Federal Bank's Stock Surges as Profit Rises

Federal Bank's share price increased by nearly 9% following an 11% rise in net profit to Rs 1,057 crore for the September quarter. The bank also reported growth in income and improvement in asset quality, leading to a positive investor response in both BSE and NSE trading.

Shares of Federal Bank surged nearly 9% on Tuesday, buoyed by an 11% increase in net profit, reaching Rs 1,057 crore for the September quarter. This performance significantly lifted market confidence, with the stock closing at Rs 200.70 on the BSE.

In active trading, approximately 27.50 lakh shares were exchanged on the BSE and 679.24 lakh on the NSE, reflecting investor enthusiasm. The stock's upward trajectory peaked with an 8.98% rise to Rs 201.30 during the day's trade.

The recent quarter also saw Federal Bank improving its asset quality, with gross non-performing assets dropping to 2.09%. The overall financial health contributed to the bullish sentiment in the market.

(With inputs from agencies.)