Axis Bank halts recent slide on bargain hunting

Axis Bank rose 1.17% to Rs 455.15 at 12:19 IST on BSE, on bargain hunting after logging declines in prior five trading sessions.

Meanwhile, the S&P BSE Sensex was up 118.88 points or 0.37% at 32,628.84

On the BSE, 3.47 lakh shares were traded on the counter so far as against the average daily volumes of 6.03 lakh shares in the past one quarter. The stock had hit a high of Rs 457.60 and a low of Rs 450 so far during the day. The stock had hit a 52-week high of Rs 547 on 25 July 2017 and a 52-week low of Rs 424.60 on 10 January 2017.

The stock had underperformed the market over the past one month till 23 October 2017, falling 10.92% compared with 1.83% rise in the Sensex. The scrip also underperformed the market in past one quarter, declining 17.4% as against Sensex's 0.86% rise. The scrip also underperformed the market in past one year, sliding 13.7% as against Sensex's 15.36% rise.

The large-cap bank has equity capital of Rs 479.55 crore. Face value per share is Rs 2.

Shares of Axis Bank have declined 15.03% in prior five trading days to settle at Rs 449.90 yesterday, 23 October 2017, from its close of Rs 529.45 on 13 October 2017. The stock lost 9.52% to settle at Rs 464.35 on 18 October 2017. It declined 0.86% to settle at Rs 460.35 on 19 October 2017. It fell 2.27% to settle at Rs 449.90 on 23 October 2017. The recent slide was after the private sector bank reported rise in bad loans on a sequential and annual basis in Q2 September 2017 at the time of announcing Q2 result after trading hours on 17 October 2017.

Axis Bank's net profit rose 35.5% to Rs 432.38 crore on 0.9% increase in total income to Rs 13820.62 crore in Q2 September 2017 over Q2 September 2016.

The bank's gross non-performing assets (NPAs) rose to Rs 27402.32 crore as on 30 September 2017 from Rs 22030.87 crore as on 30 June 2017 and Rs 16378.65 crore as on 30 September 2016. The ratio of gross NPAs to gross advances rose to 5.9% as on 30 September 2017 from 5.03% as on 30 June 2017 and 4.17% as on 30 September 2016. The ratio of net NPAs to net advances rose to 3.12% as on 30 September 2017 from 2.3% as on 30 June 2017 and 2.02% as on 30 September 2016.

Axis Bank is one of the biggest private sector banks in India. As on 30 September 2017, the bank had a network of 3,485 domestic branches and extension counters situated in 2,033 centres. As on 30 June 2017, the bank had 14,332 ATMs and 1,533 cash recyclers spread across the country.

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