Buy Kotak Mahindra Bank For 2-3 Days: Karvy

26/11 perpetrators unlikely to be nailed due to Pak’s ‘weak’ criminal justice systemKarvy Stock Broking Limited has maintained 'Buy' rating on Kotak Mahindra Bank stock to achieve a target of Rs 800 in 2-3 trading sessions.

According to Karvy, interested traders can buy the stock between Rs 768-772 with a strict stop loss of Rs 760.

The shares of the bank on Wednesday, (Nov 25), closed at Rs 789.65 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 835 and a low of Rs 208.05 on BSE.

Current EPS and P/E of the stock stood at 25.92 & 30.14 respectively.

Kotak Mahindra Bank Ltd, on Nov 24, has declared that the bank's ESOP Allotment Group has allotted 58,396 equity shares worth Rs 10/- each, pursuant to exercise of Employee Stock Options.

On Nov 23, a World Bank (WB) unit will offer up credit facility of around $51 million to Kotak Mahindra Bank in order to aid SMEs, hit hard by recession to meet up their export and import duties.

The International Finance Corporation's credit facility would offer Kotak Mahindra with risk coverage and access to a worldwide group to help develop its trade finance business..

For the three month period ended September 30, Kotak Mahindra Bank registered a growth of 86% in its consolidated net profit, which stood at Rs 2.99 billion.

The bank's advances as on Sept 30, 2009 stood at Rs 267.72 billion, recording a growth of 11% against the consolidated income of Rs 240.27 billion as on Sep. 30, 2008.