HSBC neutral on UTI Bank

According to the research report of HSBC Global on UTI Bank(Name changed to Axis Bank) it has maintained neutral rating on Axis Bank and expects a target price of Rs 603.

With effect from August 1, 2007 the name of UTI Bank changed to Axis Bank (AXBK). Management of the bank stays unchanged as does the stake held by the promoter group comprising Specified Undertaking of the Unit Trust of India (UTI-1) at 27.3% and Life Insurance Corporation at 10.3%. In July 2007 AXBK raised INR 42billion of new equity through an issue of GDRs (INR8.7billion), an issue through the qualified institutional (QIP) route (INR17.5billion), and a preferential offer to promoters (INR15.8billion).

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