The Pitch Report: Karnataka Bank Ltd - BUY - TP Rs.220 - Kotak

Established in 1924 at Mangalore, Karnataka Bank (KBL), over the decades, grew with the merger of Sringeri Sharada Bank Ltd., Chitradurga Bank Ltd. and Bank of Karnataka. In 9 decades of its presence KBL has built a network of 769 branches spread across India with 8.2 million customers and has the strongest presence in South India with 596 branches. It has forayed into general insurance business as a JV partner in Universal Sompo General Insurance with a 15% stake with Allahabad Bank, Universal Sompo, Indian Overseas Bank and Dabur group being the other stakeholders.

Shares of KARNATAKA BANK LTD. was last trading in BSE at Rs.164.55 as compared to the previous close of Rs. 171.6. The total number of shares traded during the day was 721801 in over 4810 trades.

The stock hit an intraday high of Rs. 171.6 and intraday low of 160.8. The net turnover during the day was Rs. 118442969.

Source : Equity Bulls

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