KMBL gains after govt approves hike in foreign investment in bank to 55%

Kotak Mahindra Bank rose 0.23% to Rs 727.65 at 10:00 IST on BSE after the government has approved bank's proposal for increasing the ceiling on foreign investment in the bank to 55% pursuant to merger of ING Vysya Bank with the bank.

The finance ministry made announcement after market hours yesterday, 29 July 2015.

Meanwhile, the S&P BSE Sensex was up 177.68 points or 0.64% at 27,741.85.

On BSE, so far 12,184 shares were traded in the counter as against average daily volume of 1.24 lakh shares in the past one quarter.

The stock hit a high of Rs 734 and a low of Rs 727.30 so far during the day. The stock had hit a record high of Rs 744.45 on 21 July 2015. The stock had hit a 52-week low of Rs 459.53 on 8 August 2014.

The stock had outperformed the market over the past one month till 29 July 2015, rising 5.75% compared with Sensex's 0.3% decline. The scrip had also outperformed the market in past one quarter, gaining 9.12% as against Sensex's 1.24% gain.

The large-cap private bank has equity capital of Rs 913.55 crore. Face value per share is Rs 5.

Kotak Mahindra Bank will announce Q1 results today, 30 July 2015. The bank's net profit rose 29.5% to Rs 527.14 crore on 27.3% rise in total income to Rs 3249.08 crore in Q1 June 2015 over Q1 June 2014.

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