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Stock Market Opening Today: Positive opening of the market; Sensex and Nifty rise
Advice from brokerage houses
Brokerage house Yes Securities has assigned a Buy (BUY) rating of Rs 1,300 on Axis Bank. At current price of Rs 933, 40 percent return is available. The brokerage says that the asset quality of the bank is improving. Non-Performing Assets (NPAs) are decreasing and margins have increased to 4.26 percent. The bank’s quarterly results are better than expected with good performance.
Motilal Oswal
Brokerage house Motilal Oswal has assigned a BUY rating on Axis Bank and an investment target of Rs 1130. At the current price of Rs 933, a return of 21 percent can be obtained. Brokerages say the bank has delivered a stable performance in the December quarter. Profits have increased due to increase in margins as well as revenue.
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Bank Quarterly Results
Axis Bank, the country’s leading private sector bank, has announced its results for the December quarter. The bank’s profit has grown by 62 percent on a year-on-year basis. According to exchange filings, Axis Bank’s profit for the October-December period was Rs 5,853 crore. 3,614 crore in the previous year quarter. Similarly, Net Interest Income (NII) has also increased by 32 percent.
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Net interest margin increased
Axis Bank’s net interest income in the third quarter was 11 thousand 459 crores. Meanwhile, the net interest margin stood at 4.26 percent, an increase of 0.73 percent on a year-on-year basis. The bank’s fee income also increased by 23 percent to Rs 4,101 crore compared to last year. According to the bank, total fee income grew by 69 per cent on year-on-year basis.
