JM Financial Recommends Buying Axis Bank with a Target Price of Rs 1040

JM Financial has issued a “buy” call on Axis Bank Ltd., setting a target price of Rs 1040. Currently, Axis Bank Ltd. is trading at Rs 1002.15 in the market.

Axis Bank Ltd., established in the year 1993, is a banking company with a market capitalization of Rs 308,482.05 Crore.

Key Products/Revenue Segments for Axis Bank Ltd. include Interest & Discount on Advances & Bills, Income From Investment, Interest, and Interest On Balances with RBI, and Other Inter-Bank Funds, for the fiscal year ending on March 31, 2023.

In terms of financials, for the quarter ending on June 30, 2023, the company reported a consolidated total income of Rs 31,894.20 Crore. This represents an increase of 5.87% from the total income of Rs 30,125.55 Crore in the previous quarter, and a substantial increase of 40.59% from the total income of Rs 22,686.46 Crore in the same quarter of the previous year. The bank reported a net profit after tax of Rs 6,091.35 Crore in the latest quarter.

As of June 30, 2023, the promoters held an 8.19% stake in the company, while foreign institutional investors (FIIs) owned 52%, and domestic institutional investors (DIIs) held 29.79%.

Investors may consider this “buy” call from JM Financial when evaluating their investment decisions. The target price of Rs 1040 suggests potential growth for Axis Bank in the future. However, it’s important to conduct thorough research and consider your own financial goals and risk tolerance before making any investment decisions.

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