Stock market analyst Shahina Mukadam of Varun Capital is bullish on Axis Bank and maintained 'buy' rating on the stock to achieve a long term target.

According to Mukadam, interested traders can purchase the stock on dips.

Today, the shares of the bank opened at Rs 1,195.00 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1,220 and a low of Rs 475 on BSE.

Current EPS & P/E ratio of the stock stood at 62.06 & 20.01 respectively.

Axis Bank, the third biggest private sector bank in the country, has recorded a growth of 31.55% in its net profit, which stood at Rs 7,648.70 million for the three month period ended March 31, 2010 as against Rs 5,814.50 million for the three month period ended March 31, 2009.

The bank's total income during the quarter increased by 0.96% to Rs 39,219.90 million for the same period as against Rs 38,847.30 million for the quarter ended March 31, 2009.

Axis Bank, on March 29, kicked off its thousandth branch at Bandra Reclamation in the western suburb of Mumbai. The new arm is situated in the premises of the Maharashtra Educational Trust opposite the Lilavati Hospital.

Moreover, the board of directors of the private sector lender on Mar. 29, 2010, sanctioned the allotment of senior notes amounting to $350 million under the MTN program through its DIFC Dubai branch.

The notes will be listed at the Singapore Stock Exchange.