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    Axis Bank shares rise after Q3 results. Should you buy, sell or hold the stock?

    Axis Bank shares rise after Q3 results. Should you buy, sell or hold the stock?

    Axis Bank shares rise after Q3 results. Should you buy, sell or hold the stock?
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    By CNBCTV18.com  IST (Published)

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    Axis Bank share price: Axis Bank shares were in focus on Tuesday, a day after the private sector lender reported its financial results for the December quarter. Here's what brokerages say on Axis Bank's performance in Q3.

    Axis Bank shares were in focus on Tuesday, a day after the private sector lender reported its financial results for the December quarter. The Axis Bank stock rose as much as 2.2 percent to Rs 719.5 apiece on BSE in early deals.
    At 9:20 am, Axis Bank shares were at Rs 713.3 apiece, up 1.3 percent from their previous close.
    After market hours on Monday, Axis Bank reported a net profit of Rs 3,614 crore for the third quarter of FY22, as against a net profit of Rs 1,116.6 crore for the corresponding period a year ago. The bank posted net interest income (NII) of Rs 8,653.4 crore, as against Rs 7,372.8 crore for the year-ago period.
    Analysts in a CNBC-TV18 poll had estimated the lender's net profit at Rs 3,185 crore and NII at Rs 8,220 crore.
    What brokerages say
    Nomura
    The brokerage has maintained a 'buy' call on the stock with a target price of Rs 980. The lender's net interest margin and asset quality improved in Q3, but higher costs pulled its core pre-provision operating profit growth lower, it said.
    Credit Suisse
    The brokerage has continued with its 'outperform' rating on Axis Bank with a target price of Rs 960. The lender's Q3 numbers beat estimates on the growth and asset quality fronts, according to Credit Suisse.
    The brokerage continues to expect a 15 percent return on equity in FY23 and FY24.
    CLSA
    The brokerage retained a 'buy' call on the stock with a target price of Rs 1,080. The lender posted a strong set of Q3 numbers and the growth in its pre-provision operating profit (PPoP) is in line with estimates, according to CLSA.
    Citi
    The brokerage has maintained a 'buy' rating on the stock with a target price of Rs 1,000. The lender delivered on much-awaited improvement on the growth and NIM fronts in Q3, and offers a valuation discount to peers, it said.
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