Buy Kotak Mahindra Bank, target price Rs 1990: Nuvama Wealth

Nuvama Wealth brokerage has buy call on Kotak Mahindra Bank with a target price of Rs 1990.The current market price of Kotak Mahindra Bank is Rs 1842. Nuvama Wealth brokerage recommended to keep stop loss at Rs 1790.

Kotak Mahindra Bank, incorporated in the year 1985, is a banking company (having a market cap of Rs 367016.33 Crore).

Kotak Mahindra Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 20730.88 Crore, up 12.17 % from last quarter Total Income of Rs 18481.46 Crore and up 23.44 % from last year same quarter Total Income of Rs 16794.19 Crore. The bank has reported net profit after tax of Rs 4566.39 Crore in latest quarter.

Investment Rationale
Retest of the breakaway gap levels and bullish piercing pattern indicates end of the corrective phase.

Promoter/FII Holdings
Promoters held 25.95 per cent stake in the company as of 31-Mar-2023, while FIIs owned 39.42 per cent, DIIs 21.08 per cent.