Shares of India's Kotak Mahindra Bank Ltd up as much as 3 percent after Deutsche Bank upgrades the stock to "buy" from "hold" and increases the price target to 1,080 rupees from 770 rupees. 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 percent for FY15 and 14 percent for FY16 and expects consolidated earnings to grow at a 28 percent CAGR over FY14-17. Shares are up 2.89 percent to 926.10 rupees at 0537 GMT.