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Axis Bank (AXSB)
Banks/Financial Institutions
Modest appreciation from current levels. We downgrade Axis Bank to ADD due to
strong outperformance as the stock leaves limited upside from current levels. Inability to
reduce interest rates by the RBI sharply accentuates asset-quality risk for the bank,
which has high exposure to leveraged corporate assets. News flow in the infrastructure
sector will be the key catalyst even as speedy execution remains under doubt. Capital
markets have been volatile and we would be more comfortable if Axis Bank were to
augment Tier-I capital to support business traction.
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