Sell Kotak Mahindra Bank, target price Rs 1,215: Suruchi Kapoor

Suruchi Kapoor of Edelweiss Financial Services has a sell call on Kotak Mahindra Bank Ltd. with a target price of Rs 1215.0. The current price of Kotak Mahindra Bank Ltd. is Rs 1303.75 Time period given by the analyst is Intra Day when Kotak Mahindra Bank Ltd. price can reach defined target. . Suruchi Kapoor recommended to keep a stoploss at Rs 1365 .

Kotak Mahindra Bank Ltd., incorporated in 1985, has a market cap of Rs 249488.89 crore.



Investment Rationale

The stock faced resistance near 200 DEMA and fell sharply. Stochastic also gave a negative crossover, according to the analyst.

Financials

For the quarter ended March 31, 2020, the company reported consolidated interest income of Rs 6198.95 crore, up .03 per cent from last quarter Interest Income of Rs 6197.23 crore and up 3.71 per cent from last year same quarter Interest Income of Rs 5976.91 crore. The bank reported net profit after tax of Rs 1951.82 crore in the latest quarter.

Promoter/FII Holdings

Promoters held 29.92 per cent stake in the company as of March 31, 2020, while FIIs held 39.17 per cent, DIIs 12.42 per cent and public and others 18.26 per cent.