Shares of Axis Bank rose on November 25 as analysts appeared impressed by the lender’s long-term vision at the annual analyst day meeting on November 24.“A convincing analyst meet that Axis Bank could compete on its strengths,” said brokerage firm Kotak Institutional Equities in a note.
Brokerage firm ICICI Securities said that the management of the lender demonstrated its ability to translate ‘intent’ to ‘action’ towards delivering guided outcomes and initiatives undertaken over the last few years to strengthen its capacity to deliver more efficient and sustainable outcomes. Analysts said that a key takeaway from the management meeting was the lender’s assertion on focusing less on growth and more on customer satisfaction to ensure stickiness. “The premise that a better customer experience would build more stickiness, better revenue at lower risk with more data to monitor would perhaps differentiate the bank in this cycle through better risk-adjusted returns,” Kotak Equities said. Axis Bank has been able to achieve the targets it had set for itself in 2019 under the new leadership of Amitabh Chaudhary. The lender’s return on equity profile as well as net interest margins is now in line with peers such as ICICI Bank and HDFC Bank after lagging for years. Axis Bank had set a target of achieving a return on equity of 18 percent in 2019 and ended the September quarter of 2022–23 with an RoE of 18.9 percent. Further, its RoE has sustained above the 15 percent mark for the past few quarters and the lender’s Chief Executive Officer Amitabh Chaudhary expects it to sustain above those levels going ahead. However, a key concern around the lender in market circles has been the sustainability of the recent upswing in performance. Kotak Equities said that the pay-off from Axis Bank’s customer-obsessed strategy will be slow but long-lasting and therefore the lender could be a strong player in the new credit cycle in the Indian economy. “Management articulated strategy across business segments to provide confidence that growth will see a further uptick,” ICICI Securities said. Currently, 47 out of the 50 brokerage houses that have coverage on the stock have given it a ‘buy’ rating indicating the level of optimism on the Street. The lender is currently trading 19 percent below the consensus price target for its stock at Rs 1,059. At 11:20 am, shares of Axis Bank were up 0.9 percent at Rs 886.8 on the National Stock Exchange. Bank Nifty Price, Nifty Stocks, Nifty Option, Bank Nifty Option Price, Option Stock, Equity Sensex
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Shares of new-age technology companies listed in India jumped in line with their peers in the US as traders bet that the end is in sight for interest rate hikes by the US Federal Reserve following better-than-expected inflation print for October.
The US inflation rate slowed down to 7.7 percent in October as against an expectation of 7.9 percent in another sign that multi-decade-high inflation in the US shows signs of tapering off. Core CPI inflation in the US for October, too, came in at 6.3 percent as against an estimate of 6.5 percent. Traders are now expecting the US Fed to bring down the quantum of its interest rate hikes in the next monetary policy meeting while betting that the central bank will pause the rate increases by March 2023. US stocks, particularly those of technology companies, soared on the back of the October inflation print on hopes that the US Federal Reserve may soon pause on interest rate hikes and may start pulling rates lower in the second half of 2023 because of a likely recession. The NASDAQ Technology Index soared over 6 percent on November 10 following the inflation data. Back home, investors bought into shares of Zomato, Paytm, PB Fintech, Paytm, and Nykaa in the hope that future fall in interest rates will spur an upswing in their valuations. Interest rates in the economy have an inverse relationship with the valuations of technology stocks. Higher interest rates mean a lower present value of future cash flows of a technology company and vice versa. Bank Nifty Option Calls, Future & Option, Bank Nifty, Bank Nifty Options, Call Option, Equity Benchmark, Bank Nifty Option, Share Market Today, Share Market Today, Share Market Today, Wind power operation and maintenance service provider Inox Green Energy Services is going to launch its initial public offering on November 11. The offer will close on November 15 and the anchor book will open for a day on November 10. The price band for the offer will be announced by the company in the early part of next week.
The Rs 740 crore issue that comprises a fresh issue and an offer for sale of Rs 370 crore each. Proceeds from the fresh issue will be utilised by the company for repaying debts and general corporate purposes. The company has reserved 75 percent of the offer for qualified institutional buyers, 15 percent for high net worth individuals, and the rest 10 percent for retail investors. Inox Green Energy Services is a subsidiary of Inox Wind (the manufacturer of wind turbine generators) and part of the Inox GFL group of companies. Inox Wind currently holds 93.84 percent stake in Inox Green Energy Services. Having an exclusivity agreement with Inox Wind, the company provides exclusive operation and maintenance services for all wind turbine generators (WTGs) sold by Inox Wind. As of June 2022, Inox Wind had entered into binding contracts for the supply of two megawatt (MW) capacity WTGs with an aggregate capacity of 964 MW. Inox Green Energy Services’ operation and maintenance services as of June 2022 consisted of 2,792 MW wind farm capacity and 1,396 WTGs. Of the 2,792 MW capacity, 1,964 MW was attributable to its contracts for comprehensive operation and maintenance services and 828 MW was attributable to its common infrastructure operation and maintenance contracts. Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets & Securities, and Systematix Corporate Services are the merchant bankers for the offer. The registrar to the offer is Link Intime India. This would be the 30th public issue getting launched in the year 2022. So far, we have seen seven public issues opening in November itself including Fusion Micro Finance, Global Health, Bikaji Foods International, Five Star Business Finance, and Archean Chemical Industries. Best Share To Buy Today, Trading India, Stock Market Today, Share Market Today, Share Market, equity trading, future option, stock trading, share trading, stock trade in india The Indian market closed in the green after a volatile session on November 4, supported by metal and PSU banking names. The Sensex ended 113.95 points, or 0.19 percent, higher at 60,950.36, and the Nifty was up 64.50 points, or 0.36 percent, at 18,117.20. The market opened flat following mixed global cues and soon slipped into negative territory but buying in metal and PSU banks helped the indices close higher.
“The Bank of England in its policy announcement mirrored the Fed’s view, dashing hopes for a near-term policy softening. Though a late rebound was seen in the domestic market, it was largely in the red zone as the pharma and IT sell-off continued due to concerns about the impending recession,” said Vinod Nair, Head of Research at Geojit Financial Services. The dollar and the US treasury yield surged following the hawkish remarks from global central banks, even as foreign institutional investors (FIIs) continued their domestic support, he added. Adani Enterprises, Hindalco Industries, Bajaj Finserv, Adani Ports and JSW Steel were among the top Nifty gainers. Hero MotoCorp, Dr Reddy’s Laboratories, BPCL, Cipla and HDFC Life were among the biggest losers. Among sectors, the Nifty Metal index rose 4 percent and the PSU bank index gained 1 percent. The Pharma index closed a percent lower from the previous day. The BSE midcap index ended on a flat note, while the smallcap index was up 0.4 percent. On the BSE, the metal index added nearly 3 percent and capital goods and oil & gas indices up 0.5 percent each. Selling was seen in the FMCG, healthcare and information technology stocks. Stock Exchange, Indian Share Market, Indian Stock Market Today, Shares To Buy Today,Indian Stock Market, Best Stock To Buy Today, Market News, Stock Market News |
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