Page 8 - Axis Bank

Credit cards circulation increases by 18% to 103.3 million in May

Credit card spending in May 2024 increased by 17 per cent Y-o-Y to Rs 1.65 trillion from Rs 1.55 trillion in April 2024, rising by 6.45 per cent

Private banks gain up to 4%; Axis, ICICI hit new highs; HDFC nears summit

At 02:04 pm; Nifty Private Bank index was up 1.7 per cent, as compared to 0.65 per cent rise in the Nifty 50 and 0.20 per cent gain in Nifty PSU Bank index.

Current valuations offer no safety net for negative surprises: Axis AMC CIO

Maintaining the current capex pace as a percentage of GDP would be a favourable outcome, said Ashish Gupta

Morgan Stanley buys 17 mn shares of Axis Bank for Rs 2,083 cr via bulk deal

US-based investment banking company Morgan Stanley on Friday bought 1.7 crore shares of private sector lender Axis Bank for Rs 2,083 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), Morgan Stanley & Company International Plc acquired 1,70,00,000 shares, amounting to a 0.5 per cent stake in Axis Bank. The shares were purchased at an average price of Rs 1,225.75 apiece, taking the transaction value to Rs 2,083.77 crore. Details of the sellers of Axis Bank's shares could not be ascertained. Shares of Axis Bank fell 0.60 per cent to close at Rs 1,232.10 per piece on the NSE. On Wednesday, Axis Bank increased its holding in Max Life to 19.99 per cent for Rs 336 crore. After the stake purchase, the aggregate shareholding of Axis entities increased from 19.02 per cent to 19.99 per cent. Axis Bank and its two subsidiaries - Axis Capital Ltd and Axis Securities Ltd - were allowed to collectively own about 20 per .

Board of Axis Bank gives nod to hike stake in Max Life for Rs 336 cr

Max Life Insurance is a subsidiary of Max Financial Services

Axis Bank buys additional stake in Max Life Insurance for Rs 336 crore

Shares of the bank, India's fifth largest by market capitalisation, jumped as much as 2.2% after the news. The stock was among the top gainers on the Nifty 50 index

Mcap of BSE-listed firms hit fresh record high of Rs 437.24 trillion

The market capitalisation of BSE-listed firms hit a new record high of Rs 437.24 lakh crore on Tuesday amid an optimistic trend in equities where the BSE Sensex maintained the record-breaking run and hit another lifetime closing high level. Rising for the fourth straight session, the 30-share BSE benchmark climbed 308.37 points or 0.40 per cent to settle at a new closing peak of 77,301.14. During the day, it jumped 374 points or 0.48 per cent to hit the fresh lifetime peak of 77,366.77. The positive trend in equities took the market capitalisation of BSE-listed firms to a new record high of Rs 4,37,24,261.40 crore (USD 5.24 trillion). In four days, the investors' wealth has risen by Rs 10.29 lakh crore. "Key benchmark indices continued their record-breaking spree as renewed FII buying interest coupled with moderating domestic inflation has raised hopes of a rate cut by this year-end. "Although monsoon has made a steady start, investors are hoping for a pick-up in rain activity ove

Axis Bank expanding branches to raise more deposits: Deputy MD Rajiv Anand

Axis Bank completed the acquisition of Citibank India's consumer banking business effective March 1, 2023

FY25 fiscal deficit of 20 major states to be lower than budgeted: Axis Bank

The Finance Commission had allowed states to borrow up to 4-3.5 per cent of Gross State Domestic Product in FY22-23, with unused limits usable up to FY25

FIU fines Axis Bank Rs 1.66 cr for failing to detect fraud NSG account

The Financial Intelligence Unit has slapped a fine of more than Rs 1.66 crore on Axis Bank for "failing" to put in place a mechanism to detect and report suspicious transactions carried out at one of its branches by creating a "fraud" account in the name of counter-terrorist commando force NSG. The federal agency has issued an order on June 3 under Section 13 of the Prevention of Money Laundering Act (PMLA) that empowers its Director to impose a monetary penalty on a reporting entity (like Axis Bank) if the agency finds that its designated director on the board or any of its employees failed to comply with the obligations mandated under the said law. A query sent to Axis Bank did not elicit an immediate response. According to the summary order accessed by PTI, the case pertains to an instance where "an employee of Axis Bank was alleged to have been complicit in a large-scale fraud and corruption scandal, in collusion with others." The Financial Intelligence Unit (FIU) order said th

Reliance Power becomes debt free on standalone basis; clears pending dues

Reliance Power has become a debt-free company on a standalone basis clearing all outstanding dues to lenders, sources said. The company had a debt of around Rs 800 crore, which has been repaid to banks, they said. Between December 2023 and March 2024, Reliance Power signed multiple debt settlement agreements with various banks, including IDBI Bank, ICICI Bank, Axis Bank and DBS. The company has now repaid the entire debt to these banks, sources said. As a result of that, Reliance Power, on a standalone basis, has become a debt free company. In December 2023, Reliance power sold the development rights of its proposed 1,200 megawatt hydro-electric project in Arunachal Pradesh to THDC for Rs 128 crore. In March 2024, the company sold its 45 MW wind energy project in Vashpet, Maharashtra to JSW Renewable Energy for a consideration of Rs 132 crore. Proceeds from the sale of these projects were used to retire debt. With participation of over 38 lakh retail investors, Reliance Power has

Nifty Bank hits 50,000 mark for the first time ever; Check key reason

Surpassing the 50,000-mark for the very first time, the index's ascent can also be attributed to robust Q4 GDP figures, and S&P recent upgradation of India's rating to positive

Fitch affirms ratings of Axis, ICICI banks on supportive working conditions

Fitch Ratings on Thursday affirmed the ratings of Axis Bank and ICICI Bank with a stable outlook citing supportive operating environment and large domestic franchise. Fitch Ratings has affirmed India-based Axis Bank and ICICI Bank's Long-Term Issuer Default Rating (IDR) at 'BB+', the global agency said in two separate rating commentaries. Fitch has also affirmed the banks' Government Support Rating (GSR) at 'bb+' and Viability Rating (VR) at 'bb'. Fitch said its IDR ratings reflect expectation of a moderate probability of extraordinary state support from the government relative to large state banks. The agency said its expectation of a supportive operative environment is on account of India's robust medium-term growth potential. Fitch expects GDP growth of 7 per cent in 2024 and 6.5 per cent in 2025, supported by investment prospects. "The economy has been resilient as healthy business sentiment, steady financial markets and the government's capital spending buffered global econom

Axis Bank to bring in expats in latest move to woo global companies

Axis is focused on companies from countries like South Korea, Japan, US, Germany, Italy and France that have good ties with India

Axis Bank re-rating to continue on steady NIMs, cheap valuation: Analysts

Axis Bank stock price: Shares of Axis Bank surged 6.5 per cent to Rs 1,133 apiece on the BSE in Thursday's intraday trade

Sensex extends rally to fifth day, ends 486 pts up; SBI, Axis Bank zoom over 5%

Indian stock market on Thursday, April 25: The NSE Nifty ended atop the 22,550 levels, up 156 points; Kotak Bank and HUL, however, bucked the trend.

Stocks to Watch, April 25: Axis Bk, HUL, TechM, LTIMindtree, RVNL, Kotak Bk

Stocks to Watch on Thursday, April 25, 2024: The Reserve Bank of India, on Wednesday, directed Kotak Mahindra Bank to stop issue of fresh credit cards and the onboarding of new customers

F&O expiry, Q4, Meta impact: Which way will the Nifty swing on April 25?

Stock market preview Thursday, April 25: Global mood turns bitter as Nasdaq futures fall post Meta guidance; HUL, Axis Bank and Indian Hotels to react to Q4 numbers on Dalal Street.

Axis Bank Q4 results: Reports net profit at Rs 7,130 crore, NII rises 11%

Axis Bank reported net loss of Rs 5728.42 crore in the same period of the previous year

Axis Bank Q4 results: Net profit at Rs 7,129 crore, NII grows 11%

Private sector lender Axis Bank on Wednesday reported a net profit of Rs 7,129 crore for the fourth quarter ended March 31, 2024. The bank had reported a net loss of Rs 5,728 crore in the March quarter of 2022-23 fiscal. Total income rose to Rs 35,990 crore in the March quarter of 2023-24 fiscal, from Rs 28,758 crore in the year-ago period. The bank's Net Interest Income (NII) grew 11 per cent Year-on-Year (YoY) to Rs 13,089 crore. For 2023-24 fiscal, the net profit jumped 160 per cent to Rs 24,861 crore. The numbers for the March quarter of 2022-23 fiscal and the full fiscal include the impact of exceptional items relating to the Citibank business acquisition, Axis Bank said. Its balance sheet grew 12 per cent YoY to Rs 14,77,209 crore as on March 31, 2024. The bank issued 1.24 million new credit cards in the March quarter of FY24 and has been one of the highest credit card issuers in the country over the last nine quarters, Axis Bank said in a regulatory filing. The bank's bo