Stock market analyst Ashwani Gujral has maintained 'buy' rating on Axis Bank Ltd stock to achieve a target of Rs 1600.

According to analyst, the interested investors can buy the stock with a strict stop loss of Rs 1475.

Today, the stock of the bank opened at Rs 1512 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1580 and a low of Rs 905 on BSE.

Current EPS & P/E ratio stood at 66.13 and 22.95 respectively.

Country's private sector banking institution Axis Bank has given a 5-year outsourcing deal to Firstsource Solutions, which is a BPO services supplier.

As per agreement, Firstsource will provide contact services in 11 Indian languages to the bank's retail clients.

These services will be offered from Firstsource's Mumbai and Chennai based centres.

In addition, the bank has won sanction from Bank of England (BoE) to launch a division in London.

Axis Bank's executive director S K Chakrabarti stated that the country's central bank has already given forwarded its nod to open a division in London.

Axis Bank is already present in Singapore, Hong Kong and Dubai and eyes to strengthen its global presence further.

The bank will also launch its division in Abu Dhabi.