IDFC First Bank share price: Buy IDFC First Bank, target price Rs 52: Yes Securities

Yes Securities has buy call on with a target price of Rs 52. The current market price of IDFC First Bank Ltd. is Rs 46.85. Time period given by analyst is Intra Day when IDFC First Bank price can reach defined target.

IDFC First Bank Ltd., incorporated in the year 2014, is a banking company (having a market cap of Rs 29110.06 Crore).

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 4938.03 Crore, up 2.15 % from last quarter Total Income of Rs 4834.19 Crore and up 11.89 % from last year same quarter Total Income of Rs 4413.20 Crore.

Investment Rationale
After losing 29 per cent from the June month’s high, the stock is bouncing off its support zone seen near Rs 44. Appearance of a long legged bullish candle could mean that the stock is due for mean reversion; hence, a rally towards Rs 52 is possible.

Promoter/FII Holdings
Promoters held 40 per cent stake in the company as of March 31, 2021, while FIIs held 11.9 per cent, DIIs 10.5 per cent and public and others 36.9 per cent.