April 27, 2018 / 3:54 AM / a month ago

BUZZ-India's Axis Bank falls after first ever quarterly loss

** Shares of India’s third-biggest private sector lender by assets fall as much as 2.5 pct to their lowest since Oct 26

** Co posts first ever qtrly loss on Thursday after a surge in bad loans, capping a troubled year for the bank

** At least four brokerages cut PT on stock; Credit Suisse cuts PT to 530 rupees from 595 rupees, says “normalised credit costs are unlikely to be <100 bp even in FY20”

** Jefferies cuts PT to 655 rupees from 710 rupees, says “Street is rattled following a large NPL formation, and a loss and multiple asset quality numbers”

** Morgan Stanley cuts PT to 620 rupees from 695 rupees, rating overweight

** Aggressive cleanup could help co retrace some recent weakness, but slippages and provisioning should remain elevated for 2-3 more qtrs; will likely remain a volatile stock - MS

** 25 of 48 brokerages rate the stock “buy” or higher, 14 “hold” and nine “sell” or lower; their median PT is 629.50 rupees

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below