India's Kotak Mahindra Bank gains as Jefferies, Citi upgrade to 'buy'

Bank of Baroda

02/01/2025 04:24

** Kotak Mahindra Bank  KTKM.NS  shares up 2% at 1,820
rupees, top gainer in bank index  .NSEBANK 
    ** Jefferies upgrades to "buy" from "hold" on attractive
valuations; raises PT to 2,120 rupees from 2,080 rupees
    ** Citi also upgrades to "buy" and raises PT to 2,070 from
1,940 rupees on sustaining loan growth
    ** Bank of Baroda  BOB.NS  drops 1.4% as Jefferies cuts
rating to "hold" and PT to 270 rupees
    ** KTKM fell 6.4% in 2024, underperforming larger peers like
HDFC Bank  HDBK.NS  (up 3.7%) and ICICI Bank  ICBK.NS  (up ~29%)
vs 5% gains in bank index
    ** BOB gained 4.1% last year

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))