Kotak Mahindra Bank shares surge over 9% post earning announcement

New Delhi: Shares of Kotak Mahindra Bank on Monday jumped more than 9 per cent after the firm posted a 10 per cent growth in its consolidated net profit at Rs 4,701 crore, aided by the performance of capital markets-linked arms.

The stock surged 9.15 per cent to settle at Rs 1,919.60 apiece on the BSE. During the day, it zoomed 9.68 per cent to Rs 1,929.

On the NSE, it soared 9.06 per cent to Rs 1,918 per share.

The stock was the biggest gainer among the BSE Sensex and NSE Nifty firms.

The company's market valuation rallied Rs 31,999.66 crore to Rs 3,81,649.82 crore.

The 30-share BSE Sensex jumped 454.11 points or 0.59 per cent to settle at 77,073.44. The NSE Nifty climbed 141.55 points or 0.61 per cent to 23,344.75.

The firm announced the earnings on Saturday.

On a standalone basis, the private sector lender's net profit for the October-December period rose by 10 per cent.

Its Chief Executive Officer and Managing Director Ashok Vaswani said the bank has made significant progress on the technology front to address concerns which led RBI to put business restrictions last April, but added that while they are in touch with the central bank regularly, there is no word by when the embargo will be lifted.

The capital market arms -- Kotak Securities and Kotak Mahindra Capital -- delivered a 59 per cent growth in its profit at a combined Rs 542 crore.

The share of the flagship bank business in the overall profit has gone down to 72 per cent as a result of the same.

The total income increased to Rs 16,050 crore from Rs 14,096 crore in the year-ago period, while the expenses came at Rs 10,869 crore against Rs 9,530 crore.