Axis Bank gains ahead of expected share sale

Mon Jan 28, 2013 2:42pm IST

Related Topics

Stocks

   

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)

FILED UNDER:

Reuters Showcase

Uber's Woes

Uber's Woes

Uber, other taxi-hailing apps hit new roadblock in Delhi.  Full Article 

Transfer Pricing

Transfer Pricing

India's Vodafone decision eases tax worries for Shell, others.  Full Article 

Facebook Earnings

Facebook Earnings

Facebook tops Wall Street revenue target in 4th quarter.  Full Article 

Governance Reforms

Governance Reforms

IMF sets June deadline for progress on governance reforms.  Full Article 

Fed's Stance

Fed's Stance

Fed upbeat on U.S. economy, cites strong job gains.  Full Article 

Tumultuous Run

Tumultuous Run

McDonald's CEO Don Thompson leaving.  Full Article 

Samsung Results

Samsung Results

Samsung Elec's smartphone primacy under threat from Apple after weak Q4.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage