IDFC makes a Q2 Profit of Rs 282 Cr

IDFC Limited has registered consolidated net profit of Rs 281.79 cr for the second quarter (Q2) ended September of the current fiscal. It had registered a net loss of Rs 1,468.83 cr in the July-September quarter of last fiscal 2015-16.

IDFC said in a regulatory filing that the total income of the group has increased to Rs 2,704.13 cr for the quarter under review, from Rs 2,493.86 cr for the year-ago period. It said that post the transfer of the financing undertaking of the company to IDFC Bank, which began operations in the month of October last year, it is mainly an investment company with least operations.

In the same manner, the results for the quarters ended June 30, 2016, September 30, 2016 and half year ended September 30, 2016 are not comparable with the results for corresponding quarter and half year of previous fiscal, IDFC added. On standalone basis, the company posted a net profit of Rs 91.07 cr in the second quarter of 2016-17 as compared to a net loss of Rs 1,411.38 cr a year earlier. The total income is Rs 112.88 cr for the September quarter, 2016 whereas the same was at Rs 2,458.10 cr in the corresponding year ago period, it said further. IDFC stock closed 2.72 per cent higher at Rs 69.95 on the BSE.

IDFC Share Price History:

Meanwhile, IDFC share price closed trading 0.58 per cent lower at Rs.69 on the National Stock Exchange (NSE) today. The scrip opened at Rs.69.85 from a previous closing of Rs.69.40.

IDFC is analyzed by Dynamic Levels Researchers and stock analysts as the top 500 performing scrips for this quarter among 1700 scrips which are listed on the National Stock Exchange (NSE).

For more details on the scrip and also financials and fundamentals of the company, please visit IDFC share price history.

Source: www.dynamiclevels.com

IDFC Bank to be the next Nifty Midcap 50 stock

From November 15, the private sector lender IDFC Bank will be included in the NSE's Nifty Midcap 50 index while Havells India, on the other hand, will move out of the index.

At 2:58 PM, IDFC Bank share price was trading at Rs. 76.70 with the rise of almost 2%.

India Index Services & Products Ltd, which maintains Nifty indices, made a statement saying that the changes would become effective from November 15, 2016.

Earlier this month, IDFC Bank was included for trading in the securities lending and borrowing segment.

Previous to that, the exchange had commenced futures and options (F&O) contracts in IDFC Bank from September 30.

There are at present over 200 securities available in the F&O segment for trade.

IDFC Bank share price have gained nearly 70% in the last eight weeks due to the better growth prospects and the chance of a merger with parent IDFC Ltd.

Rajiv Lall, founder, managing director and chief executive of IDFC Bank, stated in August that the new on-tap banking license rules would make it likely to merge with its parent. The company said then that it was in talks with the SEBI on this issue.

IDFC share price rose 22%, while Sensex rose 2.1% in the last eight weeks.

IDFC Bank started operations on 1 October 2015, turning from an infrastructure focused lender into a universal bank. IDFC was one of two entities that acquired a banking license from the Reserve Bank of India (RBI) in 2014.

Since commencing its banking business, IDFC Bank has made two planned acquisitions. The Bank has acquired a Tamil Nadu-based microfinance institution (MFI) called Grama Vidiyal for an unrevealed amount. The bank also acquired a 10% stake in Dhaka-based ASA Int’l India for Rs.8.5 crore.

Since 3 August, IDFC Bank share price has surged 70.48% compared with a 4.5% gain for the Bank Nifty index.

The Bank’s better growth outlook, improving asset quality, better operational metrics, improving RoA and higher profit growth is going to re-rate the stock price and its valuation will proliferate in years to come.

IDFC Bank is the top 500 stock for the quarter as per Dynamic Levels. For the details on the stock, visit IDFC Bank share price history page of the Dynamic Levels website.