Bangalore: Karvy Stock Broking is bullish on Axis Bank and has recommended buy rating on the stock with a target of Rs. 1715. According to Karvy, in Q1FY11, Axis Bank posted better quarterly result on core income and bottomline levels on the back of strong volume growth, improved margin (on Y/Y basis) and lesser loan-losses provisioning.
AXIS Bank is an India-based bank. The Bank operates in four segments: treasury, retail banking, corporate/wholesale banking and other banking business. The treasury operations include investments in sovereign and corporate debt, equity and mutual funds, trading operations, derivative trading and foreign exchange operations on the account, and for customers and central funding. Retail banking includes lending to individuals/small businesses subject to the orientation, product and granularity criterion. The corporate/wholesale banking segment includes corporate relationships not included under retail banking, corporate advisory services, placements and syndication, management of publics issue, project appraisals, capital market related services, and cash management services.
Karvy says, the company's outstanding restructured loan book has declined to Rs. 21.5 billion from Rs. 22.9 billion in Q4FY10. With the recommendation target price of Rs. 1715, if the stock is bought at Monday's closing price of Rs. 1360.95, the percentage of gain would be 20.64 percent.
AXIS Bank is an India-based bank. The Bank operates in four segments: treasury, retail banking, corporate/wholesale banking and other banking business. The treasury operations include investments in sovereign and corporate debt, equity and mutual funds, trading operations, derivative trading and foreign exchange operations on the account, and for customers and central funding. Retail banking includes lending to individuals/small businesses subject to the orientation, product and granularity criterion. The corporate/wholesale banking segment includes corporate relationships not included under retail banking, corporate advisory services, placements and syndication, management of publics issue, project appraisals, capital market related services, and cash management services.
Karvy says, the company's outstanding restructured loan book has declined to Rs. 21.5 billion from Rs. 22.9 billion in Q4FY10. With the recommendation target price of Rs. 1715, if the stock is bought at Monday's closing price of Rs. 1360.95, the percentage of gain would be 20.64 percent.
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