Kotak Mahindra Bank jumps 3.7% after strong Q2 loan, deposit data
The stock opened at ₹422, touched a high of ₹434.40 and has seen traded volumes of 153.20 lakh shares worth ₹658.94 crore so far in the session
Kotak Mahindra Bank's shares surged 3.7% on Tuesday, trading at ₹431.30, up from Monday's close of ₹416. The bank reported strong Q2 loan and deposit data, with net advances rising 24.7% year-on-year and deposits increasing 23.2% YoY. The boost came from $5.78 billion in FCNR(B) deposits and corresponding advances, along with an expanded term deposit base due to FCNR inflows.
Analysts from Citi and Goldman Sachs maintained a Buy rating with target prices of ₹465 and ₹540 respectively, citing impressive loan growth and potential acceleration in unsecured loan growth.
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- Kotak Mahindra Bank shares jump 4% as Q2 net advances rise 25% YoY, deposits up 23% economictimes.indiatimes.com
- HDFC Bank shares flat, Bernstein maintains outperform rating with ₹1,150 target thehindubusinessline.com
