Axis Bank (NSE: AXISBANK) saw its shares rise by 2.91% to ₹1,164.75 as of 9:34 AM, despite broader market weakness. The stock opened at ₹1,158.00, reached a high of ₹1,172.40, and touched a low of ₹1,156.05. The previous close was ₹1,131.85, with a trading volume of over 4 million shares.
The surge comes after Axis Bank reported strong Q2 FY25 earnings, with a net profit increase of 18% year-on-year to ₹6,918 crore. The growth was driven by a 9% rise in Net Interest Income (NII) and improved non-interest income. The bank’s strategic expansion in branch network and regional presence also contributed to its strong performance.
Brokerages remain optimistic. Macquarie reiterated its ‘Outperform’ rating, with a target price of ₹1,400, highlighting the bank’s solid profitability and balance sheet improvement. Morgan Stanley maintained its ‘Overweight’ rating, with a target price of ₹1,445, emphasizing further asset quality improvement and stronger revenue performance in the coming quarters. Citi, while cautious, maintained its neutral stance, setting a target price of ₹1,290 and acknowledging Axis Bank’s strong Q2 results despite concerns around loan growth.
With strong earnings and positive brokerage sentiment, Axis Bank’s stock is outperforming in an otherwise weak market.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Please seek independent financial advice before making any investment decisions.
