Shares of private sector lender Axis Bank approached their 52-week high after brokerage UBS Securities upgraded the lender's rating from Neutral to Buy. It also revised its 12-month price target to Rs 1,500 from Rs 1,300, reflecting a favourable medium-term outlook. Axis Bank stock rose to an intra day high of Rs 1,273 against the previous close of Rs 1265.25. Later, the stock closed 0.38% higher at Rs 1270.05. Advertisement

Total 1.39 lakh shares of the firm changed hands amounting to a turnover of Rs 16.75 crore on BSE.

Market cap of the bank rose to Rs 3.94 lakh crore. Axis Bank stock has gained 28 per cent in two years and risen 18.47 per cent since the beginning of this year. In a month, the stock has gained 6 per cent.

UBS highlighted improving trends in credit costs, asset qua

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