The stock of ICICI Bank has witnessed a decent correction recently and has maintained the support zone near 360 levels
Like major banks - State Bank of India, Axis Bank, and IndusInd Bank, top auto brands such as Maruti Suzuki, Bajaj Auto, and Hero MotoCorp have suffered significant losses
In addition, there's also growing stress in the bank's SME (small and medium enterprise) loans, a segment which was fast growing until FY20
Morgan Stanley believes the banks could provide aggressively for bad loans (unlike the banking system) and accelerate the pace of loan market share gains as the economy stabilizes
Indian private banks have had a decade of strong growth, reflected in much higher loan CAGR of 19.6%
Impact of rising bad loans may become discernible only in the second half of FY21. This may hurt asset quality and earnings growth, particularly of small and medium-sized banks
Top bank executives attempted to shed the tag of being risk-averse and averred that viable businesses would get the red carpet from lenders
Hopes of improvement in asset quality, better credit growth and lower valuations are supporting factors
August Futures and Options (F&O) series, which ended on August 27, saw strong participation from banking sector underlying optimism in the space
Short-term trend of the stock is positive
The bankers were responding to RBI governor Shaktikanta Das's statement that banks risked their own growth by being "extremely risk averse"
All that happened in the markets today
Axis Bank had initially planned to raise its stake in the insurer to 30 per cent for about Rs 1,590 crore
Axis Bank, which already holds a minority stake in Max Life, will own an 18% interest in the insurer after the deal
Axis Bank has plans to employ nearly 1,000 people under its new hiring initiative 'Gig-a-Opportunities', a model devised to attract skilled talent that can work with the bank remotely
ICICI Bank Ltd., Axis Bank Ltd. and mortgage lender HDFC Ltd. have raised a combined Rs 350 billion ($4.7 billion) this month
The issue price represents a 1.9 per cent premium to the floor price determined based on the pricing formula as prescribed under SEBI Regulations
Recently, many private sector lenders have raised funds to create a buffer so that they are in a position to absorb any kind of shock emanating from the pandemic
The board of the bank had last month approved the Rs 15,000 crore fund raise plan. The QIP was okayed by shareholders at the annual general meeting held on July 31, 2020
UBS Principal Capital Asia Ltd on Monday offloaded shares of Axis Bank worth over Rs 150 crore through open market transactions.