Buy Axis Bank

Attention! Your Axis Online Banking Account ha...

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Axis Bank is fundamentally very sound bank. I think some FII’s who foresees the impending top level management changes, are dumping. Don’t panic. It is not a Reliance Capital. It is one of the very well managed banks of India and there are no indications that it may suffer like over ambitious ICICI Bank. Stay invested with Axis Bank.

Investchips recommends a Strong Buy.

Update : India Infoline research report published yesterday also recommends Axis Bank

Over the past six months, Axis has underperformed other private sector banks and Bankex despite its relatively resilient financial performance. Current valuations at 0.9x 1-year rolling P/BV are at a 5-year low. More importantly, valuation discount to HDFC Bank is at a 4.5-year high of 51%. We believe that Axis with lower cost of funds, superior lending strategy and high quality loan book would emerge as one of the sturdiest banks over the next 2-3 years. The undue pessimism in the stock provides a great opportunity to BUY. We assign a P/BV multiple of 1.9x to FY10E adj. BV and arrive at 1-year price target of Rs 579. -India Infoline
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