At a time when the entire banking industry is grappling with bad loans menace, the new leader at Axis should not kill the goose that is probably poised to lay the golden egg
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 three names have been recommended in order of preference for approval by the RBI, a release by bank said.
The breadth of the market favoured advances, with 1236 stocks advancing, 462 declining and 377 remaining unchanged. On BSE, 1572 stocks advanced, 774 declined and 106 remained unchanged.
“We expect the Nifty to trend sideways for the next few trading session. On the flip side, the index has to close below 10,550 to change this sideways movement thesis,” says Shabbir Kayyumi of Narnolia Financial Advisors
The veteran banker further said typically, his bank's growth plans are not dependent on competition.
Sources close to the development said the power projects are of Lanco Kondapalli, which was once a subsidiary of beleaguered Lanco Infratech Limited. They said the lenders have to find a suitable resolution for their debts before September 16, lest the creditors approach the National Company Law Board for a resolution.
Bajaj Finance is at 18th place in the overall m-cap ranking on BSE. It is ahead of blue chips such as NTPC, HCL Technologies, Hindustan Zinc and Asian Paints.
BSE started a mock trading session for further funds offer of the "Bharat-22 exchange traded fund" which was started in November 2017.
Going forward, it expects the Sensex EPS to be Rs 1,870 for FY19 and Rs 2,241 for FY20, an increase of 36 and 20 percent, respectively.
The agency also downgraded ICICI Bank's 'support rating' to '3', from '2', apart from revising down its support rating floor to 'BB+', from 'BBB-'.
However, Fitch has downgraded ICICI's Support Rating to '3', from '2', and revised downwards its Support Rating Floor to 'BB+', from 'BBB-'.
The agency also upgraded the counterparty risk assessments of four banks, including PNB, ICICI Bank, Bank of Baroda and Axis Bank.
Edelweiss recommended hold rating on Axis Bank with a target price of Rs 535 in its research report dated May 31, 2018.
A rate hike is something which might not be taken in a positive light by most of the sectors
Apart from HDFC Bank, the regulator has already passed initial orders against Tata Motors, Axis Bank and Bata India in this high-profile case, wherein they were asked to conduct internal probes and report back to the regulator. The probe concerns about a dozen listed firms.
The stock may be bought in the range of Rs 544-547 for targets of Rs 585-600, keeping a stop loss below Rs 519.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 27.50 points or 0.26 percent. Nifty futures were trading around 10,666.50-level on the Singaporean Exchange.
Prakash Gaba of prakashgaba.com recommends buying Axis Bank with target at Rs 560 and stop loss at Rs 540, a buy in MCX India with target at Rs 810 and stop loss at Rs 780 and a buy also in Tata Motors DVR with target at Rs 205 and stop loss at Rs 191.
The market breadth was in favour of the declines with 772 stocks advancing while 900 declined and 370 remained unchanged. On the other hand, in the BSE, 1190 stocks advanced and 1396 declined and 131 remained unchanged.
The market breadth was in favour of the advances with 830 stocks advancing while 742 declined and 465 remained unchanged. On the other hand, in the BSE, 1031 stocks advanced and 856 declined and 69 remained unchanged.
"A sustained trade beyond 10,750 can extend the up move to levels of 10,900-11,000. On the downside, 10,600 is a crucial support zone, which happened to be the GAP zone that the Index filled in Friday’s trade," says Aditya Agarwala, Technical Analyst at YES Securities.
The top Nifty gainers included GAIl India which was up 3 percent followed by M&M and Axis Bank which added 2 percent each. The other gainers included Hindalco Industries and ICICI Bank.
The market breadth was in favour of the advances with 954 stocks advancing while 724 declined and 378 remained unchanged. On the other hand, in the BSE, 1279 stocks advanced and 1140 declined and 107 remained unchanged.