Kotak Mahindra Bank’s shares saw a significant deal today, with 3.4 crore shares being traded in a block deal. As per reports by Bloomberg, the deal is worth Rs 6,336 crore and is equivalent to the bank’s 1.7% equity stake. While it is unclear who sold and bought these shares, it was previously reported that Canada Pension Fund was looking to reduce its 1.66% stake in the private sector bank. The move raises questions about whether there will be more foreign investment and whether Kotak Mahindra Bank’s weightage will increase in MSCI. However, experts suggest that there is currently no indication of an increase in weightage, as MSCI has already reached the foreign inclusion factor cap of 55%.
In March 2023, foreign investors’ shareholding in Kotak Mahindra Bank reduced to 41.22% from 1.47% in the December quarter, as per the shareholding pattern. This suggests that there may not be a significant increase in foreign investment in the bank.
In other news, lenders have accused Byju’s of trying to avoid complying with its obligations, in response to the edtech firm’s lawsuit. Meanwhile, Kotak Mahindra Bank’s Q4 results have exceeded expectations, with net profit jumping 26% to Rs 3,495 crore.
As for Kotak Mahindra Bank’s current share price, it is trading at Rs 1,877.70 with a 0.46% decrease. Brokerages have given it a target price of Rs 2,141, indicating an upside potential of 14%.
Disclaimer: The opinions and advice given by experts and brokerages on Moneycontrol.com are their own and users are advised to seek certified expert advice before making any investment decisions.
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