Buy Axis Bank, target price Rs 1010 : Religare Broking

Religare Broking has buy call on Axis Bank with a target price of Rs 1010. The current market price of Axis Bank is Rs 952.5. Religare Broking recommended to keep stop loss at Rs 925.

Axis Bank, incorporated in the year 1993, is a banking company (having a market cap of Rs 293375.93 Crore).

Axis Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2023.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 31894.20 Crore, up 5.87 % from last quarter Total Income of Rs 30125.55 Crore and up 40.59 % from last year same quarter Total Income of Rs 22686.46 Crore. The bank has reported net profit after tax of Rs 6091.35 Crore in latest quarter.

Investment Rationale
Looks strong among the private banking majors. Formed a fresh base at 100 EMA. Rebound likely.

Promoter/FII Holdings
Promoters held 8.19 per cent stake in the company as of 30-Jun-2023, while FIIs owned 52.0 per cent, DIIs 29.79 per cent.