IDFC shares slumped on Monday, reversing early trade gains. However, the stock has been upbeat since the start of the year. On a year-to-date basis, the stock has gone up over 25%.
The Investment: If you had invested ₹10,000 in IDFC a year ago, you would have bought approximately 231 shares. With the current market price at ₹107, your investment would now be worth approximately ₹24,784.31. That’s a substantial return of over 147% in just one year.
See Also: Why Are Coal India Shares Falling After This Government Move?
Background: The stock surged in early trade on Monday to hit a new 52-week high of ₹110.50. The surge today comes as media reports suggested that IDFC First Bank had a good chance of entering the MSCI index in its next reshuffle scheduled in August. The inclusion could see an inflow of over $100 million.
IDFC also posted impressive numbers for the March quarter. The company’s total revenue from operations stood at ₹52.6 crore during Q4 FY23, up by a staggering 2,186.95% YoY from ₹2.27 crore in Q4 FY22.
Price Action: IDFC's share price was up 1.02% to trade at ₹107.20 as the markets opened on Wednesday.
Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.
Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.
Read Next: Vedanta Banks On Brand Monetisation And Refinancing To Repay Massive Debt
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.