Buy Axis Bank, target price Rs 900: Sharekhan by BNP Paribas

Sharekhan by BNP Paribas has buy call on Axis Bank with a target price of Rs 900. The current market price of Axis Bank is Rs 869.85. Sharekhan by BNP Paribas recommended to keep stop loss at Rs 854.

Axis Bank, incorporated in the year 1993, is a banking company (having a market cap of Rs 267751.87 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-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 28083.94 Crore, up 11.18 % from last quarter Total Income of Rs 25258.80 Crore and up 27.13 % from last year same quarter Total Income of Rs 22091.19 Crore. The bank has reported net profit after tax of Rs 6187.38 Crore in latest quarter.

Investment Rationale
Breakout of downward sloping channel indicates trend reversal.

Promoter/FII Holdings
Promoters held 8.19 per cent stake in the company as of 31-Dec-2022, while FIIs owned 49.45 per cent, DIIs 31.47 per cent.