Saturday 11 October 2008

Buy Axis Bank, target of Rs 1000: Karvy

Karvy Stock Broking has recommended a buy rating on Axis Bank with a target of Rs 1000 in its October 10, 2008 research report. "In Q2FY09, we expect the bank would report 47.6% (Y-o-Y) growth in net interest income (NII) to Rs 8.3 billion mainly due to strong growth of 49% (Y-o-Y) in credit offtake; we assume around 48% (Y-o-Y) growth in deposits. At current price, the stock quotes at 2.2x FY2010 adjusted book value; we determine the bank's intrinsic worth at Rs 1000 at 3.3x ABV FY2010; we rate the stock as a BUY with a price target of Rs 1,000," says Karvy Stock Broking's research report.

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Source: Moneycontrol

Posted by Harsh at 00:27

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