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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%