Kotak Bank looks up on bonus, results

DALAL STREET SPIKES

Kotak Mahindra Bank announced a bonus issue in the ratio of one share for every one share held, during afternoon trades, lifting the scrip to the day's high of Rs 408 on Tuesday.

The share, on profit taking and a weak broader market, closed at Rs 371.45, down 3.12 per cent over its previous close. More than 2.87 lakh shares were traded on the BSE.

The bank announced its results on Tuesday. Kotak Mahindra Bank has posted a net profit of Rs 20.59 crore for the quarter ended March 31, 2004, as compared with Rs 10.06 crore for the quarter ended March 31, 2003.

Total income has increased from Rs 80.09 crore during the period to Rs 116.92 crore in the quarter ended March 31, 2004.

The company has posted a net profit of Rs 78.73 crore for the year ended March 31, 2004, as compared with Rs 44.96 crore for the year ended March 31, 2003.

Total income has increased from Rs 253,33 crore in fiscal 2003 to Rs 383,91 crore in the year ended March 31, 2004.

The board of directors of Kotak Mahindra Bank has recommended a dividend of 24 per cent.