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On a combined basis, IDFC First Bank has on-book loan assets of Rs 1,02,683 crore.
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Traders can accumulate the stock in a range of Rs 555-565 for the upside target of Rs 612 levels and a stop loss below Rs 520, says Shitij Gandhi of SMC Global Securities.
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Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 32.5 points, or 0.3 percent. Nifty futures were trading around 10,987-level on the Singaporean Exchange.
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The board of IDFC Bank also approved appointment of Rajiv Lall, Founder MD & CEO of IDFC Bank, as part-time non-executive chairman of IDFC First Bank, subject to approval from the RBI.
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After its merger with non-banking finance company Capital First, IDFC is trying to sell some of its 'non-core' assets
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Total income for the September quarter of 2018-19 rose to Rs 1,202.79 crore as against Rs 795.40 crore in the same period of previous fiscal, Capital First said in a regulatory filing.
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Tight liquidity conditions combined with specific credit issues (IL&FS) led to a big reset for NBFCs as well as housing finance companies (HFCs).
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Capital First has reported a consolidated total income from operations of Rs 1,045.41 crore and a net profit of Rs 101.52 crore for the quarter ended Jun-2018
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The company had reported a profit after tax of Rs 65.4 crore in the year-ago quarter.
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Capital First's board meeting in next week will approve private placement of non-convertible debentures.
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Apart from the RBI, the merger process has got approval from Competition Commission of India, National Housing Board, NSE, BSE and SEBI
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"The Reserve Bank of India (RBI) has, via its letter dated June 4, 2018, conveyed its 'No Objection' for the voluntary amalgamation of Capital First Ltd, Capital First Home Finance Ltd and Capital First Securities Ltd with IDFC Bank," IDFC Bank said in a regulatory filing.
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We believe the markets will see a consolidation in the range of 10,500 to 10,730 levels over the next week, Vikas Jain, Senior Technical Analyst Reliance Securities, said.
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Prabhudas Lilladher is bullish on Capital First has recommended buy rating on the stock with a target price of Rs 965 in its research report dated May 07, 2018.
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Cholamandalam Securities is bullish on Capital First has recommended buy rating on the stock with a target price of Rs 916 in its research report dated May 07, 2018.
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"Post demonetisation and GST roll out, a lot of formalisation in credit has happened and we are seeing a lot of demand for loans across the segments. All our retail financing businesses continue to grow well with steady asset quality," its founder and chairman, V Vaidyanathan said.
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"The debenture committee of the company today approved an issue of rated, listed, secured, redeemable, non-convertible debentures of Rs 1,000 crore plus green shoe option of Rs 500 crore on private placement basis," Capital First said in a regulatory filing.
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"The whole process will take about six to nine months to start operating," said V Vaidyanathan, the executive chairman of Capital First here.
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Sudarshan Sukhani of s2analytics.com is of the view that one can sell L&T, ICICI Bank, Bharti Airtel, Capital First and HPCL and can buy JSW Steel and Escorts.
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Rajat Bose of rajatkbose.com is of the view that one can buy Bombay Dyeing and can sell Capital First and BHEL.
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"The debenture committee at its meeting today has approved an issue of rated, listed, secured, redeemable, non- convertible debentures of Rs 500 crore on private placement basis," Capital First said in a BSE filing.
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Ashwani Gujral of ashwanigujral.com recommends buying United Breweries, Sonata Software, Capital First, Kolte Patil Developers, BHEL and Godrej Industries.
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Ashwani Gujral of ashwanigujral.com is of the view that one can buy Capital First and Sonata Software and can sell Lupin.
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Motilal Oswal is bullish on Capital First has recommended buy rating on the stock with a target price of Rs 960 in its research report dated January 15, 2018.
