Axis Bank surges on inking MoU with Indian Air Force

Axis Bank is currently trading at Rs. 666.40, up by 7.95 points or 1.21% from its previous closing of Rs. 658.45 on the BSE.

axis bank to acquire citi for rs 12325 crore
axis bank to acquire citi for rs 12325 crore

The scrip opened at Rs. 665.35 and has touched a high and low of Rs. 676.60 and Rs. 661.30 respectively. So far 229139 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 866.60 on 25-Oct-2021 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. 676.60 and Rs. 640.30 respectively. The current market cap of the company is Rs. 204880.86 crore.

The promoters holding in the company stood at 9.70%, while Institutions and Non-Institutions held 77.43% and 12.73% respectively.

Axis Bank has entered into Memorandum of understanding (MoU) with the Indian Air Force (IAF) to manage salary accounts of the defense personnel.

Offering benefits and features to Air Force personnel under its ‘Power Salute’ initiative, Axis Bank will offer numerous benefits to all ranks of the defence staff, including veterans, cadets/recruits.

The salary account offered by Axis Bank will have benefits such as personal accidental cover of up to Rs 56 lakh, total permanent disability cover benefit of Rs 46 lakh, air accident cover of Rs 1 crore among others.

There will be no processing fee to open the account, while as many as 12 EMI waivers will be given on home loans. It will also offer additional zero balance accounts for 3 family members with no charges.

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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