Anil Singhvi decodes Axis Bank Q4 Results 2020 numbers and impact of Coronavirus
Axis Bank Q4 Results 2020: Anil Singhvi has said that there is nothing wrong with the fundamentals of the Axis Bank as it is Coronavirus impact which has hit its business.
Axis Bank Q4 Results 2020: Private lender Axis Bank has released its fourth quarter results yesterday — the date on which it announced the first phase of its deal with Max Financial Services to buy 29 per cent stake in its insurance business, Max Life. Since, the Axis Bank and Max Financial Services deal was in the public domain much before the Axis Bank's fourth quarter results were declared, much of its impact on the Axis Bank share price had taken place and there was not much left to react to.
Comparing the Axis Bank Q4 Results with IndusInd Bank Q4 Results, Zee Business Managing Editor said, "Axis Bank Q4 results are much in sync with the IndusInd Bank fourth quarter results. They also had to announce provisioning due to the hit on its balance sheet by the Coronavirus an similarly, Axis Bank also had to announce provisioning to counter the Coronavirus impact on its business. Now, it depends upon the private lender whether they want to continue with this provisioning numbers or they will curtail it in coming times when the lockdown is lifted."
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Singhvi went on to add that there was nothing wrong with the fundamentals of the Axis Bank as it is Coronavirus impact which has hit its business. Singhvi said that the banking sector is expected to peak once the lockdown is removed. However, he maintained that there won't be much movement in the Axis Bank shares after the results as much of the movement had already taken place after the announcement of Axis Bank Max Financial Services deal.
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— Zee Business (@ZeeBusiness) April 29, 2020
Singhvi advised stock market investors to avoid taking any position at higher levels and suggested those investors who have been holding Axis Bank shares to book profit at around 475-480 per stock levels.
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