kotak mahindra bank share price: Kotak Mahindra Bank shares soar 6% on likely $690 million MSCI inflows
Kotak Bank shares were trading at Rs 1,833.45 on the NSE at 10 am.
Latest shareholding data shows that FIIs reduced their stake in Kotak Bank by 1.47% to 41.22% in the March quarter which analysts said could result in foreign headroom moving to 25.05% vs 22.38%, currently.
The foreign headroom is just above the required threshold of 25% and now could result in a change of adjustment factor to 1 from 0.50 currently, Nuwama said, adding that if its shareholding calculations hold true and MSCI considers 41.22% as current foreign holding then Kotak Mahindra Bank (KMB) could see weight-up led inflow to the tune of $690 million which is almost 32 million shares buying (7-day average traded volume).
The shareholding data has been released by the company before the MSCI price cutoff date for May 23 review.
The stock has been languishing for quite some time and the MSCI weight-up trigger could lead to strong momentum, Nuwama said, adding that it was “continuously monitoring this event”.
Kotak Bank shares were the top gainers in the Nifty50 pack today.The action in Kotak Bank stock was high with over 36.8 lakh shares changing hands around this time. The stock has corrected from its 52-week high of Rs 1.997.55 which it hit in November 2022. It has marginally outperformed the Nifty50 index, giving returns of over 2% over a 12-month period as against a 0.3% gain seen in Nifty50, according to Trendlyne data.
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