IDFC First Bank shares rise after savings rate cut, as Nomura flags 23% upside
IDFC First Bank shares rose nearly 2% after the lender cut savings account interest rates by up to 200 basis points, effective Jan. 9. Nomura initiated coverage with a Buy rating and a 105-rupee target, citing expected margin recovery as deposit costs ease. The revised top savings rate drops to 6.5% from 7%. Nomura warned that profitability targets depend on deposit retention and stable credit costs.