Federal Bank transitioning from value to quality stock, can rally up to 24%: Nomura

As per the recent update, KVS Manian (ex Joint MD, Kotak Mahindra Bank) has taken over as the MD & CEO of Federal Bank (FB) last week and at FB, Manian inherits a strong platform – a robust deposit franchise with strong asset quality which, Nomura believes, has not been fully appreciated at current valuations.