Buy Kotak Mahindra Bank, target price Rs 2220: Edelweiss

Edelweiss has buy call on Kotak Mahindra Bank with a target price of Rs 2220. The current market price of Kotak Mahindra Bank Ltd. is Rs 2067.1.

Time period given by analyst is Intra Day when Kotak Mahindra Bank Ltd. price can reach defined target.
Kotak Mahindra Bank Ltd., incorporated in the year 1985, is a banking company (having a market cap of Rs 410057.01 Crore).


Kotak Mahindra Bank Ltd. 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-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 12799.59 Crore, down -20.87 % from last quarter Total Income of Rs 16175.87 Crore and up 3.87 % from last year same quarter Total Income of Rs 12323.15 Crore. The bank reported net profit after tax of Rs 1806.09 Crore in latest quarter.

Investment Rationale
Stock has also given a breakout above previous all-time high indicating a fresh bullish momentum

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.