The market caps of Union Bank and Canara Bank stand at Rs 65,970.78 crore and Rs 61,499.01 crore, respectively.
The IDFC First Bank shares on Tuesday hit their 52-week high of Rs 100.70 on the NSE around 9:50 am and have remained undefeated for seven sessions in a row, including today. The stock has gained nearly 11% during the rally.
The largest banks by way of market capitalisation are HDFC Bank, ICICI Bank, State Bank of India (SBI), Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Bank of Baroda (BoB), Punjab National Bank (PNB) and IDBI Bank.
Shares of IDFC First Bank have given multibagger returns of 117% since hitting a 52-week low of Rs 46.20 on the NSE on September 22, 2022. This is higher than 13.5% returns given by the Nifty PSU Bank index and 11.64% given by Nifty 50 over a 12-month period.
The move has not been without volatility as the stock has traded with a 1-year beta of 1.3 according to Trendlyne.
The stock has been trading above its 50-day and 200-day Simple Moving Averages (SMAs). Today’s gains have taken the counter in a strongly overbought zone with day’s RSI and MFI above 80.The IDFC First Bank stock has been in news since the US-based GQG Partners, a prominent investor in Adani Group stocks, bought a stake in the company via bulk deals.
According to exchange data, GQG Partners has picked up 17.1 crore shares or 2.58% stake in the lender for about Rs 1,527 crore. The transaction was done at Rs 89 apiece.
Meanwhile, Warburg Pincus affiliate Cloverdell Investment has sold a 4.2% stake in the company. As of the June quarter, Cloverdell held about 7.12% of IDFC First Bank.
IDFC First Bank is majority owned by public shareholders with 60.07% stake, while promoters have the rest 39.93%.
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