Buy Kotak Mahindra Bank With Target Of Rs 520

Buy Kotak Mahindra Bank With Target Of Rs 520Stock market analyst Kunal Saraogi has maintained 'buy' rating on Kotak Mahindra Bank Ltd stock with a target of Rs 520.

The analyst said that the investors can purchase the stock with a stop loss of Rs 460.

He also said that the stock of the bank can attain the said target in 2-3 trading sessions.

Today, the stock opened at Rs 483 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 529.50 and a low of Rs 354 on BSE.

Current EPS & P/E ratio stood at 19.66 and 24.54 respectively.

Kotak Mahindra Bank has registered a consolidated net profit of Rs 3,641.08 million for the three month period ended Sep. 30 as against Rs 2,997.67 million during the same period of 2009.

Total income of the bank surged 27.21% to Rs 29,409.64 million for the period under review from Rs 23,119.09 million for the three month period ended Sep 2009.

On standalone basis, the bank's net profit grew by 54.64% to Rs 1,947.04 million for the quarter ended September 2010.

Kotak Mahindra Bank has adjusted its base rate upwards by 0.25% to 7.75% as against 7.50% earlier.

The banking institution has also increased its benchmark prime lending rate (BPLR) by 0.25% to 16.25%.

All loans classes will henceforth be set with reference to the modified base rate.