Results, Dividend, Fundraise On April24: Buy Top Bank Stock Amid Rich Valuation, TP Rs 1400: Nomura

BNP Paribas Securities has recommended buy call to top private bank Axis Bank Ltd share with target price of Rs 1400. Global brokerage firm Nomura also has buy on Axis Bank amid its attractive valuation with target price of Rs 1250 per share. Current market price of Axis Bank share on BSE is Rs 1024.15 per share. In last 1-week, Axis Bank shares witnessed decline of 5.81%. The market capitalisation of the bank is Rs 3,16,118.86 crore. In last 1-year the financially strong bank offered return of 18.52%.

The bank will consider financial results, recommend final dividend, if any, and explore options of fund raise on April 24, 2024. Axis Bank once split its share in the proportion of 1:5 way back in 2014. More details below:

Axis Bank To Consider Dividend: As per the regulatory filing of the company dated April 18, 2024, "meeting of the Board of Directors of Axis Bank Limited (the "Bank") will be held on Wednesday, April 24, 2024, inter alia to:
(i) Consider and approve the Audited Standalone and Consolidated Financial Results of the Bank, for the quarter and year ended March 31, 2024.
(ii) Recommend final dividend, if any, for the financial year ended March 31, 2024.
(iii) Explore the option of raising funds by issue of debt instruments including but not limited to Bonds and Non-Convertible Debentures, in Indian Currency / Foreign Currency and by issue of equity shares / depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares including through Qualified Institutions Placement (QIP) / American Depository Receipts (ADRs) / Global Depository Receipts (GDRs) program / preferential allotment or such other permissible mode or combinations thereof as may be decided."

Nomura Assigns Buy Call To Axis Bank Shares: As per the global brokerage firm, "While Axis Bank may go through a period of loan growth moderation, book value compounding should continue to be strong and we continue to like the franchise."
The analyst believes Axis Bank is likely to declare healthy return on assets (RoAs) or return on equity (RoE) around 1.7% or 18% and strong earnings per share (EPS) CAGR of 16% over FY24-26F.

Axis Bank Share Performance & Return: The 52-week high price of Axis Bank share on BSE is Rs 1151.50 per share (as on 05/12/2023) and 52-week low price is Rs 853.75 per share (as on 28/04/23), respectively. Axis Bank shares gave return of 28% in last 2-years, soared 53% in last 3-years, and surged 33% in last 5-years.
Axis Bank Stock Split History: Axis Bank Ltd split face value of its shares once since July 28, 2014. Axis Bank last split the face value of its shares from Rs 10 to Rs 2 in 2014.The share traded ex-split from July 28, 2014.

Axis Bank Dividend History: Axis Bank announced 20 dividends since June 4, 2001. In last 12 months, Axis Bank announced an equity dividend amounting to Re 1.00 per share. At the current share price of Rs 1024.15, Axis Bank offers a dividend yield of 0.10%.

Axis Bank Technical: Score is 43.74 indicating the stock is technically neutral. Stocks with score above 70 are considered as technically Strong and below 35 are considered weak. RSI is 36.5, RSI below 30 is considered oversold and above 70 overbought. MFI is 48.0, MFI below 30 is considered oversold and above 70 overbought. Mutual Funds have increased holdings from 21.43% to 22.67% in March 2024 quarter. Number of FII/FPI investors increased from 1667 to 1670 in March 2024 quarter. Institutional Investors have increased holdings from 83.51% to 83.96% in March 2024 quarter, according to Trendlyne.

Disclaimer: The stock has been picked from the brokerage report of Nomura and Motilal Oswal. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.