Stock to buy: The share price of Axis Bank has been going through a sell-off for the past one month amid the Russia-Ukraine war. In the last one month, the share price of this private bank has declined by almost 10 percent. However, the stock is pulling back from its recent lows. Brokerage firm HDFC Securities expects the stock to rise by around 20 per cent in the next two quarters.
What did the brokerage firm say?
HDFC securities in its report said, “Axis Bank is the third largest private sector bank in India. Its balance sheet is reflected through its flexible strong capital adequacy. The bank’s back-book clean-up is substantially complete. The Bank is focusing on technological investments and digital initiatives to prepare itself for the next phase of growth in the retail and SME sectors.”
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Know what is the target price
HDFC Securities said, “We expect investors to buy Axis Bank between ₹710 to ₹715 and add more on dips in the ₹640 band. We expect the base case to get a fair value of ₹715 over the next 2 quarters,” HDFC Securities said. The fair value of 776 and the bull case would be ₹843 per share. The latest share price of Axis Bank is ₹723.65 per share.