Mumbai: Axis Bank Ltd shares rose as much as 5.3% on Thursday after the bank reported better-than-expected earnings. This is the third consecutive session of gains for the stock.

In intra-day trading, it touched a high of Rs.582—the last highest level was seen on 19 March. The stock has gained 11% in the last three sessions and 15% year-to-date.

Axis Bank on Wednesday reported an 18.36% growth in net profit for the fourth quarter ended March 31, 2015 on account of higher net interest income (NII). The bank had net profit of Rs 2180.6 crore for Q4 of FY15 compared to Rs 1842.3 crore posted in Q4 FY14.

Provisions for the fourth quarter were at Rs 709.8 crore compared to Rs 505.2 crore in same quarter previous fiscal, an increase of 40%. Net interest income in Q4 of FY15 was up by 20% at Rs 3799.2 crore.

Markets continued to trade higher, amid firm global cues, led by financials while IT major TCS and index heavyweight Reliance Industries also witnessed renewed buying interest at lower levels in early trades.

At 9:35AM, the 30-share Sensex was up 119 points at 28,009 and the 50-share Nifty was up 48 points at 8,477.

ITC Ltd, India's largest cigarette maker, is in talks with Century Textile and Industries Ltd to buy its paper division in a bid to diversify revenue to non-tobacco businesses, said two sources directly involved in the deal.

In separate transactions, Century's textile division will be merged with Aditya Birla Nuvo Ltd and the cement unit will be merged with UltraTech Cement Ltd , as part of the company's restructuring, the sources said.

Life Insurance Corporation of India (LIC) boasts nearly a tenth of ownership in listed banks in the country. As per data compiled by FE, the insurance giant’s latest cumulative possession in 33 listed banks is more than 9% and valued at close to R83,069 crore, based on Friday’s closing prices.

The latest ownership as of March 2015 is considered for the compilation, barring six for which data were available as of December 2014.

After HDFC and State Bank of India, ICICI Bank and Axis Bank on Tuesday cut home loan rates, triggering a rate war in the segment.

ICICI Bank reduced home loan rates by 25 basis points for all customers. With this announcement, women as well as applicants from weaker sections will get home loans at 9.85 per cent. The rate will be 9.90 per cent for others. The reduced rate will be effective from April 14.

CHENNAI: Axis Bank and a couple of smaller private banks have decided to cut their lending rates a day after State Bank of India, ICICI Bank and HDFC Bank lowered their base rates.

On Wednesday, Axis Bank reduced its base rate by 20 basis points from 10.15% to 9.95% effective from April 13. Lakshmi Vilas Bank also has reduced its base rate, while other smaller private banks such as City Union Bank and Repco Bank are expected to follow suit. Rate cuts by the big banks are compelling smaller institutions to reprice their loans as they fear loss of business in an environment where credit growth is sluggish.

MUMBAI: Country's third-largest private sector lender Axis Bank today cut its base rate or the minimum rate of lending by 0.20 per cent to 9.95 per cent, following its larger peers who also cut their offerings yesterday after Reserve Bank governor Raghuram Rajan's hard talk.

"Axis Bank has revised its base rate from 10.15 per cent per annum to 9.95 per cent per annum," a bank statement said, adding that the cut is effective from April 13.

Benchmark indices are trading lower in the noon trades owing to selling pressure in rate sensitive stocks after the Reserve Bank of India kept the repo and reverse repo rates unchanged at 7.5 and 8.5 per cent each respectively at its policy meet today.

Real estate stocks are the worst hit as a cut in interest rates would have helped banks lower EMIs which would have in turn helped real estate companies in increasing their sales.

Leading private sector lenders ICICI Bank and HDFC Bank have cut rates by up to 0.25% on high value fixed deposit on select maturities, a move that could be a precursor to lower lending rates.

The rates have been revised downwards for deposits over Rs 1 crore by 0.25% by ICICI Bank effective today, sources said.

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