Long Term Buy Call For Axis Bank
Technical analyst Hemant Thukral maintained 'buy' rating on Axis Bank Limited stock with a target of Rs 1430.
According to analyst, the stock can be purchased with a stop loss of Rs 328.
Today, the stock of the bank opened at Rs 1309 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 1608 and a low of Rs 998.80 on BSE.
Current EPS & P/E ratio stood at 76.44 and 17.24 respectively.
According to Thukral, Axis Bank's cost of carry is more hopeful, which means more long positions or more buying positions being rolled to the next series.
Sturdy development in credit aided the bank to record a net profit of Rs 891 crore for the three month period ended December 2010, higher by 36% as against Rs 656 crore during the same period of 2009.
Mr Somnath Sengupta, Executive Director and Chief Financial Officer, Axis Bank stated that the credit growth credit was seen across all sections.
"Credit growth in the third quarter looks very high because last year credit growth was very low," he said.
In 2011-12, Axis Bank is eyeing credit growth of around 28-30%.
Preserving the share of the low cost current and savings accounts assisted the banking institution to control its funds cost at 4.79%.