Nifty reclaimed 10,050 level ahead of an earnings season that will be kicked off by TCS on Thursday.
Global brokerage house CLSA has upgraded Axis Bank to buy from outperform and also hiked price target to Rs 620 from Rs 600 per share, citing attractive valuations. Get Indian Stock Market Recommendations from here and you can also Join us for Free Trials Call on 9644405056.
Valuations are attractive and the stock can be rerated as asset quality normalizes.
Normalization of stress & retail scale-up to lift earnings. Normalisation of credit costs and bottoming of margins may also aid earnings from the second half of FY18.
Stabilization and easing out of new stress loan formation is likely to be from FY19 onwards.
There is a scope for operating efficiencies that will aid earnings, and expected normalization of asset quality to lift return on equity to mid-teens over FY19-20 from 7 percent in FY17.
11:51 am Acquisition: Drug major Lupin’s US subsidiary has acquired Symbiomix Therapeutics for a total cash consideration of USD 150 million (nearly Rs 980 crore).
Lupin had entered into an arrangement to acquire the company earlier this year. The acquisition has been made for a cash consideration of USD 150 million, including USD 50 million upfront payment and other time-based ones, it said in a regulatory filing today.
The acquisition is funded by internal funds.
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