Jefferies upgraded Kotak Mahindra Bank to 'Overweight' on supportive valuations post recent RBI actions. The bank showed in Q4 print that core operating metrics remain strong, the foreign brokerage said.
Kotak Mahindra Bank was aggressively growing its credit card business over the past few years, while it also amassed significant number of customers on the back of its 811 digital strategy.
Kotak's share of digital sourcing stood at 95 per cent for new personal loans (volumes), 99 per cent for new credit cards (count) 79 per cent for new business loans disbursed by volume and 90 per cent for new investment accounts opened.
ICICI Bank has been consolidating in a broader range of Rs 820-875 levels since the last two months, as prices can be seen fluctuating around its 200-day exponential moving average.