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Jefferies rates Kotak Mahindra Bank shares a buy, citing 10% upside
Jefferies said the bank will see the move as RBI approved Anup Kumar Saha as MD and CEO from 1 January 2027 for a three year term.
Jefferies has given Kotak Mahindra Bank shares a buy rating, forecasting about 10% upside, according to LiveMint Markets.
The brokerage linked the positive view to a leadership change after India’s central bank approved Anup Kumar Saha as the bank’s new Managing Director and CEO. Saha is set to start a three year term effective 1 January 2027, taking over from Ashok Vaswani.
LiveMint Markets noted that Vaswani began his MD and CEO role on 1 January 2024 for a two year term ending 31 December 2026, meaning he will continue to lead until then.
The report said Kotak Mahindra Bank shares ended at ₹381.62 on NSE on 29 December 2023, the last trading session before Vaswani took over, and that shares had shown strong upside after Saha’s name was announced as the replacement.