Recommendation: Buy; Target price: Rs1,090
Major Banks like Axis Bank, IDBI Bank, Canara Bank will be in focus today ahead of their Q3 earnings.
Healthy performance likely during the quarter
Recently, the bank announced that it has revised its agreement in response to IRDAI guidance and will acquire the remaining stake in Max Life Insurance.
The company stated in its exchange filing that it has entered into revised agreements with Max Financial on January 9, 2023.
Axis Long Duration Fund will hold an allocation of 0% to 100% of its assets in Debt Instruments & Money Market Instruments.
The NFO is available for subscription from January 05, 2023 to January 16, 2023.
Nifty PSU Bank was 4,384.15 up 0.81% and Nifty Private Bank at 22,103.40 up 0.47%.
Further, the latest interest rates on fixed deposits of less than Rs2 crore of Axis Bank are in force from December 27, 2022.
Power Grid Corporation, NTPC, UPL, Divis Lab and Britannia were among the major gainers on the Nifty.