Axis Bank shares surge 5.5%, m-cap grows Rs 4,869 cr post Q3

Mumbai: Shares of Axis Bank Thursday surged 5.5 percent, adding Rs 4,869 crore to its market valuation, after the company saw a 15 percent growth in its December quarter net profit.

The stock climbed 5.21 percent to settle at Rs 408.90 on BSE. During the day, it rose 6.11 percent to Rs 412.40.

On NSE, shares of the company gained 5.55 percent to end at Rs 409.15.

Led by the rally in the stock, the company added Rs 4,868.62 crore to Rs 97,286.62 crore in market valuation.

Volume-wise, 15.64 lakh shares of the company changed hands at BSE and over 2 crore at NSE during the day.

The stock was the biggest gainer among the blue-chips on both the Sensex and the Nifty.

Private lender Axis Bank yesterday reported a 15 percent rise in net profit at Rs 2,175 crore for the December quarter.

Net profit for the same quarter last fiscal stood at Rs 1,900 crore.

Total income of the bank rose to Rs 12,531 crore, from Rs 10,929 crore in the year-ago period.

As of December 31 last year, Axis Bank's portfolio quality deteriorated, with gross non-performing assets (NPAs) rising to 1.68 percent of gross advances as against 1.34 percent in the same quarter last fiscal.

Its net non-performing assets also jumped to 0.75 percent, from the earlier 0.44 percent.