Axis Bank hits 52-week high on QIP issue

Stocks

oi-Sneha

By Sneha B K

Updated: Tuesday, January 29, 2013, 10:46 [IST]

Shares of Axis Bank hit a 52-week high on Tuesday after the Bank said its Qualified Institutional Placement issue is passed by board of directors.

As per Reuters report, the Bank was planning to raise as much as $1 billion through a qualified institutional placement, sources with direct knowledge of the matter told Reuters.

The stock of the bank were seen trading at Rs 1479, higher by 4.52% on BSE at 10.30 am IST. It touched an intra-day high and 52-week high at Rs 1783.

Axis Bank had reported better than expected net profits of Rs 1347.22 crores for the quarter ended December 31, 2012 as compared to Rs 1102.27 crore for the quarter ended December 31, 2011.

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