Axis Bank gains on crossing Rs 100 crore in AUM for retirement business

Axis Bank is currently trading at Rs. 956.05, up by 6.00 points or 0.63% from its previous closing of Rs. 950.05 on the BSE.

axis bank trades in green on bourses
Axis Bank

The scrip opened at Rs. 954.60 and has touched a high and low of Rs. 958.90 and Rs. 952.55 respectively. So far 70916 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 958.90 on 21-Dec-2022 and a 52 week low of Rs. 618.10 on 23-Jun-2022.

Last one week high and low of the scrip stood at Rs. 958.90 and Rs. 929.00 respectively. The current market cap of the company is Rs. 294332.72 crore.

The promoters holding in the company stood at 9.69%, while Institutions and Non-Institutions held 78.36% and 11.94% respectively.

Axis Bank has received regulatory nod to act as a pension fund manager and has already crossed Rs 100 crore in assets under management (AUM) for its retirement business.

The bank has received a commencement of business certificate from the Pension Fund Regulatory and Development Authority (PFRDA) on September 20, 2022 and the AUM has been managed in the first 45 days of the business.

The bank has launched a step-down subsidiary Axis Pension Fund Management through its subsidiary Axis Asset Management Company, which marks its foray into the retirement business.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

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