Axis Bank was up 2.44% to Rs 557.65 at 14:26 IST on BSE on reports that a foreign brokerage has maintained its overweight rating on the stock.
Meanwhile, the S&P BSE Sensex was up 103.99 points or 0.38% at 27,730.68.
On BSE, so far 3.32 lakh shares were traded in the counter as against average daily volume of 7.29 lakh shares in the past one quarter. The stock hit a high of Rs 558.30 and a low of Rs 550 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 one month till 11 July 2016, gaining 0.56% compared with Sensex's 3.72% rise. The scrip had, however, outperformed the market in past one quarter, advancing 26.62% as against Sensex's 10.41% rise.
The large-cap private sector bank has equity capital of Rs 477.50 crore. Face value per share is Rs 2.
The foreign brokerage reportedly expects Axis Bank's watchlist of stressed loans to be stable going forward in the current financial year (FY 2017). The brokerage said that Axis Bank is focused on building retail loan book. The bank has built healthy retail franchise on liability side, the brokerage added.
Axis Bank's net profit fell 1.2% to Rs 2154.28 crore on 9.8% growth 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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