IDFC First Bank closes to year’s high, Yes Bank soars. Why banking stocks soared today | Techy Kings

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After sharing Q2FY23 business updates, shares of Yes Bank and IDFC First Bank today surged with big gains in early morning deals. IDFC First Bank stock price today opened with a reversal gap and continued to hit daily highs 52.30 apiece, close to a 52-week high 53.75 on the NSE. Shares of the private lender posted more than 6 percent daily gains in the minutes after the stock market’s opening bell. Likewise, Yes Bank’s share price today opened up and continued to reach the highest daily level 15.85 apiece on the NSE, logging nearly 2 percent gains in the early morning session on Tuesday.

An upbeat quarterly update from banks lifted the Nifty Bank index by 2.5%. Shares of IndusInd Bank rose 5% after it said second-quarter net advances rose 18% year-on-year.

According to stock market watchers, Q2FY23 business updates from both private lenders were quite positive. They say that the banking space is already busy because of the hawkish interest rate regime. They advised shareholders of both banks to hold the counter.

Commenting on the share price outlook of Yes Bank and IDFC First Bank, Ravi Singhal, Chief Executive Officer at GCL Securities said, “Both banks have released their Q2FY2022-23 business updates. The market expects an improvement in their margins and asset quality due to interest rates also rose. . But, both stocks are trading close to their immediate barriers. So, shareholders of these banks are advised to hold the shares while new investors can wait for either a breakout or profit-taking on this counter.” Ravi Singhal of GCL Securities said that Yes Bank and IDFC First Bank have reported excellent YoY surges in their deposits and loans and advances.

Yes Bank business update Q2FY23

In its Q2FY23 business update shared with Indian bourses, Yes Bank has informed that its Loans & Advances have jumped 11.60 percent in YoY and 3.50 percent in QoQ time. Similarly, Yes Bank has recorded a 13.20 percent YoY jump in deposits while it has recorded a 3.50 percent increase in deposits during QoQ.

IDFC First Bank Q2FY23 business update

According to a business update shared by IDFC First Bank with Indian bourses, the private lender’s funded assets grew 24.80 percent in YoY time while it grew 5.60 percent in QoQ time. IDFC Bank reported that its Customer Deposits increased by 35.90 percent YoY while it recorded a 10.80 percent increase in Customer Deposits on a QoQ basis.

Yes Bank vs IDFC First Bank

Sharing his views on Yes Bank and IDFC First Bank shares in a short-term perspective, Sumeet Bagadia, Executive Director at Choice Broking said, “One can buy IDFC First Bank shares at current levels for a short-term target of 58 to 60 floors each. However, one must maintain the stop loss at 47 levels. Yes Bank Shares can be bought at current levels for short term targets of as much 20 to 22 maintain a stop loss at 13 floors each.”

Disclaimer: The views and recommendations made above are the views of individual analysts or brokerage firms, and not of Mint.

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