Sharekhan has given Buy recommendation for Kotak Mahindra Bank with a target price of Rs. 2428 in its research report issued on Jan 28, 2022
Sharekhan’s research report on Kotak Mahindra Bank
Kotak Mahindra Bank reported stellar performance above street expectations. PAT grew by 15% y-o-y and 5% q-o-q to Rs. 2,131 crore, aided by healthy NII growth and reversal of provisions. The bank wrote back Rs. 132 crore in Q3FY22 versus. Rs. 424 crore of provisions in Q2FY2022. Asset quality improved significantly q-o-q, with GNPA declining by 48 bps q-o-q to 2.71%. Advances grew strongly, better than some of its larger peers, up 18% y-o-y and 8% q-o-q..
We maintain Buy on KMB with a SOTP-based PT of Rs. 2,428. The bank is well positioned to grow exponentially after conservatively containing itself in the past quarters as credit demand picks up coupled with strong liability franchise and improving trend on asset-quality side.
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At 16:00 hrs Kotak Mahindra Bank was quoting at Rs 1,885.55, up Rs 28.05, or 1.51 percent.
It has touched an intraday high of Rs 1,904.80 and an intraday low of Rs 1,837.00.
It was trading with volumes of 141,780 shares, compared to its thirty day average of 110,000 shares, an increase of 28.89 percent.
In the previous trading session, the share closed down 2.14 percent or Rs 40.70 at Rs 1,857.50.
The share touched its 52-week high Rs 2,252.45 and 52-week low Rs 1,627.25 on 27 October, 2021 and 30 July, 2021, respectively.
Currently, it is trading 16.29 percent below its 52-week high and 15.87 percent above its 52-week low.
Market capitalisation stands at Rs 374,074.26 crore.