Axis Bank gains ahead of expected share sale
Reuters Market Eye - Shares in Axis Bank (AXBK.NS) gain 3 percent on expectations that its up to $1 billion share sale will attract solid demand.
Axis is expected to launch its share sale via a qualified institutional placement (QIP) as early as on Monday, according to multiple dealers.
"Axis Bank's QIP would easily get oversubscribed as its fundamentals are good. Money raised via QIP would translate into 10 times of credit growth for the bank," said G Chokkalingam, CIO, Centrum Wealth Management.
Axis Bank trades at 1.8 times 12 month forward price-to-book, compared to ICICI Bank (ICBK.NS) that trades at 1.9 times and HDFC Bank (HDBK.NS) at 3.9 times, according to Thomson Reuters StarMine data.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
- India passes halfway mark in election with BJP gaining strength
- UPDATE 2-Chipotle raising prices as steak, avocados, cheese costs rise
- Scientists find Earth-sized world in orbit friendly to life
- UPDATE 8-Divers struggle in search for South Korean ferry survivors
- 'X-Men' director Bryan Singer accused of drugging, raping teen
Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier. Full Article | Full Coverage
Ex-Goldman director Rajat Gupta to surrender June 17 in insider case. Full Article