Visit http://indiaer.blogspot.com/ for complete details Kotak’s Q2FY11 numbers were in line with our estimates; we retain our Hold rating after a housekeeping adjustment of the TP from INR435 to INR460. The numbers were reflective of the trend which is now three quarters old – significant improvement and momentum in the lending business but other businesses passing through competitive and regulatory pressures which do not appear to be easing in our view. While we expect the banking business to continue to get better as the year progresses, it is critical for the capital markets businesses including insurance to accelerate for sentiment to turn more meaningfully.
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