ULJK Securities has maintained its buy rating on Axis Bank with a price target of Rs 567 in its April 21, 2009 report.
“Axis Bank has reported a better than expected net profit of Rs 5.81 billion in Q4FY09, a growth of 60.9% on a YoY basis and 16.1% on a QoQ basis. For the FY09, the net profit stands at Rs 18.15 billion, a growth of 69.5% on YoY. The profit during the quarter was driven by the strong growth in other income, predominantly trading income. We maintain “Buy” on the stock with a target price of Rs 567 discounting the FY10E book value by 1.7x.,” says ULJK Securities’ research report
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