• RBL share price: Experts say the banking stock may continue to rally and touch ₹200 per share level in the near future
Share Market Today: Shares of RBL Bank hit a 52-week high in morning deals on Friday. The private lender on Wednesday promised a quarterly business update where it reported 12 per cent growth in retail advances and 17 per cent growth in whole sale advances. Despite a weak opening in the morning deals, RBL share price attracted the interest of stock market bulls and touched an intraday high of ₹189.30 on NSE.
According to stock market experts, RBL Bank has reported strong Q3 business update ahead of Q3FY23 results and this update is a sign that the private bank is coming out of its bad loan problems and is now moving towards profitability. It is the short term buzz that has attracted buying in RBL Bank shares despite weak sentiments on Dalal Street. He added that RBL Bank shares are currently taking strong support at ₹178 and may move towards ₹200 levels in the near term.
Sandeep Pandey, Business Partner, MK Global Financial Services, said, “RBL Bank has promised a Q3 business update and the market is abuzz with strong quarterly numbers from the private lender. has reported strong business update. Hence, the business update could turn into a signal from RBL Bank that it is moving towards profitability leaving behind bad loan woes. This could be the new hit for RBL Bank shares. The main reason for this is the 52-week high in recent trading."
The former Deputy Vice President of HDFC Bank further said that the current government's idea of handling bad loans is going to have a big impact on the Indian banking system. Now, the system is providing an opportunity to lenders who are under the pressure of bad loans. Now, bad loans will not compel any bank to keep provisioning for a long time and reminisce under its pressure. This system has helped RBL Bank to come out of bad loan stress in a short span of time and we may see the private lender among profit making banks in the coming quarters.
rbl bank share price target
Advising a 'Buy and Hold' strategy on RBL Bank shares, Sumeet Bagadia, Executive Director, Choice Broking said, "The stock is continuing an upward trend and this may continue for a few more sessions. It is expected to trade at ₹178. There is strong support at ₹1 level per share. Can buy the scrip at current levels while maintaining a strict stop loss of ₹178 per share for a short term target of ₹200 levels." Sumeet Bagadia of Choice Broking further said that those having RBL Bank shares in their stock portfolio can upgrade their trailing stop loss to ₹178 and hold a target of ₹200 per share.
RBL Bank Q3FY23 Business Update
On Wednesday, RBL Bank reported its Q3 business update ahead of its Q3FY23 results. In this business update, retail advances of private lenders grew by 12 per cent and 7 per cent sequentially, while wholesale advances grew by 17 per cent and 5 per cent sequentially for the quarter ended December 31, 2022. increased by. The mix of retail:wholesale advances was approximately 52:48.
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