Kotak Mahindra Surges Nearly 10%

New Delhi: Shares of Kotak Mahindra Bank on Monday jumped nearly 10 per cent after the firm posted a 10 per cent growth in its consolidated net at Rs 4,701 crore, aided by the perfor-mance of capital markets-linked arms. The stock surged 9.66 per cent to Rs 1,928.65 on the BSE. At the NSE, it soared 9.68 per cent to Rs 1,929. The stock was the biggest gainer among the BSE Sensex and NSE Nifty firms during the morning trade. The firm announced the earnings on Saturday. On a standalone basis, the private sector lender’s net profit for the October-December period rose by 10 per cent. The bank’s Chief Executive and Managing Director Ashok Vaswani said the bank has made significant progress on the technology front to address concerns which led RBI to put business restrictions last April, but added that while they are in touch with the central bank regularly, there is no word by when the embargo will be lifted.