Thursday, 29 August 2013

Kotak Mahindra Bank surges on plans to open 100 branches in FY14

Kotak Mahindra Bank is currently trading at Rs. 628.60, up by 22.60 points or 3.73% from its previous closing of Rs. 606.00 on the BSE.

The scrip opened at Rs. 610.00 and has touched a high and low of Rs. 631.10 and Rs. 597.00 respectively. So far 52268 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 804.00 on 30-May-2013 and a 52 week low of Rs. 561.20 on 05-Sep-2012.

Last one week high and low of the scrip stood at Rs. 650.05 and Rs. 588.00 respectively. The current market cap of the company is Rs. 47646.88 crore.

The promoters holding in the company stood at 43.75% while Institutions and Non-Institutions held 33.40% and 22.61% respectively.

Private sector lender, Kotak Mahindra Bank is planning to open 100 branches during the current fiscal as the savings bank balance of the bank has increased 45% year- on- year, the bank also added 1.5 lakh customer accounts during the first three months of the fiscal. At present, the bank has total branch count of 450.

Further, the bank will open five additional branches in Tamil Nadu as deposits in the state have increased by 40% to over Rs 2,150 crore, while savings account deposits increased 33% to Rs 350 crore as on June 30.

Recently, the bank unveiled ‘Kotak Junior’, a specially designed savings bank account for children in Chhattisgarh. This new account has been aimed to encourage children in the age group of 0-18 to save money smartly.

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