Mumbai: Stocks of Kotak Mahindra Bank on Tuesday surged over 6.5 percent, adding Rs 26,567.61 crore to its market valuation, after it reported 37.5 percent jump in consolidated net profit for the quarter ended March 31, 2015.
The stock settled 6.54 percent higher at Rs 1,423.65 on the BSE. During the day, it jumped 6.89 percent to Rs 1,428.35.
At the NSE, it ended at Rs 1,423.25, up 6.3 percent from its previous close.
Led by the rally in the stock, the company's market valuation surged Rs 26,567.61 crore to Rs 1,29,772.61 crore.
In terms of volume, 4.13 lakh shares of the company changed hands at the BSE and over 33 lakh shares were traded at the NSE during the day.
"Another factor that contributed to bullish sentiments on the street was bonus declared by Kotak Mahindra Bank," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd.
Kotak Mahindra Bank today reported 37.5 percent jump in consolidated net profit at Rs 912.6 crore for the quarter ended March 31, 2015.
The bank had posted a net profit of Rs 663.3 crore in the January-March quarter of the previous fiscal, Kotak Mahindra Bank said in a statement.
This is the first quarterly number announcement of the bank post its amalgamation with ING Vysya Bank, making it the fourth largest private sector lender.
However, the merger was effective from April 1, 2015.
The total income on consolidated basis rose to Rs 6,172.26 crore for the quarter ended March 31, 2015 from Rs 4,782.17 crore in the corresponding period a year ago.
On a standalone basis, the bank's net profit rose by 29.4 percent to Rs 527.14 crore as compared to Rs 407.1 crore for the fourth quarter ended March 2014.
The board has proposed a dividend of Rs 0.90 per equity share of face value of Rs 5 each for the financial year 2014-15.
