Mr. Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking Ltd.
"Axis Bank Ltd on Tuesday launched a qualified institutional placement (QIP) offering to raise as much as Rs.10,000cr. The board had approved the launch of the share sale and had fixed a floor price of Rs.442.19 per share for the QIP offering. We believe this fund raising in this environment would be positive for Axis bank. At base price Tier I to increase approx. 150bps, net worth to gain 11.6%, and Book value to increase by 2.9%. In uncertain times adequate capital adequacy (CAR) will provide comfort to investors. Currently, Axis bank trades lower valuation compared to the historical average. Lower valuation and increase in CAR would be positive for Axis Bank. Key to be monitorable here on will be the Moratorium percentage of the loan book at the end of Morat 2 in AUG 2020."
Shares of AXIS BANK LTD. was last trading in BSE at Rs.434.85 as compared to the previous close of Rs. 428.9. The total number of shares traded during the day was 1026647 in over 15681 trades.
The stock hit an intraday high of Rs. 446.7 and intraday low of 433. The net turnover during the day was Rs. 451508235.