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
- TIMELINE-The search for missing Malaysian jet
- UPDATE 3-Republican Party wins Florida congressional seat in special election
- Wild theories fill void left by missing Malaysian plane
- Malaysia military source says missing jet veered to west
- Malaysia air force denies tracking missing jet to Strait of Malacca
Budget airline SpiceJet has signed a deal with Boeing Co to buy 42 737 MAX jets in a deal worth $4.4 billion at list prices, the company said on Wednesday, sending its shares up more than 7 percent. Full Article | Quote