Axisbank Stock Price Level Looking Very Good Technically Near Rounding Top Breakout Price Arround Still Resistance Move Up Good Volume In Stock reversal From Major Support My Expact Price Move Up Time Fram 3 To 6 Month.
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Axis Bank is the third largest private sector bank in India. The Bank operates in four segments, namely
treasury, retail banking, corporate/ wholesale banking and other banking business. Axis Bank was incorporated
in the year 1993 with the name UTI Bank Ltd. Axis Bank is one of the first new generation private
sector banks to have begun operations in 1994. The bank was promoted in 1993, jointly by Specified
Undertaking of Unit Trust of India (SUUTI) (then known as Unit Trust of India), Life Insurance Corporation
of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New
India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company
Ltd. The treasury operations include investments in sovereign and corporate debt, equity and mutual
funds, trading operations, derivative trading and foreign exchange operations on the account, and for customers
and central funding. Retail banking includes lending to individuals/small businesses subject to the
orientation, product and granularity criterion. It also includes liability products, card services, Internet banking,
automated teller machines (ATM) services, depository, financial advisory services, and non resident
Indian (NRI) services. The corporate/wholesale banking segment includes corporate relationships not included
under retail banking, corporate advisory services, placements and syndication, management of
publics issue, project appraisals, capital market related services, and cash management services. The
Banks registered office is located at Ahmedabad and their Central Office is located at Mumbai. With 3,485
domestic branches (including extension counters) and 14,332 ATMs across the country as on 30 September
2017, the network of Axis Bank spreads across 2,033 cities and towns, enabling the bank to reach out
to a large cross-section of customers with an array of products and services. The bank also has nine
overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo;
representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK.The
Bank has five wholly-owned subsidiaries namely Axis Securities and Sales Ltd, Axis Private Equity Ltd,
Axis Trustee Services Ltd, Axis Asset Management Company Ltd and Axis Mutual Fund Trustee Ltd
Augmentation of equity share capital would enhance the bank’s ability to absorb large write-downs on
distressed asset exposures. Revenue and operating profit should see stronger growth of 19% and 20%
CAGR respectively over FY19-20E. It is expected to register 17% loan book CAGR over FY18-20E on
account of strong retail segment growth. The bank's focus on high rated corporate accounts and reduction
in watchlist (1.8% of advances) to strengthen its asset quality. Credit costs to remain elevated in 1HFY19E
and normalize in 2HFY19E are likely to decline in FY20E, driving significant improvement in profitability.
We expect recovery in ROA and ROE of 90bps to 1.4% and 970bps to 15.4% respectively over FY18-20E.
The bank’s NII to post 21.7% CAGR over FY18-20E and NIM to stabilize at 3.6% by FY20E. The stock is
currently trading at 1.89x FY20E P/BV. Axis Bank’s loan mix as of Q1FY19 consisted of corporate, retail
segment and SMEs contributing ~39%, ~48% and ~13% respectively. For Q1FY19, Axis Bank’s loan book
stood at ~Rs4.4 lakh cr; GNPA was at 6.52%; NNPA was at 3.09%; net interest margin was 3.46% and
capital adequacy ratio was at 16.71%.