This post was originally published on this site
On the other side of the spectrum, Kotak Mahindra Bank’s shares fell over 2% following the announcement of Ashok Vaswani as the new CEO and MD. According to InvestingPro Tips, while Kotak Mahindra Bank has also raised its dividend for 3 consecutive years, it is quickly burning through cash and analysts anticipate a sales decline in the current year. It’s also worth noting that the bank has been trading at a low P/E ratio relative to near-term earnings growth, with the P/E Ratio (Adjusted) standing at 11.05 as per InvestingPro Data.
The broader markets showed a negative trend with India Vix dropping by 7.48%. Several sectors including Nifty Media, realty, metal, PSU Bank, oil & gas, and consumer durables experienced declines. Among the top losers were Kotak Bank, Grasim, TCS, LTI Mindtree, L&T, Tata Steel, Bajaj Auto, Coal India, ONGC, Maruti Suzuki and BPCL.
There were some bright spots in the market. Alongside ICICI Bank, other top gainers included Divis Lab, Bajaj Finance, M&M, Bajaj Finserv, PowerGrid, Dr Reddys, Tata Consumers, Hero MotoCorp and Nestle India. These insights and more are available with InvestingPro, which hosts an extensive list of tips for a wide range of companies. For more information, check out InvestingPro pricing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
