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    500247   INE237A01028

KOTAK MAHINDRA BANK LIMITED

(500247)
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Indian shares close higher as Reliance, Kotak Mahindra Bank gain

11/29/2021 | 05:49am EST
Bombay Stock Exchange building is pictured next to police van in Mumbai

BENGALURU, Nov 29 (Reuters) - Indian shares recovered early losses to end higher on Monday, boosted by gains in Reliance, Kotak Mahindra Bank and technology stocks, while world markets were steady on hopes the new coronavirus variant would likely be mild.

Earlier in the day, the benchmark indexes fell more than 1% to hit three-month lows.

The blue-chip NSE Nifty 50 index ended 0.16% higher at 17,053.95, while the S&P BSE Sensex rose 0.27% to 57,260.58.

Kotak Mahindra Bank led gains in the Nifty, ending up 2.82%. The lender said the Reserve Bank of India had allowed state-run insurance giant Life Insurance Corporation of India to increase its stake in the bank to up to 9.99% from 4.96% as of Sept. 30.

Heavyweight Reliance Industries closed 1.2% higher, after rising as much as 3.6%. Its telecom business, Jio, said https://www.bseindia.com/xml-data/corpfiling/AttachLive/0834379b-a9e2-4b91-bed5-e2b73cc7f507.pdf on Sunday it would raise prepaid tariffs by 21%, matching price increases by rivals Bharti Airtel and Vodafone Idea Ltd .

Separately, the Economic Times newspaper reported the conglomerate was considering an offer to buy into British telecom firm BT Group Plc, which was later denied by the company. "We categorically deny any intent" to bid for BT, Reliance said.

Among the major sub-indexes, the Nifty IT index was the only gainer, rising 0.76%, with HCL Technologies gaining the most at 2.08%.

Pharma, energy and public sector banks, were among the laggards, falling between 1.07% and 2.04%.

Analysts at Motilal Oswal Financial Services (MOFSL) said in a note the uncertainty around the new variant will likely mar sentiment in travel, tourism, hospitality, and retail, while pharma, IT and consumer stocks will likely make a comeback until sentiments improve.

Investors await India's economic growth data for the July-September period due at 1200 GMT on Tuesday.

(Reporting by Vishwadha Chander in Bengaluru; editing by Uttaresh.V and Vinay Dwivedi)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHARTI AIRTEL LIMITED 1.60% 715.3 End-of-day quote.4.60%
BT GROUP PLC -0.21% 189.5 Delayed Quote.12.00%
HCL TECHNOLOGIES LIMITED -1.99% 1175.35 Delayed Quote.-9.09%
KOTAK MAHINDRA BANK LIMITED -0.74% 1891.8 End-of-day quote.5.32%
RELIANCE INDUSTRIES LTD -1.75% 2477.45 Delayed Quote.6.48%
VODAFONE IDEA LIMITED 0.84% 12.05 Delayed Quote.-22.15%
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Analyst Recommendations on KOTAK MAHINDRA BANK LIMITED
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Financials
Sales 2022 480 B 6 453 M 6 453 M
Net income 2022 116 B 1 555 M 1 555 M
Net Debt 2022 - - -
P/E ratio 2022 32,5x
Yield 2022 0,06%
Capitalization 3 753 B 50 465 M 50 499 M
Capi. / Sales 2022 7,83x
Capi. / Sales 2023 7,14x
Nbr of Employees 73 000
Free-Float 70,5%
Chart KOTAK MAHINDRA BANK LIMITED
Duration : Period :
Kotak Mahindra Bank Limited Technical Analysis Chart | 500247 | INE237A01028 | MarketScreener
Technical analysis trends KOTAK MAHINDRA BANK LIMITED
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 33
Last Close Price 1 891,80 INR
Average target price 2 166,45 INR
Spread / Average Target 14,5%
EPS Revisions
Managers and Directors
Uday Suresh Kotak Chief Executive Officer, Joint MD & Director
Dipak Brijmohandas Gupta Joint Managing Director & Director
Devang Gheewala Co-President & Chief Operations Officer
T. V. Sudhakar Co-President & Head-Compliance
Jaimin Mukund Bhatt Group Chief Financial Officer & Group President
Sector and Competitors