AXISBANK UP TO 45%UPSIDE
Axis Bank's three-fold jump in the December
quarter net profit sent its shares up 5% amid wild swings in the market on
Tuesday. The stock was the top Sensex performer as a host of brokerages
maintained their bullish stance, with price targets suggesting up to 45 %
potential upside in the counter.The private lender reported a profit of Rs
3614 crore for the December quarter against Rs 1117 crore in the corresponding
quarter last year. We have seen a similar outcome in ICICI Bank as well and believe that the thesis is likely to play
out for Axis Bank as well," it said while suggesting a target of Rs 960 on
the stock.
SBI CARD JUMP NEARLY 5%
Shares of SBI Cards and Payment Services on
Tuesday gained nearly 5 % after the firm reported an 84 % jump in net profit for December quarter 2021.
The company's stock zoomed 4.90 % to Rs 854 .Total revenues of the company rose 24% to Rs 3140 crore during the quarter under review, as against Rs 2,540
crore in the same period of 2020-21, SBI Card said in a release.The increase in
income was primarily due to higher income from fees and services during the
quarter, SBI Card. The company's asset quality improved as gross non-performing
assets fell to 2.40% of gross credit, as against 4.51% as of the third quarter of 2020-21.
FEDERAL BANK NET PROFIT RISE 29%
For the quarter ending
December 2021, Federal Bank reported a 29% rise in its standalone net
profit at 521.7 crore as compared to 404 crore in the same quarter last rise. Shares of Federal
Bank were trading over 2% higher in Tuesday's afternoon deals. The
bank’s capital and liquidity position is strong and would continue to be the
focus area for the Bank during this period. The extent to which the Covid-19
pandemic will continue to impact the bank's results will depend on the future
developments related to the situation, as well as the outcomes of the actions
taken to contain the same.
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