NSE:AXISBANK

Indian Equities Rise Tuesday Backed by IT Surge, Trade Talk Optimism

Indian equities rose on Tuesday, turning from four days of losses, supported by a robust end-of-day surge in major IT stocks and high hopes of successful U.S.-India trade negotiations.The BSE Sensex jumped 0.5%, or 382.5 points, to finish Tuesday's session at 74,649.84. Likewise, the NSE Nifty 50 climbed 0.4%, or 100.95 points, to 23,483.55.Investor sentiment improved on hopes of relief from US tariffs following talks between the two nations scheduled for June 2, 3, and 4, according to Business Standard.Additionally, IT heavy-weights led the day's gainers. Tata Consultancy Services (NSE:TCS, BOM:532540), Infosys (NSE:INFY, BOM:500209), and HCL Technologies (NSE:HCLTECH, BOM:532281) closed around 7%, 6%, and 4% higher on Tuesday.The top losers were NTPC (NSE:NTPC, BOM:532555), Axis Bank (NSE:AXISBANK, BOM:532215), and Power Grid Corporation of India (NSE:POWERGRID, BOM:532898), falling about 3%, 2%, and 1% at they day's close.In corporate news, Vedanta's (NSE:VEDL, BOM:500295) shares closed over 1% lower after India's financial investigation agency raided the mining company's premises over alleged foreign exchange violations.The searches were conducted to facilitate an investigation under the Foreign Exchange Management Act, First Post reported.

Axis Bank Invests Additional INR3.81 Billion in Axis Max Life Insurance Company

Axis Bank (NSE:AXISBANK, BOM:532215) has invested an additional 3.81 billion Indian rupees in the equity shares of Axis Max Life Insurance Company, according to a Monday filing to the Indian stock exchanges.Following the investment, the shareholding of the lender and its subsidiaries, Axis Securities Limited and Axis Capital, will increase to 19.99% from 19.02%.

Sical Logistics to Avail INR1.15 Billion Credit Facilities from Axis Bank; Shares Up 4%

Sical Logistics (BOM:SICAILOG, NSE:520086) board approved availing credit facilities of up to 1.15 billion Indian rupees from Axis Bank (NSE:AXISBANK, BOM:532215), according to a Saturday filing on Indian bourses.Shares of the company rose over 4% in Monday's trade.The package includes a cash credit facility of up to 150 million rupees, a bank guarantee facility of up to 150 million rupees, and a term loan refinancing facility of up to 850 million rupees, the filing said.

Bizotic Commercial Appoints CFO

Garments manufacturer Bizotic Commercial (BOM:543926) has appointed Dipak Hariprasad Dave as chief financial officer and key managerial personnel of the company, effective Thursday, according to a BSE filing on the same day.Prior to joining the company, Dave served as senior vice president at Axis Bank (BOM:532215).The company's shares were up nearly 1% in recent trade.

Nomura Adjusts Axis Bank's Price Target to INR1,560 from INR1,500, Keeps at Buy

Axis Bank's Consolidated Net Profit Rises in Fiscal Q4; Shares Down 3%

Axis Bank (NSE:AXISBANK, BOM:532215) consolidated net profit increased to 76.0 billion Indian rupees in the quarter ended March 31, against 74.8 billion rupees a year ago, according to a Saturday filing to the Indian stock exchanges.The banks' shares were down over 3% in Monday's trade.Earnings per share climbed to 24.33 rupees compared with the year-ago figure of 24.01 rupees.Interest earned by the lender in fiscal Q4 also grew year on year to 341.7 billion rupees from 324.5 billion rupees a year earlier.The board of directors recommended a dividend of 1 rupee per share for the financial year ended March 31.

Jefferies Adjusts Axis Bank's Price Target to INR1,700 from INR1,660, Keeps at Buy

Axis Bank (NSE:AXISBANK, BOM:532215) has an average rating of buy and mean price target of 1,543.91 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)