Kotak Mahindra Bank rose 3.39% to Rs 914.25 at 15:06 IST on BSE after the bank said its board increased the ceiling limit for investment by foreign institutional investors in the share capital of the bank to 40% with immediate effect.
Meanwhile, the BSE Sensex was up 46.68 points, or 0.18%, to 25,596.40.
On BSE, so far 3.06 lakh shares were traded in the counter, compared with an average volume of 4.82 lakh shares in the past one quarter.
The stock hit a high of Rs 916.25 and a low of Rs 885 so far during the day. The stock hit a 52-week high of Rs 971.80 on 18 June 2014. The stock hit a 52-week low of Rs 588 on 28 August 2013.
The stock had underperformed the market over the past one month till 16 July 2014, falling 4.98% compared with 1.43% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 12.69% as against Sensex's 14.69% rise.
The large-cap company has an equity capital of Rs 385.31 crore. Face value per share is Rs 5.
Kotak Mahindra Bank announced after market hours on Wednesday, 16 July 2014, that the board of directors of the bank at its meeting held on 16 July 2014, increased the ceiling limit for investment by foreign institutional investors (FIIs)/ sub-accounts of FIIs, foreign portfolio investors (FPIs) and qualified foreign investors (QFIs) in the share capital of the bank, through primary or secondary route to 40% with immediate effect after the shareholders of the bank at the annual general meeting held earlier during the day approved increase in ceiling limit.
The total shareholding of FIIs/FPIs and QFIs in the bank stood at 33.57% as on 15 July 2014.
Kotak Mahindra Bank's net profit rose 6.69% to Rs 429.80 crore on 1.27% growth in total income to Rs 2686.11 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced during market hours on Wednesday, 16 July 2014.
Kotak Mahindra group is one of India's leading financial services conglomerates.
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