Shaft Bench | Mutual Fund | TIC

NEW DELHI: Shares of Axis Bank came under heavy selling pressure on Friday amid rumors of a scam at its subsidiary Axis Mutual Fund. Shares plunged more than 4 percent due to BSE.

Media reports said the lender’s mutual fund arm has removed Viresh Joshi, a lead trader and fund manager, from the fund management team of seven of its equity schemes. Deepak Agrawal, an equity research analyst and fund manager, has also been removed from the management team of three funds.

According to the sources, both fund managers have been suspended over allegations of early execution. The fund house, in a press release, said that it conducted an investigation of its motorcycle for two months before making this decision.

Buying before the fourth quarter

ITC shares saw buying after the company said it would post its earnings in mid-May. ITC, in a stock exchange statement, announced that a meeting of the company’s board of directors has been scheduled for May 18, 2022.

The board of directors will also consider the complementary dividend recommendation for the aforementioned fiscal year. YES Securities, in its quarterly earnings projection, said two-year revenue growth of 18 percent, led by stable excise taxes and improvements.

The stock has seen some buying in recent months. The counter is up 32 percent in the past year.

good show Q4

CSB Bank said on Friday that its net profit more than doubled from Rs 218.40 crore in FY21 to Rs 458.49 crore in FY22. Fourth quarter 2022 net profit was 130 Rs .67 crore vs. Rs 42.89 crore in Q4 2021, a growth of 205%.

In the fourth quarter, net interest income (NII) stood at Rs 303.83 crore against Rs 275.70 crore in the same quarter last year, posting a growth of 10.20 per cent. The rise in NII has been driven by diffusion and volume effects, the lender said.

Thanks to excellent numbers, the company’s shares were in demand. The stock rose 10 percent due to BSE.

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