AXISBANK

By Ashwin Manikandan

NEW DELHI, March 4 (Reuters) - Indian startup Mintoak, which provides merchant payment services to lenders, said on Tuesday it has bought Digiledge, marking the first acquisition in the nascent central bank digital currency space in a deal that sources said was worth around $3.5 million.

The Reserve Bank of India started a pilot for the CBDC, or e-rupee, a digital alternative to physical currency, in December 2022, and last April, it expanded the scope of transactions to payment firms from having limited it to just banks initially.

PayPal PYPL.O and HDFC Bank HDBK.NS backed Mintoak has completed the acquisition of Digiledge, which specialises in CBDC and bill payments services, said two sources aware of the matter, declining to be identified as they are not authorised to speak with the media.

The deal will enable Mintoak's partner banks, which include HDFC Bank, Axis Bank AXBK.NS and SBI SBI.NS, to offer more comprehensive CBDC-related payment solutions to their clients, Mumbai-based Mintoak said.

"By adding Digiledge's bill payments and CBDC capabilities, we are making it easier for merchant acquirers to grow and help more small and medium enterprises access digital tools and financial services," Mintoak CEO Raman Khanduja said.

In January, Cred and MobiKwik ONEM.NS became the first fintech platforms to give customers access to the CBDC.

Alphabet's GOOGL.O Google Pay, Walmart-backed WMT.N PhonePe PHOP.NS and Amazon Pay are among the payment firms seeking to join the pilot, Reuters reported in August 2024.

(Reporting by Ashwin Manikandan; Editing by Savio D'Souza)

(([email protected]))

Feb 25 (Reuters) -

• AXIS IS SAID TO WEIGH MAJORITY STAKE SALE OF $1 BILLION SHADOW BANK UNIT - BLOOMBERG NEWS

Source text: https://tinyurl.com/24njxygt

Further company coverage: AXBK.NS

(([email protected];))

BENGALURU, Feb 4 (Reuters) - India's Max Financial Services MAXI.NS said on Tuesday it has approved the listing of its unit, Axis Max Life, by merging with the insurer.

The move comes after the country's insurance regulator sought a public listing roadmap from Axis Max Life, the financial services company said.

Max Financial, which holds nearly an 81% stake in Axis Max Life, said it will initiate the process for the insurer's listing once there is clarity on the law allowing such mergers.

(Reporting by Nishit Navin in Bengaluru; Editing by Shreya Biswas)

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Jan 23 (Reuters Breakingviews) - A small-loan crisis is creeping up on India’s banks. Bad debt inched up at the $146 billion HDFC Bank HDBK.NS and other private lenders in the three months to the end of December, and the central bank recently warned of a deep rot in small loans. The $2 trillion banking system is better prepared for an asset quality crisis than a decade ago, but a stalling economy could batter its defences.

HDFC’s gross bad loan ratio rose six basis points from the end of September to 1.42%. Axis Bank AXBK.NS doubled its provisions and contingencies from the same three-month period in the previous year to account for defaults on unsecured personal loans, and Kotak Mahindra Bank KTKM.NS raised them by 37%.

India’s banks learnt some lessons from the last blowup in 2015-16, when a string of chunky project loans left their balance sheets bleeding. At 16.7%, their capital as a share of risk weighted assets is nearly four percentage points higher than in 2014. The share of the top 100 borrowers in outstanding loans is down to 15% from 18%. Bad loans are at a 12-year low of 2.6%. And the Reserve Bank of India mandates Indian lenders hold a 2.5% buffer above the 9% minimum capital requirement under Basel III norms. It tightened the screws on unsecured loans in November 2023 to curb excessive risk-taking.

Macroeconomic disruption could mess with that. An RBI stress test revealed that in an extreme scenario where GDP growth slows to around 3% and inflation rises to 7.8%, four banks may breach the minimum capital requirement of 9%.

Mid-sized private banks are prone to that risk. In 2020, Yes Bank’s YESB.NS rivals rescued it from near-failure with cash infusions and months later, Singapore's DBS DBSM.SI acquired another capital-starved lender based in southern India. That’s making markets jittery about private lenders like RBL RATB.NS and IndusInd Bank INBK.NS which specialise in microloans of under $500, the segment where the stress is deepest. The finance chief of IndusInd, which reported surging provisions and a profit drop in the September quarter, resigned on Friday.

So far the risk is limited to only a slice of loans -- unsecured loans account for a quarter of total bank credit. To contain it, banks are easing off on new lending. That in turn could slow GDP growth further. It’s a feedback loop India can ill afford.

Follow @ShritamaBose on X

CONTEXT NEWS

HDFC Bank on Jan. 22 reported consolidated net profit of $2.04 billion for the three months to Dec. 31, 2% higher than in the same period a year earlier. The bank’s gross non-performing asset ratio rose six basis points from the end of September to 1.42%.

IndusInd Bank on Jan. 18 said Chief Financial Officer Gobind Jain resigned from the position on the previous day to pursue other professional opportunities.

(Editing by Antony Currie and Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))

By Siddhi Nayak

MUMBAI, Jan 20 (Reuters) - The stock prices of Indian private lenders that have reported an increase in bad loans in their personal loans and micro-credit businesses are bearing the brunt of investors' fears of a U-turn in the asset-quality cycle for the country's banks.

RBL Bank's shares RATB.NS fell as much as 5.8% on Monday after the lender reported a near 28% sequential jump in quarterly slippages, or loans that were classified as non-performing for the first time.

Axis Bank AXBK.NS, India's third-largest private bank, forecast retail asset quality would take a few more quarters to normalise. Its stock sank 4.5% on Friday and dropped a further 1.1% on Monday.

Kotak Mahindra Bank KTKM.NS, however, gained 9% after reporting lower slippages than the previous quarter, although it also warned that the stress in parts of its loan book would persist.

Indian banks are grappling with rising bad loans, particularly in sectors such as microfinance, credit cards and personal loans. Analysts have attributed this to over-leveraging and an increase in loans outstanding per borrower.

The rise in delinquencies has forced lenders to allocate more funds for potential losses and pare back loan growth in these segments, which, in turn, hurts profitability.

"The sign of stress that is visible across microfinance and unsecured loans is a mild symptom of a tougher macro environment," said Kranthi Bathini, director of equity strategy at Wealthmills Securities.

"That is largely because banks are conservative towards loan growth, which coupled with tighter liquidity conditions, could mean that an economic recovery could be prolonged."

RBL Bank -- over 50% of whose slippages came from credit cards and microfinance loans -- should start seeing a normalisation in asset quality in the unsecured segment latest by July-September, CEO R Subramaniakumar said on a post-earnings call.

Kotak's gross non-performing assets ratio worsened slightly at the end of December and the lender said it would be cautious about unsecured loans going forward.

The stress "will take a couple of quarters to normalise," starting only from April-June, CEO Ashok Vaswani said at a media conference on Saturday.

Banks' gross NPA (non-performing asset) ratio could rise to 3% by the end of March 2026, from a 12-year low of 2.6% last September, the central bank said in its Financial Stability Report in December.

(Reporting by Siddhi Nayak; Editing by Savio D'Souza)

(([email protected]; +91 22 6921 7848; X: https://twitter.com/siddhiVnayak))

Updates for markets open

Jan 17 (Reuters) - India's benchmark indexes were dragged down at the open on Friday by a drop in IT company Infosys and private lender Axis Bank after they reported quarterly results.

The Nifty 50 .NSEI fell 0.56% to 23,184.8 points as of 9:20 a.m. IST, while the BSE Sensex .BSESN shed 0.55% to 76,616.5.

Axis Bank AXBK.NS lost 3.25% after the lender's quarterly profit missed market estimates due to slower loan growth and a rise in provisions for bad loans.

Infosys INFY.NS dropped 4.5% despite raising its revenue forecast and highlighted early signs of a pick-up in discretionary spending by its U.S. clients.

Helping offset some losses, Reliance Industries RELI.NS, the second-heaviest stock on the benchmark indexes, climbed 2.5% after it topped third-quarter profit estimates on strong demand in its retail and telecom units.

Twelve of the 13 major sectors logged losses. The broader, more domestically focussed smallcaps .NIFSMCP100 and midcaps .NIFMDCP100 lost about 0.5% each.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

** Axis Bank AXBK.NS gains ~1% to 1,037.05 rupees; co to report Q3 results after the closing bell

** Analysts expect the private lender to report 7% y/y rise in Q3 profit at 65.16 bln rupees ($753.5 mln) - data compiled by LSEG

** However, they point towards a softer qtr, adding that rise in profit will be backed by moderate loan growth and deposit growth

** Motilal Oswal expects margins to witness "mild moderation"

** Banks to report moderate earnings on the back of lower credit growth, moderate-to-stable net interest margins - BOB Capital Markets

** Analysts' average rating on stock is "buy", median PT is 1,360 rupees, a 32% premium on last close - data compiled by LSEG

** Stock fell 3.4% in 2024 vs 8.8% gains in the Nifty 50 index .NSEI

($1 = 86.4800 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Dec 27 (Reuters) - Reliance Infrastructure Ltd RLIN.NS:

• RELIANCE INFRASTRUCTURE - UNIT RECEIVES NOTICES FROM AXIS BANK AND IDFC FIRST BANK

• RELIANCE INFRASTRUCTURE LTD - NOTICES INVOKE RIGHT OF SUBSTITUTION UNDER CONCESSION AGREEMENT

• RELIANCE INFRASTRUCTURE LTD - NOTICES CITE ALLEGED DSRA DEFAULTS BY UNIT

• RELIANCE INFRASTRUCTURE - FINANCIAL IMPACT ON CO UNDETERMINED AT THIS STAGE

Source text: ID:nBSE3kWTMJ

Further company coverage: RLIN.NS

(([email protected];;))

Dec 13 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK SPOKESPERSON: COPY OF CONTEMPT PETITION NOT BEEN SERVED ON BANK

• AXIS BANK SPOKESPERSON: ALL AMOUNTS RECEIVED BY CONSORTIUM LENDERS WERE AS PER THEIR CONTRACTUAL ENTITLEMENTS

• AXIS BANK SPOKESPERSON: WILL REVIEW CONTEMPT PETITION ON RECEIPT

• AXIS BANK SPOKESPERSON: WILL TAKE APPROPRIATE LEGAL RECOURSE IN CONSULTATION WITH CONSORTIUM LENDERS

Source text: [ID:]

Further company coverage: AXBK.NS

(([email protected];))

Dec 12 (Reuters) - Reliance Infrastructure Ltd RLIN.NS:

• RELIANCE INFRASTRUCTURE - SUPREME COURT ISSUED NOTICE TO MD OF DAMEPL, AXIS BANK

• RELIANCE INFRASTRUCTURE - CO NOT PARTY TO PROCEEDINGS INITIATED BY DMRC

• RELIANCE INFRASTRUCTURE - APRIL 10 JUDGMENT DOES NOT IMPOSE ANY LIABILITY UPON CO

Source text: ID:nBSE47VMlK

Further company coverage: RLIN.NS

(([email protected];))

Nov 26 (Reuters) - India's markets regulator directed Axis Capital on Tuesday to not provide any credit risk cover in transactions involving debt securities, relaxing its prior order that had barred the company from acting as a merchant banker to new debt issues.

The Securities and Exchange Board of India also ordered it to not provide guarantee or indemnity, which results in formation of a "structured secured credit transaction".

"I am willing to modify the interim direction...to limit the debarment to the activities alleged to be in violation" of the rules, SEBI member Ashwani Bhatia said on Tuesday.

The regulator, in an interim September order, had banned Axis Capital from acting as a banker for new debt issues, alleging violation of rules.

The regulator had then said Axis Capital provided a repayment guarantee to bonds worth $31.1 million issued by Sojo Infotel, a holding company floated by the majority shareholders of Indian phone manufacturing firm Lava Group, in March 2021.

However, the company was unable to pay the bondholders at the time of redemption in March 2024, with Axis Capital stepping in to pay the dues on outstanding bonds, which is not a permitted activity, SEBI had said.

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected]; X: @MukherjeeHritam;))

By Shubham Batra and Dharamraj Dhutia

MUMBAI, Nov 13 (Reuters) - India's Axis Mutual Fund sees the purchase of highly rated, two-year to five-year corporate bonds as a good value proposition, as an inverted yield curve provides investors an opportunity to lock in higher rates.

"The two-to-five year corporate bonds in the 7.40%-7.50% band are a good buy as we have seen slowing credit growth and huge positive banking liquidity," Devang Shah, head of fixed income at the fund house, told the Reuters Trading India forum on Wednesday.

"I think the corporate bond (yield) curve will continue to be inverted till the first rate cut. Post that, it should be flat-to-steep."

In an inverted yield curve, the rates at the longer end are lower compared to the shorter end.

AAA-rated 10-year bonds are yielding around 7.25%, leading to an inversion of around 20 basis points.

Last week state-run REC sold five-year and six-month bonds at a coupon of 7.34% and 15-year bonds at 7.09%, highlighting the inversion.

Axis Mutual Fund, which manages assets worth 3.12 trillion rupees ($36.98 billion), suggests investors pick shorter-duration bond funds when looking to lock in yields at the peak of the interest rate cycle.

On the government bond side, however, Shah said he continues to prefer exposure to longer-duration papers even after the recent uptick in yields.

He advises investing in gilt funds - ones that invest in state and central government bonds - for investors looking for "tactical opportunities of capital gains".

The spread between longer-duration Indian government bonds and corporate bonds has contracted over the last few months amid strong demand from long-term investors such as pension funds, insurance companies and provident funds.

Shah added that "negative surprises to growth" could push the Reserve Bank of India to cut rates in 2025. India's retail inflation accelerated to 6.21% in October, breaching the Reserve Bank of India's target range of 2%-6% for the first time in 14 months and dashing hopes of a rate cut next month.

(Join Trading India on LSEG Messenger for live updates and interviews: https://bit.ly/3TNDwkC | Reuters Global Markets Forum)

($1 = 84.3630 Indian rupees)

(Reporting by Shubham Batra and Dharamraj Dhutia; Editing by Janane Venkatraman)

(([email protected];))

By Dharamraj Dhutia

MUMBAI, Nov 7 (Reuters) - India's Axis Bank AXBK.NS plans to raise around 30 billion rupees ($355.6 million) by selling Basel III-compliant, additional Tier I perpetual bonds this month, two merchant bankers said on Thursday.

This would be the first ever perpetual bond issue by the private lender who is likely to open bidding for the issue soon, the bankers added.

The bankers requested anonymity as they are not authorised to speak to the media. Axis Bank did not immediately reply to a Reuters email seeking comment.

"Since it is their first perpetual bond issue, the bank may tie up with investors before opening the issue for the market," one of the bankers said.

The bonds are rated AA+ by Crisil and ICRA and this would be the second time Axis Bank will tap the bond market this financial year.

In September, it had raised 39.25 billion rupees via 10-year infrastructure bonds with an annual coupon of 7.45%.

($1 = 84.3575 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

(([email protected]))

MUMBAI, Oct 31 (Reuters) - Indian banks' loan growth moderated this September, compared with the same month a year ago, central bank data showed on Thursday, as the impact of the Reserve Bank of India's clampdown on "exuberance" in retail lending continued.

Banks' credit grew at 14.4% year-on-year last month, slower than the 15.3% increase in September 2023, excluding the impact of HDFC Bank merging with parent Housing Development Finance Corp (HDFC), the RBI said.

Including the impact of the merger, banks' loans grew 13% last month, compared with 20% a year ago.

Loan growth had moderated in August as well.

Indian banks have consistently reported double-digit loan growth for a while, helped by healthy economic growth and urban consumption. However, the RBI, worried about the risk of bad loans, imposed higher capital requirements on banks late last year.

Despite that, some segments, such as personal loans and credit card loans posted strong growth, in excess of 25%, until earlier this year when the central bank governor warned against "exuberance".

The RBI followed up on its norms with a series of actions against non-complying entities and that, along with rising defaults especially in the once fast-growing segments like personal loans and credit cards, have slowed both loan growth.

Banks' personal loan growth halved to 12.1% in September from a year ago, while growth in credit card outstanding dropped to 18% from 31.4% a year ago, the RBI data showed.

A rise in defaults by over-leveraged small borrowers is hitting India's top lenders, with bank executives and analysts expecting higher levels of stress in these personal segments over the next year.

Credit growth to the services sector decelerated to 15.2% in September from 21.6% a year ago, primarily due to lower growth in credit to non-banking financial companies.

On the flip side, loans to industry grew by 9.1% year-on-year in September, quicker than the 6% growth last year.

(Reporting by Siddhi Nayak; Editing by Savio D'Souza)

(([email protected]; +91 22 6921 7848; Reuters Messaging: X: https://twitter.com/siddhiVnayak))

** Shares of India's Axis Bank AXBK.NS jumps 2.7% to 1198.4 rupees

** Lender said Reserve Bank of India (RBI) has approved reappointment of Amitabh Chaudhry as MD and CEO

** "One of the major overhangs for Axis gets over," says Macquarie analyst Suresh Ganapathy

** Says there were some investor worries whether Chaudhry will get full 3 year extension

** YTD stock has gained 8.3%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

Updates at 11:23 a.m. IST

By Hritam Mukherjee

Oct 18 (Reuters) - Indian shares inched lower on Friday as a drop in IT stocks after bellwether Infosys's disappointing forecast was nearly offset by an Axis Bank-led rise in financials following the lender's strong results.

The Nifty 50 index .NSEI dipped 0.2% to 24,702 points as of 11:23 a.m. IST, while the S&P BSE Sensex .BSESN fell 0.23% to 80,813.

The Nifty has dropped for the past three sessions and is set to decline 1% this week, which will be its third straight weekly loss, due to disappointing corporate earnings and foreign investors exiting the market.

Axis Bank AXBK.NS rose about 5% after its quarterly profit topped expectations. That led a 0.5% advance in financial services .NIFTYFIN, which have the heaviest weightage among the 13 major sectors.

On the flip side, Infosys INFY.NS slid about 5%, the most on the Nifty, after its full-year revenue growth forecast fell short of analysts' expectations.

That suggested a broad-based recovery in global tech spending was yet to take hold and sparked a 2% retreat in IT stocks .NIFTYIT.

Already motorcycle maker Bajaj Auto BAJA.NS had raised worries about local consumer spending after warning festival period sales may fall below expectations. Its shares dropped 1%.

"Infosys' outlook adds to the overall bleak investor sentiment. Meanwhile, on the domestic front, Bajaj Auto's sales caution has intensified anxieties about festive spending, while the foreign outflow bleed-out continues," said Narendra Solanki, head of equity research fundamental at Anand Rathi.

Foreign institutional investors have pulled out $8.4 billion so far in October, already set for the highest monthly outflows since at least 2002. That after assets under custody of foreign portfolio investors topped $1 trillion as of September-end.

Among individual stocks, gold lender Manappuram Finance MNFL.NS tanked 18% after the central bank barred one of its units from issuing fresh loans, citing a breach of norms.

The small-caps NIFSMCP100 and mid-caps .NIFMDCP100 indexes fell 0.6% and 0.3% respectively.

($1 = 84.0600 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and Abinaya Vijayaraghavan)

(([email protected]; X: @MukherjeeHritam;))

Corrects paragraph 5 to say net interest margin was 4.11% last year and 4.05% in previous quarter, not 4.05% last year and 4.11% in previous quarter

BENGALURU, Oct 17 (Reuters) - India's Axis Bank AXBK.NS reported a bigger-than-expected rise in second-quarter profit on Thursday, helped by higher core lending income.

The country's fourth-largest private lender by market capitalisation said its standalone net profit - which excludes its subsidiaries - rose 18% to 69.18 billion rupees ($823.25 million) for the quarter ended Sept. 30.

Analysts had expected a profit of 65.27 billion rupees, according to estimates compiled by LSEG.

Net interest income, the difference between interest earned and paid, rose 9.5% to 134.83 billion rupees.

However, net interest margin (NIM) - a key gauge of profitability for banks - shrunk to 3.99% during the quarter from 4.11% last year, and 4.05% in the previous quarter.

Loans by Indian banks have been growing at double-digit percentages since April 2022, but that has made lenders scramble for deposits, forcing them to either slow their loan growth or pay higher interest on deposits, and weighing on margins.

Axis Bank's net loans grew 11% while total deposits rose 14% in the quarter.

Gross non-performing assets ratio, a key gauge of lenders' asset quality, improved to 1.44% at the end of September, compared with 1.54% three months earlier, and 1.73% a year ago.

However, provisions for bad loans nearly tripled to 22.04 billion rupees as the bank set aside additional funds worth 5.2 billion rupees as a "prudent" measure, it said in a press release.

Axis Bank's shares ended 1.9% lower ahead of the results amid a weak broader market.

(Reporting by Nishit Navin; Editing by Janane Venkatraman)

(([email protected];))

Adds comment from Axis Bank in paragraph 5-7, changes dateline

MUMBAI/BENGALURU, Sept 20 (Reuters) - India's markets regulator on Thursday barred investment bank Axis Capital from acting as a merchant banker for new debt issues for allegedly violating rules, according to an interim order on the regulator's website.

The ban will remain in effect till further orders. However, the Securities and Exchange Board of India (SEBI) has granted Axis Capital 21 days to present its defence.

According to SEBI, Axis Capital provided a repayment guarantee to bonds worth 2.6 billion rupees ($31.09 million) issued by Sojo Infotel, a holding company floated by the majority shareholders of Indian phone manufacturing firm Lava Group, in March 2021.

However, the company was unable to pay the bondholders at the time of redemption in March 2024, with Axis Capital stepping in to pay the dues on outstanding bonds, which is not a permitted activity under existing regulations.

Parent company Axis Bank AXBK.NS said Axis Capital is of the view that activities in debt segment were in compliance with regulations.

Axis Capital will continue to operate in all other segments including equity capital markets, the bank said in an exchange filing late on Thursday.

SEBI has not passed any order against Axis Bank and the order will have no material impact on its financials, the bank said.

In the course of its preliminary investigations, SEBI also found similar agreements made by Axis Capital with five other bond issuers.

Axis Capital's guarantee was to "redeem the non-convertible debentures in the event of default on maturity", said SEBI, and so it could not be "termed as permitted underwriting activity".

SEBI has sent the findings of the investigation to India's central bank, saying that Axis Capital's guarantee exposed its parent Axis Bank to the risk of default.

According to SEBI, Axis Capital was taking credit risk exposure, rather than market risk, thereby entering the 'realm of banking'.

Under regulations, merchant bankers are allowed to take market risk - they can subscribe to the unsubscribed portion of the issue. However, they are not permitted to take on the risk of repayment when an issuer defaults.

Axis Capital should not have ventured into the banking space in the first place, SEBI said.

($1 = 83.6190 Indian rupees)

(Reporting by Jayshree P Upadhyay in Mumbai, Hritam Mukherjee and Dimpal Gulwani in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)

(([email protected]; X: @MukherjeeHritam;))

BENGALURU, Sept 19 (Reuters) - India's markets regulator on Thursday barred Axis Capital from acting as a merchant banker for new debt issues on the alleged charge of undertaking activities not permitted under rules, according to an order on the regulator's website.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)

(([email protected]; X: @MukherjeeHritam;))

MUMBAI, Sept 11 (Reuters) - India enforcement agency seized 1.29 million rupees ($15,360) during searches at Axis Mutual Fund's offices in Mumbai and Kolkata related to an ongoing investigation of front-running, the agency said on Wednesday.

The Enforcement Directorate (ED) started its investigation last year after the country's market regulator identified 305 million rupees in wrongful gains due to alleged front-running activities.

Front-running is a market malpractice of making personal gains by trading in securities ahead of large client orders.

The regulator had also barred 21 entities, including Viresh Joshi, the then chief dealer of Axis MF, from capital markets.

"Joshi was allegedly sharing market-sensitive information in return for kickbacks from brokers having terminals in Dubai who could execute trades on his instructions," the ED said in a press statement announcing the searches.

Gains from these trades were received by Joshi in cash and routed through Kolkata-based entities, the ED added.

Joshi had been fired from Axis Mutual Fund. He could not be immediately be reached for comment. An email sent to the fund house was not immediately answered.

($1 = 83.9700 Indian rupees)

(Reporting by Jayshree P Upadhyay; Editing by Savio D'Souza)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))

MUMBAI, Sept 4 (Reuters) - India's Axis Bank AXBK.NS has accepted bids worth 39.25 billion rupees ($467.5 million) for infrastructure bonds maturing in 10 years, three bankers said on Wednesday.

The private sector lender will pay an annual coupon of 7.45% on this issue, and had invited bids from bankers and investors earlier in the day.

Axis Bank had last raised 38.51 billion rupees in March through 10-year infrastructure bonds at a coupon of 7.64%.

Here is the list of deals reported so far on Sept. 4:

*Size includes base plus greenshoe for some issues

($1 = 83.9600 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Varun H K)

(([email protected]))

MUMBAI, Sept 3 (Reuters) - India's Axis Bank AXBK.NS plans to raise up to 40 billion rupees ($476.6 million), including a greenshoe option of 20 billion rupees, through infrastructure bonds maturing in 10 years, three bankers said on Tuesday.

The private sector lender has invited bids from bankers and investors on Wednesday, they said.

Axis Bank had last raised 38.51 billion rupees in March through 10-year infrastructure bonds at a coupon of 7.64%.

Here is the list of deals reported so far on Sept. 3:

*Size includes base plus greenshoe for some issues

($1 = 83.9290 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Varun H K)

(([email protected]))

Aug 30 (Reuters) - Axis Bank Ltd AXBK.NS:

• PROPOSES TO RAISE FUNDS

• PROPOSES TO RAISE FUNDS UPTO 40 BILLION RUPEES VIA NCDS

Source text for Eikon: ID:nBSEZgfT3

Further company coverage: AXBK.NS

(([email protected];))

By Siddhi Nayak and Dharamraj Dhutia

MUMBAI, Aug 29 (Reuters) - India's Axis Bank AXBK.NS is set to join several other lenders in raising funds through infrastructure bonds and may announce the issue in September, three sources, including two merchant bankers, said.

The Indian government's strong capital expenditure push, with budget allocation at a record 11.11 trillion rupees ($132.40 billion), is prompting banks to raise funds via infrastructure bond issues amid a persistent gap between lending and deposit.

"Axis Bank is planning and should come up with an infrastructure bond issue soon," an official said, requesting anonymity as the discussions are still private.

"We are seeing good demand for capex, especially from the private sector. This is not for refinancing but fresh loans," the official added.

Axis Bank's infrastructure notes are rated AAA by Crisil and ICRA and had last raised 38.51 billion rupees ($459.07 million) in March through 10-year infrastructure bonds at a coupon of 7.64%.

Banks, excluding financial institutions, have raised 436 billion rupees through infrastructure bonds in the first five months of the current financial year, and bankers expect them to cross last year's record issuance of 574 billion rupees.

Infrastructure bonds are issued to finance long-term development projects.

Axis Bank has already started discussions and could look to raise around 40-50 billion rupees through 10-year bonds, one of the bankers said, adding the private lender "should invite bids once some tie up with any large investor is finalised."

Axis Bank refused to comment on the bond issue.

The lender will join the likes of ICICI Bank ICBK.NS, Canara Bank CNBK.NS, Bank of Maharashtra BMBK.NS, Bank of India BOI.NS, Bank of Baroda BOB.NS and the nation's largest lender State Bank of India SBI.NS, which has issued infrastructure bonds twice between April and August.

Traders are also expecting HDFC Bank HDBK.NS to issue infrastructure bonds soon and ICICI Bank to announce a second such issue this year.

($1 = 83.9110 Indian rupees)

(Reporting by Siddhi Nayak and Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

MUMBAI, Aug 26 (Reuters) - A summary of primary money market deals in India as of 6:00 p.m. IST (1230 GMT) on Aug. 26. Please note the list includes deals reported by Reuters and is not exhaustive.

(Reporting by Bhakti Tambe)

(([email protected]))

Aug 13 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK- CLARIFICATION IN RELATION TO PETITION FILED AT HIGH COURT OF DELHI

• AXIS BANK - DELHI HIGH COURT DID NOT ADMIT PIL AGAINST CO, OTHERS

• AXIS BANK- PETITION FILED IN CONNECTION WITH DEALING OF SHARES OF MAX LIFE INSURANCE

• AXIS BANK - DELHI HIGH COURT DISPOSED OFF PIL AGAINST CO, OTHERS

Source text for Eikon: ID:nNSEyrvpc

Further company coverage: AXBK.NS

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Aug 8 (Reuters) - Shriram Finance Ltd SHMF.NS:

• PARTNERSHIP ARRANGEMENT FOR CO-LENDING OF LOANS WITH AXIS BANK

Further company coverage: SHMF.NS

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MUMBAI, Aug 7 (Reuters) - India's Axis Finance plans to raise 6 billion rupees ($71.51 million), including a greenshoe option to retain 4.50 billion rupees, through sale of bonds maturing in three years and nine months, three bankers said on Wednesday.

The company has invited bids from bankers and investors for the issue on Thursday, the bankers said.

Here is the list of deals reported so far on Aug. 7

* Size includes base plus greenshoe for some issues

($1 = 83.9090 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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** Shares of India's Axis Bank AXBK.NS eyeing their worst week in about three years

** Lender shed 8.8% so far this week, most since week-ended Oct. 29, 2021

** Co inch up 0.3% on the day, set to snap five-session losing streak

** Trading vols 1.6x 30-day avg

** AXBK missed Q1 profit view on Wednesday, stock dropped 6% on Thurs

** YTD stock has gained 7% vs 3% rise in Nifty private bank index .NIFPVTBNK, up 0.5% on the day

(Reporting by Hritam Mukherjee in Bengaluru)

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Corrects third bullet to say Axis Bank is the third-largest private bank by market capitalisation, not fourth-largest

** Shares of Axis Bank AXBK.NS down 6% at 1,162 rupees, their biggest intraday pct drop since June 4

** AXBK stock is top loser in bank index .NSEBANK, which is down 1%, and benchmark Nifty 50 index .NSEI, down 0.5%

** Axis Bank, India's third-largest private bank by market cap, missed Q1 profit estimates, weighed by higher provisions for bad loans

** Four analysts raised stock's PT, while three cut PT after results; median PT at 1,370 rupees vs 1,310 rupees a month ago

** As the bank turns focus on managing deposit growth, net interest margins, loan growth will remain moderate in near-term - PhillipCapital

** Including day's losses, stock up 6% YTD vs a 5.2% gain in bank index

(Reporting by Sethuraman NR in Bengaluru)

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