Jan 28, 2013, 04.07 PM | Source: Reuters

Axis Bank gains ahead of expected share sale

Reuters Market Eye - Shares in Axis Bank gain 3 percent on expectations that its up to USD 1 billion share sale will attract solid demand.

Axis Bank gains ahead of expected share sale
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"Axis Bank's QIP would easily get oversubscribed as its fundamentals are good. Money raised via QIP would translate into 10 times of credit growth for the bank," said G Chokkalingam, CIO, Centrum Wealth Management.

Axis Bank trades at 1.8 times 12 month forward price-to-book, compared to ICICI Bank that trades at 1.9 times and HDFC Bank at 3.9 times, according to Thomson Reuters StarMine data.

Axis Bank stock price

On November 30, 2015, Axis Bank closed at Rs 468.85, down Rs 2.05, or 0.44 percent. The 52-week high of the share was Rs 655.35 and the 52-week low was Rs 446.00.

The company's trailing 12-month (TTM) EPS was at Rs 33.53 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 13.98. The latest book value of the company is Rs 187.85 per share. At current value, the price-to-book value of the company is 2.50.

READ MORE ON  market, Axis Bank, QIP, CIO, G Chokkalingam
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