Stocks to buy today: The IDFC First share price experienced considerable profit booking in the early morning session on Monday. IDFC First Bank’s share price fell from ₹73.69 to ₹73.05 on the NSE shortly after the market began. On Saturday, the private bank announced its first-quarter 2024 results, and IDFC First shares flew under the market’s radar. According to stock market specialists, IDFC First Bank’s Q1 2024 results appear muted due to an increase in provisioning during the April to June 2024 period. They stated that despite a difficult period for the banking industry, IDFC First Bank has experienced decent deposit growth. They also mentioned that the bank’s NPA had improved, which was a good indicator. They recommended bottom fishing in IDFC First Bank shares, which are oversold.
Preview of IDFC First Bank’s Q1 FY25 Results
Manish Chowdhury, Head of Research at StoxBox, analyzed IDFC First Bank’s Q1FY25 results, noting that the bank posted subdued figures largely due to increased provisions in the joint liability group (JLG) business following floods in Tamil Nadu. Despite these challenges, the bank showed decent deposit growth. While the first quarter is typically challenging for the bank, its improving NPA suggests a lower risk of future asset quality issues. However, to ensure long-term sustainability, the bank needs to reduce its cost-to-income ratio, which currently stands at around 70%.
The StoxBox specialist noted that the issue of legacy borrowing has seen tremendous improvement, indicating that the bank’s performance would improve from here on out. The credit card company is expected to contribute positively to this development, with a 650 basis point increase in the C-I ratio.
What is the minimum salary required for the IDFC first credit card?
Eligibility conditions for the FIRST Select Credit Card: Minimum age requirement: 18 years. The annual minimum income is ₹12 lacs. Indian citizen. A strong credit score.
IDFC First Bank’s stock price target
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, commented on the technical outlook for IDFC First Bank shares. He noted that the stock has entered an oversold zone on the weekly chart, suggesting a potential rebound. Currently, the shares are trading between ₹68 and ₹70. A new buy signal could emerge if the price exceeds ₹78, with resistance expected in the ₹82 to ₹88 range. Dongre advises traders to wait for a clear price reversal before making new investments. Upon confirmation of a reversal, he suggests buying with a stop loss at ₹68 and targeting ₹82 in the near term.
How can I reach IDFC credit card customer service?
IDFC customers can contact us at 1800 10 888 or visit www.idfcfirstbank.com if they have any questions or concerns. As we integrate, we are developing a single window for servicing, which will undoubtedly improve the client experience.
