Mumbai: Axis Bank could potentially rise 5 per cent or more to Rs 600 after the private lender reported substantially lower slippages and provisioning in Q1 on Monday. At Rs 569 Monday, the stock already trades at the upper end of the Rs 500-600 trading range for the August series. The GDR traded up 3.9 per cent at $41.75 at time of writing Monday.

Axis Bank on Tuesday said its board of directors has recommended three candidates for Reserve Bank of India’s (RBI) approval. The approved candidate will succeed its current managing director and CEO Shikha Sharma whose term ends on December 31, 2018.

A consortium of lenders led by Axis Bank has put on sale a 76-megawatt (MW) hydropower project — operated by Lanco Mandakini Hydro Energy — in Rudraprayag, Uttarakhand, according to sources. At the end of September 2016, Lanco Mandakini’s debt stood at `785 crore. Lanco Mandakini Hydro Energy is a special purpose vehicle (SPV) promoted by the Lanco Group set up in 2006 in Dehradun.

Axis Bank, the country’s third-largest private bank by assets, on Monday raised marginal cost of funds-based lending rates (MCLRs) by 10 basis points (bps) across tenures, following similar hikes by its peers earlier this month. The one-year MCLR at the bank now stands at 8.6%. This is the fourth rate hike by the lender in calendar year 2018.

Mumbai: At a time when lenders are rationalising branches, Axis Bank has decided to add 400 branches in the financial year 2018-19, taking its network beyond 4,000. The expansion is part of a strategy to grow retail business and expand the deposit base.

Axis Bank executive director and head of retail Rajiv Anand said, “We found that applications for our online savings account ‘ASAP’ were coming from 16,000 locations. We did a survey and found that the reason why most of them chose Axis Bank was because there was a branch nearby.”

Axis Bank, the country’s third-largest private lender, on Friday raised marginal cost of funds-based lending rates (MCLRs) by 10-15 basis points (bps). The one-year MCLR at the bank now stands 10 bps higher than earlier at 8.5%, the highest among large banks. MCLRs for shorter tenures will range between 8% and 8.4%. The two-year and three-year MCLRs stand at 8.6% and 8.65% respectively.

Axis Bank has put on sale a 600-megawatt (MW) thermal power plant in Madhya Pradesh set up by the Avantha Group-owned Jhabua Power, according to sources. The plant had availed loans worth Rs 3,018 crore from a consortium led by the private lender in December 2009. Axis Bank’s exposure stood at Rs 325 crore. Emails sent to spokespersons at Axis Bank and the Avantha Group did not elicit responses till the time of going to press. The plant became operational on May 3, 2016.

FDs maturing between one year and 14 months will also yield 7.1%, 35 basis points (bps) higher than earlier. All deposits of under Rs 1 crore with longer maturities will earn 7%. The 14 months to 17 months bucket was earlier priced at 6.75%, while all maturities ranging between 17 months and 10 years earlier yielded 6.9%.

Global rating agency Standard and Poor's (S&P) on Thursday said rating assigned to various instruments issued by Axis Bank were unaffected by the sharp rise in its non-performing assets.

The increase in bad loans was part of a balance sheet clean-up exercise underway in the Indian banking system, the rating agency said.

The stock of Axis Bank gained 8.97%, on Friday, despite reporting its first-ever quarterly loss as investors were enthused by outgoing CEO Shikha Sharma’s declaration that the recognition of bad loans in this cycle is “nearly complete.”

The stock ended the session at Rs 538.90 on the BSE, and was the best performing Sensex stock on Friday.

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