Sharekhan has suggested `Hold` on Axis Bank  with a price aim of Rs 1,680 as in contradiction of the market price (CMP) of Rs 1,565 in its account dated Oct. 14, 2010. The brokerage dwelling provided the below mentioned investment justification:

Outcome mainly in procession with prospects: For the Q2FY2011 Axis Bank (Q,N,C,F) has recorded a net earnings of Rs 7,351 million, an augment of 38% annual (YoY). The recorded earnings were mainly in sequence with their estimation at Rs 7.19 million.

The top line development placed muscular, geared up mainly by a rush forward in the balance sheet`s development rate and an growth in the net interest margin (NIM). For the net profit of the bank developed a sturdy by 35.0% YoY to Rs 14.77 billion in the H1FY2011.

Strong NII development expresses that the net interest income (NII) develops by a vigorous by 40.5% Year on Year to Rs 16,151 million geared up by a sturdy by 36.5% year-on-year development in the proceed united with an 18 basis points Year on Year augment in the designed NIM by 3.32%.