Axis Bank still offers good value despite run-up: Anish Damania, IDFC Securities

In a chat with ET Now, Anish Damania, Head-Institutional Equities, IDFC Securities, talks about Axis Bank.

ET Now: Is there any specific reason why Axis Bank is doing much better than HDFC Bank or ICICI Bank? Axis Bank is one bank where FII limit is frozen, yet the stock is moving up. Your take?

Anish Damania: I have spoken to a lot of domestic funds, and they still find that Axis Bank still offers good value despite the large run-up. It seems that the issues of NPAs and the like are considerably lower than what the market thought earlier. So, it is getting rerated as a private sector bank.

Other banks' valuations are at 3.5 times. This is just about under 2 times price to book. So there is still some scope for Axis Bank to move up. Domestic money is also getting into the bank.