Moneycontrol
Sep 14, 2017 11:52 AM IST | Source: Moneycontrol.com

Axis Bank gains 4% after Deutsche Bank upgrades rating to buy

Deutsche Bank, in its report, upgraded the rating on the stock from hold to buy with an increased target price of Rs 600.

 
 
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Shares of Axis Bank gained around 4 percent intraday on Thursday after global financial services firm upgraded its rating on the stock.

Deutsche Bank, in its report, upgraded the rating on the stock from hold to buy with an increased target price of Rs 600.

Further, it said that the risk reward is favourable and the company could have stronger tailwinds than the headwinds.

Moreover, a long cycle of non-performing loans (NPLs) is seemingly peaking now, it said, adding that the next fiscal will be the year of change.

It also said that the lender’s business model is getting better and a higher share of retail is de-risking the balance sheet.

At 11:50 hrs, Axis Bank was quoting at Rs 516.60, up Rs 17.80, or 3.57 percent, on the BSE. It touched an intraday high of Rs 517.15 and an intraday low of Rs 502.65.
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