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Axis Bank shares climb to a fresh life-time high of ₹879.85 apiece on NSE, breaching its previous high of ₹866.90 per share that it had made on 25th October 2022. In early morning deals, Axis Bank share price today opened with an upside gap and went on to hit a fresh high, rising around 6 per cent from its previous close of ₹825.85 apiece.
According to stock market experts, Axis Bank shares are in uptrend and it is expected to remain in uptrend after the announcement of strong Q2FY23 results announced yesterday. They said that most of the banks are out of the Covid-led challenges and now in the wake of lowering provisioning, Axis Bank has managed to report an improved margins. Apart from this, due to rising interest rates, the bank has managed to report improvement in Net Interest Income (NII) and Net Interest Margins (NIM). They went on to add that Axis Bank shares are expected to remain in uptrend and may go up to ₹1170 by Diwali next year.
Speaking on Axis Bank share price outlook, Ravi Singhal, CEO at GCL Securities said, “Axis Bank has managed to report an improved margins and NII in Q2FY22 results. Due to this strong quarterly numbers, markets are highly bullish on Axis Bank shares and due to rising interest rates, bulls are expecting the private lender to continue improving its NII and NIM in upcoming quarters as well.”
On his view on Axis Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Axis Bank shares have given breakout at around ₹865 levels and if the stock gives closing above this level we can expect the stock to go up to ₹920 apiece levels in near term. So, one can buy the stock at current levels for ₹920 target keeping stop loss at ₹820. One is advised to accumulate further if the stock comes around ₹850 levels as profit booking is awaited in the scrip.”
Advising positional investors to buy and hold the stock till next year Diwali, Ravi Singhal of GCL Securities said, “One can buy and hold the stock for Diwali 2023. an investor can keep on accumulating in ₹850 to ₹800 range for one year target of ₹1170.”
In Q2FY23, Axis Bank reported a consolidated net profit of ₹5,330 crore, up 70 per cent against ₹3,133 crore in Q2FY22. The private lender’s net interest income (NII) grew 31 per cent YoY to ₹10,360 crore from ₹7,901 crore in the last year quarter. Net interest margin (NIM) for Q2FY23 came at 3.96 per cent, up 57 per cent YoY and 36 per cent QoQ, the private lender said in a BSE filing.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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