Moneycontrol
Last Updated : Jul 12, 2018 02:42 PM IST | Source: Moneycontrol.com

Axis Bank rallies 6% in 5 straight days, Macquarie sees further 15% upside

Macquarie said external candidates for CEO post are PS Jayakumar, Pramit Jhaveri and Shirish Apte while internal candidates include current DMD V Srinivasan and ED Rajiv Anand.

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The share price of Axis Bank gained 1.6 percent intraday on Thursday, taking total gains of five consecutive sessions to 6 percent after global brokerage house Macquarie expects it to rally further 15 percent.

The research house has a Buy call on the stock with a target price at Rs 615 per share as it feels an external candidate would be more suitable for the CEO post of the private sector lender.

Macquarie said external candidates for CEO post are PS Jayakumar, Pramit Jhaveri and Shirish Apte while internal candidates include current DMD V Srinivasan and ED Rajiv Anand.

The board of Axis Bank recommended names of three candidates for the position of MD & CEO, the bank had said in a release to the exchanges on July 10.

The names have been recommended in order of preference for approval by the Reserve Bank of India (RBI), the release added.

The candidate, as approved by the RBI, will succeed Shikha Sharma, whose term as the MD & CEO is due to expire on December 31, 2018.

In April, the bank had trimmed the balance term of Shikha Sharma to seven months from three years at her request. Sharma has been at the bank's helm since June 2009.

At 14:22 hours IST, the stock price Axis Bank was quoting at Rs 540.35, up Rs 3.75, or 0.70 percent.
First Published on Jul 12, 2018 02:42 pm
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