SMBC sold more than 3.2 crore shares of Kotak Mahindra Bank at Rs 1,940.8 apiece on Wednesday. The buyers spanned across asset managers, sovereign funds, and financial institutions. Among the prominent names were BlackRock Global Funds-India Fund, Citigroup, Goldman Sachs, Morgan Stanley Asia (Singapore) Pte – ODI, Abu Dhabi Investment Authority, BNP Paribas Financial Markets, Societe Generale, Nomura Funds Ireland Plc and T Rowe Price Funds.
On the domestic front, large mutual funds also participated, including Aditya Birla Sun Life MF, Axis Mutual Fund, HDFC MF and several schemes of Mirae Asset.
Stock performance
Shares of Kotak Mahindra Bank closed at Rs 1,972.90 on the National Stock Exchange on Wednesday, up 0.64% or Rs 12.50.
The stock has gained 10% so far in 2025, with its one-year return also around 10%. Despite the rally, Kotak Mahindra shares are trading below their 50-day and 200-day simple moving averages of Rs 2,051.2 and Rs 1,998.6, respectively.
Recent earnings performance
In its June quarter results, Kotak Mahindra Bank reported a 7% year-on-year decline in standalone net profit at Rs 3,282 crore, compared with Rs 3,520 crore a year earlier. Net interest income rose 6% YoY to Rs 7,259 crore from Rs 6,842 crore in the same quarter of FY25.The profit figures excluded gains from the divestment of Kotak General Insurance. “On June 18, 2024, ZKGI ceased to be a wholly-owned subsidiary and became an associate of the Bank,” the lender had said in a filing. Adjusted for the one-time gain from that sale, net profit in the year-ago quarter was significantly higher at Rs 6,250 crore.
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