Kotak Mahindra Bank Short Term Buy Call

Kotak Mahindra Bank Short Term Buy CallStock market analyst Anil Manghnani of Modern Shares and Stockbrokers has maintained 'buy' rating on Kotak Mahindra Bank stock with a target of Rs 560.

Today, the stock of the company opened at Rs 485 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 24.52 respectively.

Kotak Mahindra Bank has recorded an increase of 21.46% in its consolidated net profit, which stood at Rs 3,641.08 million for the three month period ended Sep 30, 2010 as against Rs 2,997.67 million during the same period of 2009.

The bank's total income grew by 27.21% to Rs 29,409.64 million for the quarter ended Sep 2010 as against Rs 23,119.09 million during the quarter ended Sep 2009.

On standalone basis, Kotak Mahindra Bank has registered an increase of 54.64% in its net profit, which stood at Rs 1,947.04 million as against Rs 1,259.09 million for the same period of last year.

For the quarter ended Sep 2010, total income grew by 29.84% to Rs 11540.49 million.

Kotak Mahindra Bank has raised its depository rates on a number of maturities by up to 0.25%.

"Interest rates have been moving upwards for the last one year. Our interest rates are in line with the market," Kotak Mahindra Bank Group Head (Consumer Banking) K V S Manian.

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