Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank is currently trading at Rs. 633.50, up by 10.70 points or 1.72% from its previous closing of Rs. 622.80 on the BSE.

The scrip opened at Rs. 624.10 and has touched a high and low of Rs. 635.00 and Rs. 624.00 respectively. So far 39879 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 635.00 on 25-Sep-2012 and a 52 week low of Rs. 418.25 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 635.00 and Rs. 591.55 respectively. The current market cap of the company is Rs. 46747.91 crore.

The promoters holding in the company stood at 45.21% while Institutions and Non-Institutions held 33.04% and 21.64% respectively. 

Deregulation of the savings bank (SB) interest rate has largely benefited Kotak Mahindra Bank, as this has led to a sharp spike of 68% in bank’s savings accounts to Rs 5,540 crore in June quarter from Rs 3,307 crore a year ago. After the deregulation of rates, the bank now offers two sets of SB interest rates, a 6 per cent for balance above Rs 1 lakh and 5.5 per cent up to Rs 1 lakh balance.

The high interest rates offered by it on SB deposits augured well with the customers since it matched the post-tax yield of term deposits of ‘short to medium tenure’. Further, the factor of interest earned in the savings bank account up to Rs 10,000 per year being tax free, also weighed in with the customers.

Further, bank’s customer base has expanded by 40 per cent during the period, particularly after its post-6 per cent interest rates were offered on Savings Accounts. Moreover, the bank, which has 19 branches in the state, will open three more branches over the next six months.