NEW DELHI: Shares of Kotak Mahindra Bank rose by nearly 4 per cent today, adding Rs 8,953.55 crore to its market valuation, after the company posted a rise of over 27 per cent in consolidated net profit for the quarter ended March.
The scrip gained 3.87 per cent to end at Rs 1,257.25 on BSE.
Intra-day, it surged 6.39 per cent to Rs 1,287.75 -- its 52-week high.
On NSE, shares of the company went up by 3.77 per cent to close at Rs 1,256.85.
The stock was the biggest gainer on both Sensex and Nifty.
The bank's market valuation moved up by Rs 8,953.55 crore to Rs 2,39,603.55 crore following surge in the stock.
In terms of equity volume, 4.45 lakh shares of the company were traded on the BSE and over 88 lakh shares changed hands on NSE during the day.
The stock has been rising for the fifth straight session, surging 7.75 per cent.
Private sector lender Kotak Mahindra Bank on Monday posted a rise of over 27 per cent in consolidated net profit at Rs 1,789.24 crore for the quarter ended March 31.
The bank had registered a net profit of Rs 1,404.34 crore in the January-March quarter of the previous financial year (2016-17).
Total income (consolidated) grew to Rs 10,874.12 crore as against Rs 9,953.57 crore in the year-ago period, the bank said in a regulatory filing.
Bank's asset quality improved as the gross non-performing assets (NPAs) came down to 1.95 per cent of the gross advances as on March 31, 2018 from 2.25 per cent by the end of 2016-17.