Apr

20

Axis Bank Earning Updates FY 2009

Filed Under Banking, India Investment Opportunities, Indian Companies, Indian Stock Market | Leave a Comment

Hi Folks,  here are Axis Bank results:

http://indiaearnings.moneycontrol.com/sub_india/compnews.php?autono=393951

Many Indian Banks are going to show some solid results this time.

But here’s some latest news from Axis Bank.

http://economictimes.indiatimes.com/News-by-Industry/Shikha-Axis-CEO-Nayak-quits-in-huff/articleshow/4427758.cms

While their performance numbers for FY 2009 look great, the same senior management execs are leaving, which will surely reduce the rate of growth for the near term as new executives try to fill the slots and gain confidence from business partners. So we have a good performance card, but those execs are leaving. We can expect downward pressure on the stock tomorrow.

*Plus we have the US wash down impact from today after JP Morgan revealed that US Banking sector may have to do $400 bn more write downs may happen in addition to the $920 bn already done. So that’s not good news.

dow-jones-20apr2009

Lets see how this plays out tomorrow.