Views on Axis Banks Ltd 3QFY2017 Results: Angel Broking

Views of Mr. Siddharth Purohit (Sr. Equity Research Analyst - Banking, Angel Broking) on Axis Banks Ltd 3QFY2017 Results:

"Axis Bank's results for the quarter were below expectations on account of higher provisions. However, the good part is that slippages for the quarter remained lower QoQ and the overall watch list got reduced. We believe though the next two quarters could be challenging for the bank a lot of this seems priced in now and we may not see sharp corrections in the stock price. Any knee jerk reaction by market should be considered as a buying opportunity. We have a BUY rating on the stock."

Shares of AXIS BANK LTD. was last trading in BSE at Rs.450.5 as compared to the previous close of Rs. 483.7. The total number of shares traded during the day was 1925831 in over 27544 trades.

The stock hit an intraday high of Rs. 461 and intraday low of 448.1. The net turnover during the day was Rs. 876703503.

Source : Equity Bulls

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