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Federal Bank share price gains 4% after Rakesh Jhunhjunwala raises stake in Q1

Stock of Federal Bank  rose 4.13% intra day to Rs 54.25 against previous close of Rs 52.10 on BSE

twitter-logoBusinessToday.In | July 20, 2020 | Updated 17:53 IST
Federal Bank share price gains 4% after Rakesh Jhunhjunwala raises stake
Market cap of Federal Bank rose to Rs 10,527 crore on BSE

Federal Bank share price gained over 4 percent intraday after ace investor Rakesh Jhunhjunwala bought an additional 20 lakh shares in the during the quarter ended June 2020. Stock of Federal Bank  rose 4.13% intra day to Rs 54.25 against previous close of Rs 52.10 on BSE. Total 29.05 lakh shares changed hands amounting to turnover of Rs 15.48 crore.

Later, the share closed 2.98% higher at Rs 53.65. The stock stands higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

The stock has gained 7.62% in last three days. In one year, the share has lost 45.73% and fallen 39.07%  since the beginning of this year.

Market cap of the lender rose to Rs 10,690 crore.

In June quarter, Jhunhjunwala's total holding in the bank stood at 3.18 percent in the quarter ended June 2020 against 3.08 percent in March 2020.

Rakesh Jhunjhunwala earned Rs 13 lakh per day with this stock in 69 trading sessions

In last quarter, the big bull held 6.23 crore shares against 6.03 crore shares held by him for quarter ended March.

Standalone net profit of the bank rose to Rs 400.77 crore for the first quarter ended June against net profit of Rs 384.21 crore during the corresponding quarter of the previous financial year 2019-20. Total income in Q1 increased to Rs 3,932.52 crore compared with Rs 3,620.82 crore in the year-ago period.

Interest income rose to Rs 3,444.15 crore compared with Rs 3,229.30 crore a year ago. However, income from other sources jumped to Rs 488.37 crore in the June 2020 quarter, from Rs 391.52 crore.

Rakesh Jhunjhunwala hikes stake in this firm; shares rally 136% in 4 months

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