Stock market analysts have maintained ‘buy’ rating on Axis Bank with an intraday target of Rs 1017.

According to them, interested traders can buy the stock around Rs 1005-1010 with a stop loss of Rs 999. If the stock market remains on positive track, the stock will hit Rs 1025 in today’s session.

Shares of the bank, on Saturday (Oct 17), closed at Rs 1011.25 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 54.14 and 18.68 respectively. The share price has seen a 52-week high of Rs 1048 and a low of Rs 278.50 on BSE.

AXIS Bank has posted a growth of 31.95% in its net profit for the three month period ended Sep 30, 2009. The bank registered a net profit of Rs 5,316.40 million as against Rs 4,029.10 million in the same period of last year.

For the period under review, the bank’s total income surged 17.49% to Rs 39,259.40 million.

The banking institution has also declared that it is planning to establish a non-banking financial company as a wholly-owned arm in order to execute investment and lending activities with concentration on infrastructure and other activities as allowed by the central bank.

Axis Bank, on Oct 05, promoted its president (finance and accounts) Somnath Sengupta as executive director and chief financial officer (CFO) with effect from Oct 1, 2009.

Mr. Sengputa will not be a board member of Axis Bank.