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[ad_1] Shares of Axis Bank were in focus on Wednesday after financial services firm Motilal Oswal gave a buy call to the private lender with an upside of 21 per cent and a target price of Rs 1,130 per unit. Motilal Oswal said Axis Bank was its top pick, mentioning that the growth outlook of the lender was gaining traction. The brokerage house, in a research report, bet on the bank for making its balance sheet granular, all the while increasing the mix of retail loans and improving its provision coverage ratio. This, the research report states, has improved its key metrics such as loan growth, margins, and profitability. “Axis Bank remains focused on building a stronger, consistent, and sustainable franchise. Since asset quality issues are behind, slippages and credit costs will be under control. While the bank will continue to make investments, it expects to bring down the cost-to-assets ratio to 2 per cent by FY25-end,” the report marked out. The bank achieved its target of a con

[ad_1] Axis Bank had posted a net profit of Rs 4,125 crore in the year-ago period. New Delhi: Private sector lender Axis Bank on Wednesday posted a 40.5 per cent increase in standalone net profit at Rs 5,797 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income. The bank had posted a net profit of Rs 4,125 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 30,644 crore as against Rs 21,657 crore, Axis Bank said in a regulatory filing. The lender's interest income also increased to Rs 25,557 crore from Rs 18,729 crore in the same quarter a year ago. The bank's Net Interest Income (NII) grew 27 per cent to Rs 11,959 crore while Net interest margin (NIM) for Q1FY24 improved to 4.10 per cent, up from 3.6 per cent in the same period a year ago. On a consolidated basis, the bank reported a net profit of Rs 6,099 crore in the quarter ended in June as against Rs 4,389 crore a year ago. O

[ad_1] The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 17,644.50, up 53.5 points or 0.30% from the previous close. ZEEL: Zee Enterprises’ managing director and chief executive Puneet Goenka on Thursday moved appellate tribunal NCLAT challenging the order of the National Company Law Tribunal which admitted an IndusInd Bank plea for insolvency proceedings against the firm. The share price fell over 10% intraday on Thursday, before paring losses to close 3.46% lower. Lemon Tree Hotels: The company approved acquisition of up to 22,00,000 Compulsorily Convertible Preference Shares of Aleur Hotels, APG Strategic Real Estate Pool N.V, existing shareholder. HDFC Bank: The private sector lender announced it raised $750 million through a dollar bond sale. The bank, acting through GIFT City IFSC Banking Unit completed the issue of $750 million Senior Unsecured Bonds. The notes are rated Baa3 by Moody’s