In intra-day trade on Monday, the stock of Kotak Mahindra Bank hit a new high of Rs. 1,137.50 on the NSE. Last week the stock ended the trading session at Rs. 1119.2.
With stronger growth outlook for the private sector lender, Deutsche Bank has revised the stock rating higher to 'buy' from the previous 'hold' with a target price of Rs. 1,208 as against Rs. 1,100 earlier.
The confidence in the bank is shown on grounds of uptick in credit demand, reduced competition and the bank's competitiveness to attract a higher market share without affecting its asset quality and profitability.
As per a Reuters report some 22 out of 32 brokerages rate the Kotak Bank scrip as 'buy' or even higher.
Meanwhile majority of PSU banks also traded higher in early trade today.Nifty PSU bank was trading with gains of 1.26% at 1:51 pm at 3057.30.
Sustained buying by domestic institutional investors (DIIs) amid strong cues from the Asian market, which factored in looming trade war fear as also easing concerns of sharp rise in US interest rates, lifted the market sentiment with the benchmark Nifty and Sensex gaining over 0.5% in trade at 10,390 and 33814.20 respectively.