IDFC First Enters The Most Valuable List, With GQG Partners Buying In

The IDFC First bank is now among the leading listed banks in India. It has surpassed the valuation of Union Bank of India and Canara bank, reported moneycontrol. IDFC shares kept up for the fourth trading session, hitting a high of 98.99, leading the list of banks, with a 67 percent strike this year.

The IDFC First shares price went to a high yesterday with new changes.

The asset management firm GQG Partners, based in Fort Lauderdale, brought 2.6 percent stake in IDFC first through open market transactions. This was done through two ways, GQG Partners emerging Markets Equity Funds picked 6.38 crore and Goldman Sachs GQG Partners International Opportunities Fund picked 10.77 crore shares, read the data available on the BSE on bulk deals. The average price of the share was 89 per share, the total purchases of 2.6 percent worth comes upto Rs 1,527.26 crore.

The foreign investor Cloverdell investment, who was the seller, offloaded 4.2 percent holdings which was 27.87 crore shares. The sale came up to 2, 480.34 crore, reported moneycontrol. As for 2023, June, Cloverdell had 47.17 crore shares or 7.12 percent of shares in IDFC First bank.

The bank’s market capitalisation now stands at Rs. 65,325 crores ahead of Union Bank of India with Rs. 65,251 crores and Canara bank at Rs. 61,081.77 crores. The HDFC bank stands at the helm with a market capitalisation of almost 12 lakh crore. HDFC is followed by ICICI and State Bank of India with Rs.6.77 lakh crore and Rs. 5.14 lakh crore market capitalisation. Kotak Mahindra Bank, Axis Bank, IndusInd Bank and Bank of Baroda follows as per the data from BSE.

Brokerage views reported by moneycontrol has given a ‘buy’ for the shares of IDFC First bank reasoning that the bank’s sturdy fee income has boosted its earnings and the bank has maintained its quality of assets. In the past six months, the IDFC First’s stock returns were 63.8 percent and at Nifty, it was 7.46 percent.