Kotak Mahindra Bank gains; Deutsche upgrades to buy
Jun 11 2014 , Mumbai
High operating leverage in banking, broking and other sectors is driving strong earnings, while investments in its distribution network is resulting in sustained growth, Deutsche said in a note.
"The stock being a big beneficiary of capital market revival, with benefits accruing across business segments," it said.
Deutsche has increased earnings estimates for Kotak by 7 per cent for FY15 and 14 per cent for FY16 and expects consolidated earnings to grow at a 28 per cent CAGR over FY14-17.
Shares are up 2.7 per cent to Rs 924.45 at 12:41 p.m.