Axis Bank Ltd Share Price – NSE  /  BSE

Banks, Mid Cap

With the stake purchase, the aggregate shareholding of Axis entities in Max Life Insurance will increase from 19.02% to 19.99%.

Previously, Axis Bank, along with its subsidiaries Axis Securities and Axis Capital, held a 19.02% stake in the life insurance company.

In an exchange filing, the bank said, “The acquisitions, divestments and merger committee of the board of directors has approved a proposal for acquisition of additional equity shares of Max Life by the Bank for an amount of upto Rs. 336 crore, thereby increasing the aggregate shareholding of the Axis Entities from 19.02% to 19.99%.”

The aforesaid proposal is subject to receipt of all requisite regulatory approvals, as may be applicable. The acquisition is expected to be completed within 2-3 months.

Axis Bank is the third-largest private sector bank in India. During the quarter, the bank added 125 branches taking its overall distribution network to 5,377 domestic branches and extension counters situated across 2,963 centres and 16,026 ATMs and cash recyclers spread across the country. The bank's Axis Virtual Centre is present across six centres with over 1,590 virtual relationship managers as on 31 March 2024.

The private lender reported net profit of Rs 7,129.67 crore in Q4 FY24 as against net loss of Rs 5,728.42 recorded in Q4 FY23. Total income rose 25.15% year on year (YoY) to Rs 35,990.33 crore in the quarter ended 31 March 2024.

The counter hit an all-time high of Rs 1,243 in today's intraday session.

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The Board of Axis Bank at its meeting held on 19 June 2024 has approved the acquisition of additional equity shares of Max Life by the Bank for an amount of upto Rs. 336 crore, thereby increasing the aggregate shareholding of the Axis entities (Axis Securities and Axis Capital) from 19.02% to 19.99%.

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Axis Bank Ltd rose for a third straight session today. The stock is quoting at Rs 1207, up 1.27% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.05% on the day, quoting at 23545.75. The Sensex is at 77416.39, up 0.15%. Axis Bank Ltd has added around 6.1% in last one month.

Meanwhile, Nifty Bank index of which Axis Bank Ltd is a constituent, has added around 6.36% in last one month and is currently quoting at 50440.9, up 1.32% on the day. The volume in the stock stood at 70.45 lakh shares today, compared to the daily average of 105.61 lakh shares in last one month.

The benchmark June futures contract for the stock is quoting at Rs 1213.15, up 1.76% on the day. Axis Bank Ltd is up 23.81% in last one year as compared to a 25.13% gain in NIFTY and a 16.77% gain in the Nifty Bank index.

The PE of the stock is 14.8 based on TTM earnings ending March 24.

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Axis Bank has allotted 2,00,249 equity shares of Rs. 2/-each of the Bank on May 29, 2024 pursuant to exercise of stock options / units under itsESOP / RSU Scheme.

The paid up share capital of the Bank has accordingly increased from Rs. 6,17,79,11,920 (3,08,89,55,960 equity shares of Rs. 2/- each) to Rs. 6,17,83,12,418 (3,08,91,56,209 equity shares of Rs. 2/- each).

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