Buy Kotak Mahindra Bank, target price Rs 2140: ICICI Securities

ICICI Securities has buy call on Kotak Mahindra Bank with a target price of Rs 2140. The current market price of Kotak Mahindra Bank Ltd. is Rs 1986.2.

Kotak Mahindra Bank Ltd., incorporated in the year 1985, is a banking company (having a market cap of Rs 393313.17 Crore).

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 14834.99 Crore, up 9.15 % from last quarter Total Income of Rs 13591.41 Crore and up 9.54 % from last year same quarter Total Income of Rs 13542.43 Crore. The bank reported net profit after tax of Rs 2601.67 Crore in latest quarter.


Investment Rationale
Strong buying demand at 38.5% retracement of post budget rally indicates elevated support

Promoter/FII Holdings
Promoters held 26.1 per cent stake in the company as of Sept 30, 2020, while FIIs held 42.2 per cent, DIIs 15.3 per cent and public and others 16.5 per cent.