Kotak Mahindra Bank extends benefit for second consecutive session
Kotak Mahindra Bank extends:
The Kotak Mahindra Bank shares increased its profit to almost Rs 7,500 crore by share issue for the second straight session on April 23rd, after a capital raising plan approved by the private sector creditors on April 22nd.
The promoter group led by Uday Kotak, chief executive, has to reduce ownership in the bank to 26% by August, down from the last point recorded in December of more than 30%.
Kotak Mahindra Bank has announced that it will sell 6.5 Crore shareholdings with a face value of Rs 5 through private investment, a follow-on public offer (FPO), a qualified investment institution (QIP) and a combination of them.
Morgan Stanley analysts have predicted that if implemented, the promoter’s interest would decrease by 3.4 percent and capital reserves would also be increased. The global broking company CLSA maintained a target price of Rs 1425 for ‘Buy’ on the Kotak Mahindra Bank. “Fundraising opens the door to M&A,” said CLSA.
Stock Market April 23rd Update Sensex and Nifty
Stock Market April 23rd: On the fourth day of the week, the stock market trading with the bullish trend. The Sensex traded with a gain of 238.43 points reached 31,617.98 level with 0.76% up. Whereas, Nifty traded with a gain of 67.45 points reached 9,254.75 level with 0.73% up.
In the border market, the S&P BSE Midcap traded with a gain of 138.27 points reached 11,705.16 with 1.20% up. Whereas, S&P BSE SmallCap traded with a gain of 142.52 points reached 10,784.09 with 1.34% up. At the same time, Nifty bank traded with a gain of 279.90 points reached 19,981.75 with 1.42% up.