April 26, 2019 / 4:27 AM / 3 months ago

BUZZ-India's Axis Bank rises most in over 4 weeks after strong Q4

** Axis Bank Ltd’s shares rise as much as 3.3 pct to 765.15 rupees, sharpest intraday gain in over four weeks

** Q4 net profit at 15.05 bln rupees ($214.6 mln) vs analysts’ estimates of 18.53 bln rupees. Last year, bank reported its first ever quarterly loss of 21.89 bln rupees due to surge in bad loans

** Fee income grew 23 pct in qtr, led by retail fees, which rose 37 pct

** Q4 provisions and contingencies fell 62.2 pct to 27.11 bln rupees, gross NPA eased to 5.26 pct at qtr-end, vs 5.75 pct previous qtr

** Big asset quality worries are likely over for the bank - Morgan Stanley

** MS raises TP to 975 rupees from 875 rupees, with ‘overweight’ rating

** Bank also increased provision coverage on non-performing assets to 77 pct from 75 pct in qtr

** Around 6.5 mln shares change hands in early trade, vs the 30-day moving avg of 7.7 mln shares

** Stock up 19.5 pct this year as of last close ($1 = 70.1380 Indian rupees)

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