Axis Bank soars as S&P upgrades outlook to 'positive'
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Axis Bank is currently trading at Rs. 758.70, up by 6.75 points or 0.90% from its previous closing of Rs. 751.95 on the BSE.
The scrip opened at Rs. 748.00 and has touched a high and low of Rs. 762.65 and Rs. 738.25 respectively. So far 351163 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 866.60 on 25-Oct-2021 and a 52 week low of Rs. 617.00 on 28-Jan-2021.
Last one week high and low of the scrip stood at Rs. 762.75 and Rs. 688.30 respectively. The current market cap of the company is Rs. 232265.04 crore.
The promoters holding in the company stood at 9.71%, while Institutions and Non-Institutions held 77.65% and 12.64% respectively.
Global ratings agency -- Standard and Poor's (S&P) has upgraded the outlook on Axis Bank from 'stable' to 'positive' citing an improvement in asset quality of the private sector lender. At the same time, the agency has affirmed ‘BB+’ long-term and ‘B’ short-term issuer credit ratings on the bank. It has also affirmed the ‘BB+’ long-term issue rating on the bank's outstanding debt.
The outlook revision reflects the view of a one-in-three chance that Axis Bank's asset quality could continue to improve such that the bank's credit costs and level of weak loans are commensurate with those of higher-rated Indian and international peers.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
