Kotak Mahindra Bank has moved higher by nearly 4% to Rs 948, extending its 7% rally in past three trading sessions on BSE, after the bank said its asset quality of improved in June quarter on sequential basis.
On consolidated basis, gross non-performing assets (NPA) of the bank declined to 1.56% against 1.63% quarter-on-quarter while net NPAs slipped to 0.81% in June quarter from 0.88% in March quarter.
“Kotak Mahindra Bank is a good play on cyclical recovery with the bank capturing the economic growth recovery and the securities and capital markets businesses offering a play on the financial market recovery”, says Saikiran Pulavarthi analyst at Espirito Santo Securities.
Meanwhile, on July 16, the bank said the shareholders as well as board have approved increase in ceiling limit for investment by foreign institutional investors in the share capital of the bank to 40% with immediate effect.
The total shareholding of foreign institutional investors (FIIs)/ sub-accounts of FIIs, foreign portfolio investors (FPIs) and qualified foreign investors (QFIs) in the bank stood at 33.57% as on 15 July 2014, it added.
The stock opened at Rs 910 and touched a low of Rs 903 on BSE. A combined 2.1 million shares changed hands on the counter so far on BSE and NSE.
On consolidated basis, gross non-performing assets (NPA) of the bank declined to 1.56% against 1.63% quarter-on-quarter while net NPAs slipped to 0.81% in June quarter from 0.88% in March quarter.
“Kotak Mahindra Bank is a good play on cyclical recovery with the bank capturing the economic growth recovery and the securities and capital markets businesses offering a play on the financial market recovery”, says Saikiran Pulavarthi analyst at Espirito Santo Securities.
Meanwhile, on July 16, the bank said the shareholders as well as board have approved increase in ceiling limit for investment by foreign institutional investors in the share capital of the bank to 40% with immediate effect.
The total shareholding of foreign institutional investors (FIIs)/ sub-accounts of FIIs, foreign portfolio investors (FPIs) and qualified foreign investors (QFIs) in the bank stood at 33.57% as on 15 July 2014, it added.
The stock opened at Rs 910 and touched a low of Rs 903 on BSE. A combined 2.1 million shares changed hands on the counter so far on BSE and NSE.
