Kotak Mahindra Bank up 2% after Goldman Sachs sees market capital crossing $100 billion by 2027

Kotak Mahindra Bank rose as much as 2 percent on Wednesday, extending gains for a fifth consecutive session, after brokerage firm Goldman Sachs said that the market capital of the private lender can likely shoot past $100 billion by fiscal year 2027.

The brokerage firm has upgraded the bank's stock to 'buy' from 'neutral' and raised the target price to Rs 2,135 from Rs 1,984. Goldman Sachs also added the stock to its buy conviction list — the list of stocks it expects to outperform.

Goldman Sachs believes that Kotak Mahindra Bank is well-positioned in this cycle to put capital to work and successful execution of the retail strategy can drive the marketcap higher.