Axis Bank biggest Nifty50 gainer as lender's net profit surges 66% in Q2, asset quality improves; brokerages tag Buy
Axis Bank Share Price: Axis Bank stock on Friday hit fresh 52-week high on account of strong second quarter earnings. Brokerages have revised Buy on Axis Bank and have revised the target parget.
Axis Bank Share Price: Axis Bank stocks on Friday traded higher post strong second quarter earnings. The private lender emerged as the biggest Nifty50 gainer on the opening, jumping more than 6 per cent to trade at Rs 877.85 apiece on NSE. The stock also hit a fresh 52-week high of Rs 895.90. The counter had closed at 825.85 in the previous session.
The buying was buoyed by strong performance in the July-September quarter as the bank reported a 66.29 per cent jump in its consolidated net profit at Rs 5,625.25 crore, driven by a substantial decrease in bad loan provisions and margin expansion.
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Several brokerages have given a 'buy'call and maintained 'overweight' ratings with a revised target. While JP Morgan has increased the target to Rs 990 from Rs 780, brokerages firm has revised the target to Rs 1075 from 1055. Similarly, Morgan Stanely has maintained ‘overweight’ call on Axis Bank share and raised the target to Rs 1,150 from Rs 1,000.
AXIS BANK STOCK - BROKERAGES REPORT
On a standalone basis, the third largest private sector lender reported a 70 per cent increase in its profit after tax for the July-September period at Rs 5,329.77 crore.
The core net interest income rose 31 per cent to Rs 10,360 crore on the back of a 14 per cent growth in assets and a 0.57 per cent expansion in the net interest margin at 3.96 per cent.
The other income grew 4 per cent to Rs 3,941 crore, and was compressed by a loss of Rs 86 crore on the trading income side as against gains of Rs 473 crore in the year-ago period.
The stock of Axis Bank quoted a 52-week high of 879.85 and a 52-week low of 618.25.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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