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Axis Bank witnessed a sequential decline in asset quality metrics for the June quarter due to seasonal effects on agriculture business. Gross non-performing asset ratio rose to 1.54%. Net profit marginally increased to Rs 6,035 crore as provisions doubled compared to the previous year. Credit costs are expected to rise, especially in the unsecured portfolio.
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Among the public shareholders, Damani held about 34.66% in the company. Damani raised stake in VST Industries during the June quarter by 2%. At the end of March quarter, the investor had held about 32.7% in the company, according to data from Trendlyne.
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According to Nagaraj Shetti of HDFC Securities, the Nifty has breached the 10-day EMA support level and is now hovering near the 20-day EMA support level of approximately 24,270. These moving averages have held strong for the past 5-6 weeks, and the market's failure to remain above these levels could trigger a significant downturn.
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IIFL Securities is the sole book runner for the deal. According to the term sheet issued by IIFL, Maple II BV, an entity of BPEA, is offering to sell 4.78 crore shares of the bank at a floor price of Rs 226 per share a 5% discount to Wednesdays closing price of Rs 237.95.
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News and Media
Markets regulator Sebi has validated a well-known secret on Dalal Street - most retail intraday traders don't make money. According to a study by Sebi, 71% of individual traders in intraday equity segment incurred losses during FY23, up from 65% in FY19 and 69% in FY22.
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News and Media
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