Kotak Mahindra Bank shares rise 2% after HSBC buy upgrade
Business
Kotak Mahindra Bank's stock got a boost on Wednesday, rising 2% after HSBC upgraded it to a "Buy."
The share price hit ₹440.70, up from ₹431.90, as investors grew optimistic about the bank's future with a new CEO on board, amid sectoral developments, including the RBI repo rate hike.
HSBC lifts Kotak Mahindra Bank target
HSBC now expects Kotak shares to reach ₹520 (up from ₹430), pointing to stronger loan growth and an EPS growth outlook ahead.
The bank's latest numbers look solid too: loans are up nearly 25% year-on-year, deposits climbed over 23%, and current and savings account deposits saw double-digit growth.
All this has helped keep investor vibes positive amid sectoral developments, including the RBI repo rate hike.