Hold Axis Bank, fairly limited upside seen: Dr Tirthankar Patnaik, Religare Capital Markets

In a chat with ET Now, Dr Tirthankar Patnaik, Director, Strategist-Institutional Research, Religare Capital Markets Limited, shares his views on Axis Bank Limited.

ET Now: What is your view on some of the banking results? Axis Bank is one name that you have been cautious on earlier, so have you changed your stance after seeing the quarterly results?

Dr Tirthankar Patnaik: Not really. The stock has done very well but we are cautious on its loan book. We are also cognisant of the fact that some of the large accounts like Mali International Airport have not really factored in the stocks restructuring news until now.

So, while the stock has done definitely well this time, the retail book also grew fairly well. Fee income has been fairly strong and we remain cautious in the name. We have maintained our hold rating on the stock because after the near term run on, the stock upside is fairly limited.