Kotak Mahindra Bank Stocks Surge After Profit Boom

Kotak Mahindra Bank's shares soared over 9% after reporting a 10% increase in net profit for its consolidated operations, reaching Rs 4,701 crore. Capital markets-linked firms contributed significantly. The bank's total income rose to Rs 16,050 crore while experiencing growing operational costs.

Kotak Mahindra Bank witnessed a significant surge in its stock prices, climbing more than 9% following the announcement of a 10% growth in consolidated net profit, reaching Rs 4,701 crore. The performance was notably driven by its capital markets-related subsidiaries.

On Monday, Kotak Mahindra Bank's stock leapt 9.15% to close at Rs 1,919.60 on the BSE, peaking at Rs 1,929 during trading hours, and similarly advanced 9.06% to Rs 1,918 on the NSE. This rise positioned it as the top gainer among firms in both the BSE Sensex and NSE Nifty indexes.

CEO Ashok Vaswani highlighted the bank's technological advancements aimed at addressing concerns that led to regulatory restrictions, while acknowledging ongoing discussions with the Reserve Bank of India regarding lifting the embargo. The bank's market valuation increased by Rs 31,999.66 crore, reaching a total of Rs 3,81,649.82 crore.

(With inputs from agencies.)