Karvy Stock Broking Limited has maintained ‘Sell’ rating on Axis Bank stock to achieve a target of Rs 330 today.

The investors are advised to sell the stock in order to avoid loss, as there are full chances of a downward trend in this stock.

If the stock fell below 322, it may see more weakness.

According to Karvy, investors can sell the stock below 350 with a strict stop loss of Rs 360.

After selling the stock today, the interested investors can buy the stock again, but only on declines. The long term investors should stay invested to reap higher returns.

Today, the shares of the company opened at Rs 349.90 on the Bombay Stock Exchange (BSE). Current EPS and P/E stood at 44.44 and 7.82 respectively. The share price has seen a 52-week high of Rs 1,040 and a low of Rs 342 on BSE.

On Thursday (Feb 26), shares of Axis Bank lost Rs 19.75 at Rs 346.50 on the Bombay Stock Exchange (BSE). The scrip touched an intra-day high of Rs 366 and low of Rs 343. The total volume of shares traded at the BSE was 724523.

Axis Bank is continuously expanding its presence in India. The bank has established a branch in the second capital city of Jharkhand, Dumka to strengthen its focus on extensive consumer banking network spread across the country.

Three banks including Axis Bank, Canara Bank and Oriental Bank of Commerce (OBC) plan to raise up to Rs 14,000 crore via CDs.

Axis Bank has increased its limit for CDs issuance to Rs 10,000 crore from Rs 3,500 crore. Rating agency ICRA has assigned an A1+, representing highest credit quality, to the bank’s deposit plan. The rating also considers comfortable low cost deposit mix, strong brand name, expanding network and comfortable liquidity profile.

Axis Bank reported a phenomenal increase in its standalone net profit for the three month period ended December 2008.

During the period, the bank’s profit grew 63.24% to Rs 5,008.60 million, as against Rs 3,068.30 million during the same quarter of the last year.

Interest earned for the quarter surged 65.61% to Rs 29,847.70 million, whereas total income zoomed 62.29% to Rs 37,169.40 million.

The bank has posted earnings of Rs 13.95 per share during the quarter, registering 47.78% growth over previous year period.