website.

Disclaimer

The stock just highlights the rally in share and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for ay losses. Please consult a professional advisor.