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Axis Bank share gains 5% ahead of board meeting to raise funds

Share price of Axis Bank gained 4.42% to Rs 424.45 against previous close of Rs 406.50 on BSE

twitter-logoBusinessToday.In | July 1, 2020 | Updated 13:34 IST
Axis Bank share gains 5% ahead of board meeting for raising funds
Axis Bank share has gained 4.43% in last 2 days

Axis Bank share price was trading higher in afternoon session today ahead of the lender's board meeting to consider explore raising funds through shares or depository receipts. Share price of Axis Bank gained 4.42% to Rs 424.45 against previous close of Rs 406.50 on BSE.  Axis Bank share has gained 4.43% in last 2 days.

The share trades higher than 20 day and 50 day moving averages but lower than 5 day, 100 day and 200 day moving averages

The stock has lost 47.89% during last one year and fallen 44%  since the beginning of this year.     

In one month, the share has gained 6.39% on BSE. Market capitalisation of the bank stood at Rs 1.19  lakh crore.

35 of 46 brokerages rate the stock "buy" or 'outperform', 11 "hold" and one underperform, according to analysts' recommendations tracked by Reuters. The stock hit its 52 week high of Rs 813.50 on July 7 , 2019 and 52 week low of Rs 285 on  March 25 this year.  

On Nifty, the stock rose up to 5.09% to Rs 427.35 against previous close of Rs 406.65

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The lender told BSE that a meeting of the Board of Directors of the company is scheduled on 02/07/2020 ,inter alia, to explore the option of raising funds by issue of equity shares/ depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares including through Qualified Institutions Placement (QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) program, preferential allotment or such other permissible mode or combinations thereof as may be decided, subject to approval of the shareholders of the Bank and receipt of other governmental/ regulatory/ statutory approvals at an appropriate time, as applicable.

On June 29, the stock fell 5.21% intra day after S&P Global Ratings lowered the lender's ratings due to increased economic risks for banks operating in India.

Credit rating agency S&P Global Ratings (S&P) downgraded the Foreign Currency Ratings of the bank, saying, "We lowered our ratings on Axis to reflect our expectation that heightened economic risks facing India's banking system will affect the bank's asset quality and financial performance."

S&P said the stable outlook reflects view that ratings on Axis already factor in some deterioration in the bank's asset quality and performance over the next 12 months.

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