Cube Highways Trust secures Rs.1,150 crore through AAA-rated NCDs
Axis Bank secured new business.
· Economic Times Markets, ET Stocks
Cube Highways Trust has triumphantly secured Rs. 1,150 crore by issuing senior secured NCDs, boasting a competitive coupon rate of 7.50% per annum, payable quarterly for five years. Major institutional players, Axis Bank Limited and ICICI Bank Limited, were pivotal investors in this transaction.
The analysis
Axis Bank reported Rs.1,150 crore, with movement of 7.50% attached to those lines. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is +0.1% on the day at ₹1,243.30, and has returned -4.9% over three months. It sits 11% below its 52-week high. The banks sector has moved -1.7% over the same period, so Axis Bank is running 3.2 points behind its peers.
For Axis Bank, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Market context
- The company directly in focus is AXISBANK.
- Sector exposure: Banks.
In this story
Related coverage
ICICI Prudential Life Insurance to focus on growing absolute VNB amid slump in FY24
ICICI Pru Life Q4 net profit falls 26% to Rs 174 cr, insurer announces dividend
Gujarat State Petronet falls sharply from day#39;s high as tariff cut triggers flurry of downgrades
Shadowfax Technologies shares jump 137% from IPO price; ICICI Securities sees 15% upside | Should you buy?
Life Insurers' First-Year Premium Jumps 21% In September; LIC Reports 19% YoY Increase At Rs 27,529 Crore