Buy Axis Bank, target price Rs 840: Edelweiss

Edelweiss has buy call on Axis Bank with a target price of Rs 840. The current market price of Axis Bank Ltd. is Rs 786.4.

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 241083.37 Crore).


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 20285.41 Crore, down -3.53 % from last quarter Total Income of Rs 21028.45 Crore and up 4.23 % from last year same quarter Total Income of Rs 19461.77 Crore. The bank reported net profit after tax of Rs 2356.91 Crore in latest quarter.

Investment Rationale
After trapping short positions at 710, Axis Bank has made a higher swing bottom 735

Promoter/FII Holdings
Promoters held 11.4 per cent stake in the company as of June 30, 2021, while FIIs held 53.7 per cent, DIIs 23.7 per cent and public and others 11.3 per cent.