Hold Axis Bank: Religare Capital

Hold Axis Bank, says Tirthankar Patnaik, EVP - Institutional Sales, Religare Capital Markets.

Patnaik told CNBC-TV18, "Axis Bank has done fairly well. Capital raising was a complete success. What we have been  concerned from the beginning is on its asset quality. We believe that asset quality issues in the banks are likely to dog  it going forward as well. It is basically a macro call."
He further added, "We are not looking at more than 5.5 percent odd for FY13 Gross Domestic Product (GDP) and that number is likely to increase only to about 5.8 percent in FY14, so macro concerns remain. Axis Bank has thus far maintained its numbers, but we believe that given the chunky nature of its book you might see issues going forward and to that extent we maintain hold on the stock. I think most of the upsides in the stocks are likely priced in and we are not seeing much going forward."