Stock market today: Axis Bank share price today opened upside and touched an intraday high of ₹1,339.65 apiece on NSE
Stock market today: Axis Bank share price has been on an uptrend since June 2024. The Indian banking major is in the news today for two reasons: trading ex-dividend to ascertain the eligible shareholders for the payment of Re 1 per share dividend, and Axis Bank shares hitting a new lifetime high of ₹1,339.65 apiece on the NSE during Friday deals. As per the BSE and NSE information, the dividend stock is trading ex-dividend today. The Indian bank has declared a Re 1 per share dividend for its eligible shareholders. Today, the stock is trading ex-dividend to ascertain the list of eligible shareholders for Re 1 per share dividend.
Read More: IREDA share price rises 6% to fresh record high ahead of Q1 results
According to stock market experts, Axis Bank shares are available at attractive valuations despite being outperformers in the banking space. They said that the price to the Bood of Axis Bank’s share price is still around 2.60, which is quite attractive when we look at the recent bull run at the frontline indices. They said that Axis Bank’s earnings have remained strong and are expected to remain strong in coming quarters, which could be the possible reason for Axis Bank’s share price touching a record high during Friday deals.
Read More: Sahaj Solar IPO Receives 47.63x Subscription On Day 2 So Far, Check GMP Today
Axis Bank share price outlook
On why is Axis Bank share price rising, Saurabh Jain, Vice President — Research at SMC Global said, “Axis Bank share is one of those rare stocks that is an ideal portfolios tock for medium to long term investors. The stock has risen around 20 percent in YTD and it is still available at an attractive valuations. Price to Book of Axis Bank shares are around 2.60, which is enough to attract long-term portolio investors.” He explained that the RBI Governor’s statement, which negated the chances of a near term interest rate cut, is a significant factor contributing to the rise in Axis Bank share price.
Read More: Sati Poly Plast IPO: Check Subscription Status, GMP Today
The SMC Global expert said that Axis Bank is one of those Indian banks that have outperform the industry performance in recent years, especially in post-COVID period. He attributed this outperformance to [specific reasons]. He said that fundamentals of Axis Bank is also improving quarter-after-quarter, which signals about the sustained uptick in the private lender’s performance.
Expecting strong quarterly Q1 results 2024, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, “Axis Bank has managed to improve its CASA and margins quarter after quarter. As the RBI has kept a high interest rate regime throughout the year despite a strong rate cut buzz, Axis Bank’s NIMs are expected to remain in improvement mode and beat the industry standards. So, Axis Bank is expected to report strong quarterly numbers in FY25.”
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
