Kotak Bank’s shares saw a 2% surge after Citi upgraded the stock to a “Buy” rating and set a target price of ₹2,070. The stock is also placed on Citi’s positive catalyst watch.
Kotak Bank shares opened at ₹1,800.00, with a high of ₹1,835.85 and a low of ₹1,796.90. The stock has seen a 52-week high of ₹1,942.00 and a low of ₹1,543.85.
Key Drivers Behind Citi’s Positive Outlook on Kotak Bank:
- Strong Loan Growth: Kotak Bank continues to demonstrate strong loan growth, supported by robust credit demand and effective underwriting.
- Control Over Credit Costs: Citi notes that higher credit costs are already priced in, leaving room for positive surprises.
- Regulatory Easing: The expected lifting of regulatory restrictions is seen as a potential growth catalyst, enhancing operational flexibility.
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