Kotak Mahindra Bank gains after cutting base rate

Kotak Mahindra Bank rose 1.1% to Rs 1,403.05 at 15:12 IST on BSE after the bank reduced its base rate to 9.75% per annum from 9.85% per annum with effect from 2 July 2015.

The bank made announcement during market hours today, 1 July 2015.

Meanwhile, the BSE Sensex was up 247.87 points, or 0.89%, to 28,028.70

On BSE, so far 63,799 shares were traded in the counter, compared with an average volume of 1.08 lakh shares in the past one quarter.

The stock hit a high of Rs 1,408.80 and low of Rs 1,378 so far during the day. The stock hit a record high of Rs 1,473.75 on 15 April 2015. The stock hit a 52-week low of Rs 847.15 on 11 July 2014.

The stock had underperformed the market over the past one month till 30 June 2015, falling 0.89% compared with 0.17% fall in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 5.47% as against Sensex's 0.7% decline.

The large-cap private sector bank has an equity capital of Rs 456.43 crore. Face value per share is Rs 5.

All categories of loans (other than the exceptions permitted by the Reserve Bank of India) will be priced with reference to the revised base rate, Kotak Mahindra Bank said.

On 29 June 2015, Kotak Mahindra Bank said that the bank has fixed 9 July 2015 as record date for the purpose of allotment of 1:1 bonus shares to the existing shareholders of the bank.

Kotak Mahindra 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 Q4 March 2015 over Q4 March 2014.

Kotak Mahindra Bank is one of the leading private sector banks in India.

Powered by Capital Market - Live News