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MARKET EYE-India's Axis Bank gains ahead of expected share sale
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Rahul Gandhi
The Congress lawmaker and scion of the Nehru-Gandhi dynasty turns 43 on Wednesday. Slideshow
* Shares in Axis Bank 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 that trades at 1.9 times and HDFC Bank at 3.9 times, according to Thomson Reuters StarMine data. (abhishek.vishnoi@thomsonreuters.com /; abhishek.vishnoi.thomsonreuters.com@reuters.net)
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