Sell Axis Bank, target Rs 470: Pritesh Mehta

Pritesh Mehta of IIFL has a sell call on Axis Bank with a target price of Rs 470.

The current market price of Axis Bank is Rs 498.05.

Time period given by analyst is intraday when Axis Bank price can reach defined target.

Pritesh Mehta recommended to keep stoploss at Rs 503.

Axis Bank, incorporated in the year 1993, is a banking company (having a market cap of Rs 1,18,292.62 crore).

Axis Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills which contributed Rs 33,124.96 crore to Sales Value (74.36 per cent of Total Sales), Income From Investment which contributed Rs 9622.82 crore to Sales Value (21.60 per cent of Total Sales), Interest which contributed Rs 1290.54 crore to Sales Value (2.89 per cent of Total Sales) and Interest On Balances with RBI and Other Inter-Bank Funds which contributed Rs 503.84 crore to Sales Value (1.13 per cent of Total Sales)for the year ending 31-Mar-2017.

The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs 22,030.87 crore (5.03 per cent of total assets) and Net Non Performing Assets (Net NPAs) of Rs 9765.98 crore (2.30per cent of total assets).