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Why Axis Bank Stock Has Been Rising For The Past 1-Week?

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On Wednesday, Axis Bank shares rose 4.2 percent in intra-day trade on the BSE to a new 52-week high of Rs 819 per share. The private lender's stock was up 2.10% to Rs 803 per share, it touched an intra-day high of Rs 819.

 

The Mumbai-based lender informed the exchanges on August 30 that it has begun offering debt instruments under its earlier this year disclosed Rs 35,000 crore debt raise plan.

Why Axis Bank Stock Has Been Rising For The Past 1-Week?
In the last three days, the stock has gained more than 8%, and it was trading at Rs 817.90, up Rs 31.50, or 4.01 percent. It reached an all-time high of Rs 819 in the last 52 weeks. It has traded between an intraday high of Rs 819 and a low of Rs 796.

BharatPe has partnered with the private sector lender to grow its merchant acquisition business throughout the country. Axis Bank will be the acquiring bank for BharatPe's point of sale (PoS) company, BharatSwipe, and will take credit and debit cards for merchants affiliated with the financial services provider as part of the collaboration.

A global rating organization Axis Bank's proposed Additional Tier 1 bonds were given a B1(hyb) rating by Moody's. The bank's overall creditworthiness is three notches lower than the rating rank.

Axis Bank's BCA might be upgraded if asset quality improves, as seen by the bank's ability to keep credit costs below its long-run average, according to Moody's.

Axis Bank has a buy call from Yes Securities with a target price of Rs 822. Axis Bank Ltd. is currently trading at Rs 783.75.

When Axis Bank Ltd. price can reach set target, time period given by analyst is Intra Day. Axis Bank Ltd. is a financial company that was founded in 1993. (having a market cap of Rs 240332.38 Crore).

CLSA, a worldwide brokerage, recently went bullish on a number of financial stocks, including Axis Bank, citing favorable risk-to-reward ratios for large-cap banks. Furthermore, despite a post-Covid second wave downturn in April and May, India's financials have consolidated for the previous two to three months, according to the report.

CLSA set the price objective for Axis Bank at Rs 1,050, believing that improving asset quality will be a catalyst for the company in the second half of FY22.

 

Axis Bank's net profit increased by 94% to Rs 2,160 crore in the April-June quarter, thanks to higher non-interest revenue and lower provisions.

During the same quarter previous year, the bank made a net profit of Rs 1,112 crore (Q1FY21). In the quarter that ended in March 2021, the bank had a profit of Rs 2,677 crore (Q4FY21).

Read more about: axis bank banking stocks
Story first published: Wednesday, September 1, 2021, 12:11 [IST]
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