MARKET EYE-India's Axis Bank gains ahead of expected share sale

Mon Jan 28, 2013 2:14pm IST

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* 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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