Kotak Mahindra Bank Ltd.'s share price rose to the highest level in over two months after posting its first quarter business update. The private lender's stock is the top contributor in the NSE Nifty 50.
Kotak Mahindra Bank's net advances rose 14.0% on the year to Rs 4.45 lakh crore during April–June of current financial year. Its total deposit jumped 12.9% on the year to Rs 5.13 lakh crore. CASA deposits grew by 8% year-on-year to Rs 2.1 lakh crore.
Kotak Bank's share price has been advancing for three straight days.
Kotak Mahindra Bank Share Price Today
Kotak Mahindra Bank's share price rose 4.27% to Rs 2,241.5 apiece, the highest level since April 29. The share price was trading 3.68% higher at Rs 2,228 as of 9:49 a.m., as compared to a 0.07% advance in the NSE Nifty 50 index.
The stock advanced 23.28% in 12 months, and 24.89% on year-to-date basis. Total traded volume so far in the day stood at 5.1 times its 30-day average. The relative strength index was at 62.50.
Out of 44 analysts tracking the company, 27 maintain a 'buy' rating, 12 recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 20.5%.
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