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Shares of Axis Bank hit an all-time high of Rs 939.35, up 2.7 per cent over last close, on the BSE after close of trade on Thursday. During the day, the private lender’s stock traded at Rs 942.05.
As a result, the stock has gained over 4 per cent in the past three days on a stable outlook. The stock thus surpassed its previous high level of Rs 919.95 touched on October 27.
Axis Bank is the third largest private sector bank in India with a balance sheet size of Rs 11.8 trillion crore as on September. The bank has a large footprint across India with 4,760 branches. Retail and SME comprise around 69 per cent of total loans.
Analysts at ICICI Securities have a ‘buy’ rating on the bank’s stock with a target price of Rs 1,000 per share valued at 2.3x its financial year 2023-24 estimates adjusted book value (ABV). Focus on risk adjusted business growth and improving margin trajectory is seen aiding return ratios with sustainability of performance to drive valuation ahead, the brokerage firm said.
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