Axis Bank has target of Rs 1125: M Irani

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Axis Bank has target of Rs 1125: M Irani

Axis Bank has target of Rs 1125, says Mehraboon Irani, Centrum Broking.

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Excerpts from Your Stocks on CNBC-TV18 Watch the full show » ALSO READ See previous views by Mehraboon Irani See what other Experts & Brokerages are saying about Axis Bank See messages about Axis Bank Axis Bank BSE | NSE 13/02/12 Are Mutual Funds betting on Axis Bank?

Axis Bank has target of Rs 1125, says Mehraboon Irani , Centrum Broking.

Irani told CNBC-TV18, "We have a target price of Rs 1125 for Axis Bank, so we have another 10% upside on the present level. I see a lot of consolidation in the company's business, they are taking deliberate steps to the intention of consolidation, so that they can take the next big step forward or maybe about some months later as and when the economy comes properly into shape. So I will not be surprised, after the decent run up, which we have seen in the stock price, the stock price may not do too many things and may possibly remain a slight underperformer also."

He further added, "I am positive on the longer term on this stock but at the most over the next six months on this stock I see a price of about Rs 1125 and at that price also it would be available at 2.5 times 2011 price to book value. So this is not a very cheap stock, if someone is buying with the intention of trying to make big money over the next six to nine months. So for investors, who are holding, certainly a hold, lovely bet for the longer term but in the shorter term another 10% from here and beyond that I personally don't see it happening."