Buy Federal Bank, target price Rs 213: Axis Securities

Axis Securities has recommended buying Federal Bank, projecting a target price of Rs 213. The bank reported a net profit of Rs 944.15 crore for Q3 FY2024 with consolidated total income up by 2.25%. Federal Bank, under new management, aims for sustainable, profitable growth. Promoters hold a notable stake, with FIIs owning 26.32%.