Shares of Kotak Mahindra Bank in Focus ahead of its QIP issue

kotak mahindra bank Kotak Mahindra Bank has recently approved a QIP issue (Qualified institutional placements) at a price of Rs 913.24, per share, to raise the fund of about Rs 5600.00 Cores. The stock is the top gainer touching the fresh 52-week high of Rs 980.5% during the first half of today’s trading session. It is trading at above the crucial volume weighted average (VWA) price of Rs 970.66 per share, attracting the traded volume of 13,95,041 shares with traded value of Rs 135.41 Crore. In past seven trading sessions, Kotak Mahindra stock has witnessed more than 60% of deliverable quantity as with reference to the traded quantity which may indicate that the investors are very bullish on the stock.

Meantime, the Bank Nifty index was trading higher by 0.8 percent at 22,855 levels. ICICI Bank and Kotak Mahindra Bank are witnessed to contribute the most to the index gains.
Kotak Mahindra Bank stock is trading now at Rs 976.00, up by Rs 21.35 or 2.24% in the mid-noon hours.