Buy Axis Bank, target price Rs 690: Kotak Securities

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Buy Axis Bank, target price Rs 690:  Kotak Securities


Kotak Securities has buy call on Ltd. with a target price of Rs 690. The current market price of Axis Bank Ltd. is Rs 663.15.

Axis Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 205332.46 Crore).

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Interest Income of Rs 11788.55 Crore, down 5.02 % from last quarter Interest Income of Rs 12411.79 Crore and down 5.86 % from last year same quarter Interest Income of Rs 12522.65 Crore. The bank reported net profit after tax of Rs 1334.84 Crore in latest quarter.


Investment Rationale
Strong bullish engulfing candlestick formation near 50-day SMA with excellent volume activity.


Promoter/FII Holdings
Promoters held 13.6 per cent stake in the company as of Dec 30, 2020, while FIIs held 52.2 per cent, DIIs 23 per cent and public and others 11.2 per cent.





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