Federal Bank shares extend rally, gain nearly 5%

Shares of Federal Bank rose by nearly 5 per cent today after its net profit jumped manifold to Rs 256.59 crore for the quarter to March.
The stock extended its rally and gained 4.75 per cent to close at Rs 112.55 on BSE. During the day, it soared 7.3 per cent to Rs 115.30 -- its 52-week high level.
At NSE, shares of the company surged by 4.55 per cent to close at Rs 112.50.
In terms of volume, 50.36 lakh shares of the company were traded on BSE and over 5 crore shares changed hands at NSE during the day.

The stock had gained 14 per cent on Friday also, adding Rs 3,083.6 crore to its market valuation in two days.
Net profit stood at Rs 10.26 crore in the January-March quarter of 2015-16.

Its board also approved capital-raising plan of Rs 2,500 crore through various means, including qualified institutional placement (QIP), rights issue, preferential issue or follow-on public offer.
Total income during the period rose to Rs 2,598.06 crore, from Rs 2,262.94 crore a year ago, Federal Bank said in a regulatory filing last week.
The bank improved its asset quality, with net non- performing assets (NPAs) or bad loans easing to 1.28 per cent of net loans as on March 31, 2017, from 1.64 per cent at the end of March 2016.

Gross NPAs stood at 2.33 per cent of gross advances by the end of 2016-17, slightly down from 2.84 per cent a year ago.