Buy Axis Bank, target of Rs 1000: Karvy

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Buy Axis Bank, target of Rs 1000: Karvy

Karvy Stock Broking has maintained its buy rating on Axis Bank with a target of Rs 1000. In Q2FY09, Axis Bank reported 62% (Y/Y) jump in net interest income to Rs 9.1 billion and 99.7% (Y/Y) growth in operating profit to Rs 8.7 billion.

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Karvy Stock Broking has maintained its buy rating on Axis Bank with a target of Rs 1000 in its October 15, 2008 research report. "In Q2FY09, Axis Bank reported 62% (Y/Y) jump in net interest income to Rs 9.1 billion and 99.7% (Y/Y) growth in operating profit to Rs 8.7 billion much higher than our expectations (NII of Rs 8.3 billion and PoPP of Rs 7.3 billion) and market consensus. Robust growth of 91.3% (Y/Y) in fee income and contained operating costs resulted in 77% jump in net profit to Rs 4.0 billon. We reiterate our BUY rating on the stock with a target price of Rs 1000 at 3.3x ABV FY2010," says Karvy Stock Broking's research report.
 
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