Axis Bank shares climb 6% post earnings announcement; mcap surges by Rs 19,695.96 cr

New Delhi: Shares of Axis Bank on Thursday climbed 6 per cent after the company reported a consolidated net profit of Rs 7,599 crore during the March 2024 quarter.

The stock advanced 5.98 per cent to settle at Rs 1,127.35 apiece on the BSE. During the day, it surged 6.57 per cent to Rs 1,133.65.

On the NSE, it climbed 6 per cent to Rs 1,127.45 per piece.

It was the biggest gainer among the BSE Sensex and NSE Nifty firms.

The company's market capitalisation (mcap) soared by Rs 19,695.96 crore to Rs 3,48,014.45 crore.

Axis Bank became the fourth most valued bank in the country in terms of market valuation. HDFC Bank, ICICI Bank and State Bank of India are ahead of the company in terms of market valuation.

"Kotak Mahindra Bank is no longer the 4th largest bank in the country as Axis Bank took the position," said Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox.

In volume terms, 11.60 lakh shares of the company were traded on the BSE and 461.36 lakh shares on the NSE during the day.

In the equity market, the 30-share BSE Sensex climbed 486.50 points or 0.66 per cent to settle at 74,339.44. The NSE Nifty advanced 167.95 points or 0.75 per cent to 22,570.35.

Axis Bank on Wednesday reported a consolidated net profit of Rs 7,599 crore during the March 2024 quarter, but expressed concerns over deposit accretion in the new fiscal.

On a standalone basis, it reported a net profit of Rs 7,130 crore in the January-March period.

The bank had posted a loss in the year-ago period as a result of the impact of the acquisition of Citi's retail business.

Sequentially, the bank's net profit grew 17 per cent, as compared to Rs 6,071 crore earnings recorded in the preceding quarter of FY24.

In the entire FY24, the bank's net profit zoomed to Rs 24,861.43 crore, from Rs 9,579.68 crore.