Axis Bank rose 0.84% to Rs 544.15 at 10:21 IST on BSE after the Union Cabinet approved increase in the ceiling on foreign investment in the private sector bank to 74% of equity capital on a fully fungible basis from 62% earlier.
Meanwhile, the S&P BSE Sensex was up 54.02 points or 0.2% at 27,220.89
On BSE, so far 1.08 lakh shares were traded in the counter as against average daily volume of 7.36 lakh shares in the past one quarter. The stock hit a high of Rs 544.90 and a low of Rs 536 so far during the day. The stock had hit a 52-week high of Rs 613.40 on 16 July 2015. The stock had hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had underperformed the market over the past 30 days till 5 July 2016, rising 1.03% compared with Sensex's 1.45% rise. The scrip, however, outperformed the market in past one quarter, gaining 27.01% as against Sensex's 9.1% rise.
The large-cap private sector bank has equity capital of Rs 477.46 crore. Face value per share is Rs 2.
With the hike in foreign investment ceiling, foreign direct investment to the tune of Rs 12973.14 crore will be received in the country with an estimated creation of 6,000 to 7,000 jobs over the next three years, according to a government statement.
Foreign institutional investors held 40.86% stake in Axis Bank as on 31 March 2016. The holding through Global Depository Receipts (GDR) in the bank stood at 3.36% as on 31 March 2016.
Meanwhile, shares of Axis Bank turned ex-dividend today, 7 July 2016, for dividend of Rs 5 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 0.91% based on its closing price of Rs 543.90 on the BSE on Tuesday, 5 July 2016. The stock market was closed yesterday, 6 July 2016, for a holiday.
Axis Bank's net profit fell 1.2% to Rs 2154.28 crore on 9.8% rise in total income to Rs 13592.97 crore in Q4 March 2016 over Q4 March 2015.
Axis Bank is one of the biggest private sector banks in India.
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