Kotak Mahindra Bank rose 0.92% to Rs 1,459 at 11:15 IST on BSE after the bank said it has reduced its base rate to 9.85% per annum from current level of 10% per annum with effect from 16 April 2015.
The announcement was made after market hours on Monday, 13 April 2015. The stock market was closed yesterday, 14 April 2015 on account of Dr. Baba Saheb Ambedkar Jayanti.
Meanwhile, the S&P BSE Sensex was down 70.62 points or 0.24% at 28,973.82.
On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 90,969 shares in the past one quarter.
The stock hit a high of Rs 1,473.75 and a low of Rs 1,451 so far during the day. The stock had hit a record high of Rs 1,456.60 on 4 March 2015. The stock had hit a 52-week low of Rs 774.75 on 16 April 2014.
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The stock had outperformed the market over the past one month till 13 April 2015, jumping 7.76% compared with Sensex's 1.9% rise. The scrip had, however, underperformed the market in past one quarter, advancing 3.72% as against Sensex's 5.9% rise.
The large-cap private sector bank has equity capital of Rs 386.18 crore. Face value per share is Rs 5.
Kotak Mahindra Bank said that all categories of loan (other than the exceptions permitted by the Reserve Bank of India) will be priced with reference to the revised base rate.
Kotak Mahindra Bank's net profit rose 36.6% to Rs 464.52 crore on 20.2% growth in total income to Rs 2994.20 crore in Q3 December 2014 over Q3 December 2013.
Kotak Mahindra Group is one of India's leading financial services conglomerates. The group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector.
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