Investors cheer Axis Bank Q3 nos; scrip jumps 5.62 pc
Axis Bank today advanced nearly by six % in the early trade on the BSE counter, after the private sector lender posted a 35.88 % jump in its third quarter net profit on Monday.business Updated: Jan 18, 2011 10:51 IST
Axis Bank on Tuesday advanced nearly by six % in the early trade on the BSE counter, after the private sector lender posted a 35.88 % jump in its third quarter net profit on Monday.
Shares of Axis Bank zoomed by 5.62 % to an early-high of Rs 1,296.55 on the Bombay Stock Exchange.
In a similar fashion, the scrip witnessed a surge of 5.61 % to quote at Rs 1,297.95 in the opening trade.
The bank, on Monday, had posted a net profit of Rs 891.36 crore for the quarter ended December 31, 2010, against Rs 655.98 crore in the corresponding period of last fiscal, which according to market experts was better-than-street expectations.
"Axis Bank net profit came ahead of expectations, driven by robust loan growth, higher fee and treasury income and lower loan loss provisions.
The bank remains adequately capitalised for strong growth in the medium term," IIFL AVP, Research India Private Clients Rajiv Mehta said.
Meanwhile, the 30-share benchmark Sensex was also trading firm at 19,093.75, up 211.50 points at 1001 hours.