Axis Bank nudges higher on fund raising proposal

Axis Bank rose 0.81% to Rs 511.50 at 9:24 IST on BSE after the bank said it proposes to raise funds aggregating to Rs 5000 crore via issue of non-convertible debentures.The announcement was made after market hours yesterday, 12 June 2017. Meanwhile, the S&P BSE Sensex was up 66.61 points or 0.21% at 31,162.31. On the BSE, 10,000 shares were traded on the counter so far as against the average daily volumes of 2.24 lakh shares in the past two weeks. The stock had hit a high of Rs 512.25 and a low of Rs 509.20 so far during the day. The stock had hit a 52-week high of Rs 638 on 7 September 2016 and a 52-week low of Rs 424.60 on 10 January 2017. Future & Option Trading Tips

The stock had underperformed the market over the past one month till 12 June 2017, advancing 0.96% compared with the Sensex's 3.01% rise. The stock had also underperformed the market over the past one quarter, sliding 1.58% as against the Sensex's 7.43% rise. The scrip had also underperformed the market over the past one year, declining 6.26% as against the Sensex's 16.74% rise. The large-cap bank has equity capital of Rs 479.36 crore. Face value per share is Rs 2. Axis Bank said it proposes to raise funds by issuing unsecured redeemable non-convertible subordinated debentures, Basel-III Compliant Tier 2 debentures aggregating to Rs 5000 crore. The board of directors of the bank will consider the proposal to issue and allot the aforesaid securities through circular resolution. Financial Astrology Tips