Banks stocks buzzing: PNB at 1-month high, Kotak, IndusInd hit record peaks; ICICI Bank down 1%, SBI drops 2%

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Published: April 9, 2018 12:10:15 PM

Shares of Indian banks traded mixed in the mid-morning trades on Monday with the scrips of PNB hovering above one-month high, Kotak Mahindra Bank, IndusInd Bank shares hitting their respective all-time peaks while shares of ICICI Bank dropped 1% and SBI tripped 2% from day's high.

Shares of the Uday Kotak-led Kotak Mahindra Bank rallied as much as 1.63% to hit a lifetime high of Rs 1,137.5 on NSE. (Image: Reuters)

Shares of Indian banks traded mixed in the mid-morning trades on Monday with the scrips of PNB hovering above one-month high, Kotak Mahindra Bank, IndusInd Bank shares hitting their respective all-time peaks while shares of ICICI Bank dropped 1% and SBI tripped 2% from day’s high. Shares of the scam-hit Punjab National Bank extended gains on Monday after the stock concluded at a one-month high of Rs 102.15 on Friday last week. Shares of all the private banking constituents of Nifty Private Bank index traded in green on Monday barring the scrips of ICICI Bank and Federal Bank with stocks of Kotak Mahindra Bank and IndusInd Bank breaking into the all-time highs.

The stock of Punjab National Bank surged 2.5% to a fresh one-month high of Rs 104.7 on Monday while the stock of India’s largest bank by assets State Bank of India shed 1.96% to a day’s low of Rs 257.6 from the day’s high of Rs 262.75 after opening little up at Rs 260.65 on NSE. The stock of PNB and SBI were in close on Monday after the two state-run banks put their 15 non-performing assets totalling Rs 1,063 crore for sale.

Shares of the Uday Kotak-led Kotak Mahindra Bank rallied as much as 1.63% to hit a lifetime high of Rs 1,137.5 on NSE after Deutsche Bank raised stock’s rating to ‘buy’ from ‘hold’ with a target price of Rs 1,208 from the earlier Rs 1,100 on the back of higher confidence on growth. The confidence arises due to weakening competition, rising credit demand, and bank’s capabilities to capture market share “without impacting its profitability and pristine asset quality”, Reuters reported citing Deutsche Bank analysts. According to a Reuters report, at least 22 of 32 brokerages rate the stock “buy” or higher, eight “hold” and two “sell” or lower with a median target price of Rs 1,200.

Shares of IndusInd Bank also surged to the record high levels on Monday advancing over 2%. The stock of IndusInd Bank was the top gainer among the BSE Sensex components. The stock of IndusInd Bank rose 2.29% to an all-time high of Rs 1,865.9 on Monday. While, on the other hand, shares of ICICI Bank partly recovered from the day’s low of Rs 274.35 but were still trading down 0.61% at Rs 278.95 on NSE.

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