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Emkay said the Nifty valuation is still slightly expensive based on more recent valuations. At 19.4x currently, the index valuation appears to be expensive relative to the 20-year average of 16.1x. Though it is reasonable versus the 10-year average of 18.6x.

The portion reserved for retail bidders was subscribed 7.83 times, whereas HNI allocation was booked 1.22 times. The QIB book also sailed through. The issue will close for subscription today.

The stock quoted a 52-week high price of Rs 1267.5 and low of Rs 678.65.

A total of 85,871 shares changed hands on the counter till 01:44PM (IST).

On the technical charts, the RSI of the stock stood at 50.71.

As of 31-Dec-2021, promoters held 74.99 per cent stake in the company, while FIIs held 9.44 per cent and domestic institutional investors had 6.23 per cent.

According to the data from BSE, the issue received bids for 32,07,246 equity shares or 38 per cent as of 12 noon on the first day. The retail portion was booked 1.1 times, whereas QIB and HNI quota did not see any bids yet.

The stock quoted a 52-week high price of Rs 1696.15 and a 52-week low of Rs 1002.5.

A total of 23,812 shares changed hands on the counter till 12:37PM (IST)

Axis Bank is the fourth-largest issuer of credit cards with a total base of 8.6 million cards. Its retail book is nearly Rs 4 lakh crore. On the other hand, Kotak has a card base of 3 million. Citi’s retail book is nearly Rs 68,000 crore, of which retail loans account for Rs 28,000 crore.