A leading private sector bank Axis Bank Ltd. has announced its third quarter (ended December 2010) results today. The company has reported net profit of Rs 891 crore in Q3FY11 as against Rs 656 crore in previous quarter, which recorded growth of 35.82%.
While net interest income (NII) grew by 28.47% to Rs.1,733 crore from Rs.1,349 crore on, year on year basis (YoY). Other income also raised to Rs.1,148 crore from Rs.988 crore (YoY).
How to trade the Axis Bank stock: We will not recommend you to buy more of this stock at this time, as markets are in corrective phase. So once nifty stabilize, one can buy this stock near 1170 – 1210 range for short term target of 1385 and 1445. Also place the stop loss near 1140 level.