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Axis Bank slips after 8.8% rally in eight days

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Meanwhile, the Sensex was down 27.68 points or 0.14% at 19,459.12.

On BSE, 4.28 lakh shares were traded in the counter as against average daily volume of 2.40 lakh shares in the past one quarter.

The stock hit a high of Rs 1,371.95 and a low of Rs 1,330 so far during the day. The stock had hit a 52-week high of Rs 1377 on Thursday, 6 December 2012. The stock had hit a 52-week low of Rs 784.50 on 2 January 2012.

The stock had outperformed the market over the past one month till 6 December 2012, surging 11.85% compared with the Sensex's 3.56% rise. The scrip had also outperformed the market in past one quarter, jumping 43.91% as against Sensex's 12.34% surge.

The large-cap private sector bank has equity capital of Rs 426.91 crore. Face value per share is Rs 10.

Shares of had rallied 8.81% in eight trading sessions to settle at Rs 1365.35 on Thursday, 6 December 2012, from a recent low of Rs 1254.80 on 23 November 2012.

The Laws (Amendment) Bill, 2011 is among the key financial sector reforms bills that the government intends to get passed in the winter session of the parliament which began on 22 November 2012. The Banking Laws (Amendment) Bill, 2011 calls for removing 10% voting ceiling in private sector banks, increase in voting ceiling in state-run banks to 10% from 1%, and giving the central bank more powers. The Reserve has held back approvals of new bank licenses, urging the government to first get the bill passed in parliament.

Axis Bank's net profit rose 22.1% to Rs 1123.54 crore on 27.2% growth in total income to Rs 8280.29 crore in Q2 September 2012 over Q2 September 2011.

Axis Bank provides commercial banking services which include merchant banking, direct finance, infrastructure finance, venture capital fund, advisory, trusteeship, forex, treasury, investment banking, insurance, credit cards, mortgage financing, depository services and other related financial services.

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