Buy Axis Bank, target price Rs 775: IIFL

IIFL has buy call on Axis Bank with a target price of Rs 775. The current market price of Axis Bank Ltd. is Rs 713.7.
Time period given by analyst is Intra Day when Axis Bank Ltd. price can reach defined target.

Axis Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 230749.52 Crore).


Axis Bank Ltd. 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-2021.


Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 22091.19 Crore, up 5.36 % from last quarter Total Income of Rs 20966.61 Crore and up 10.95 % from last year same quarter Total Income of Rs 19910.93 Crore. The bank reported net profit after tax of Rs 3956.95 Crore in latest quarter.

Investment Rationale
Stock has given a cup & handle breakout

Promoter/FII Holdings
Promoters held 9.71 per cent stake in the company as of 31-Dec-2021, while FIIs owned 51.5 per cent, DIIs 26.15 per cent.