Kotak Mahindra Outruns ICICI Bank in Market Value

** Kotak Mahindra Bank rises about 2 pct, one of the top gainers on the S&P BSE Bankex index

** Lender surpasses ICICI Bank to emerge as the 3rd most valued bank as its market valuation soared to 1.3 trillion rupees ($19.67 billion)

** Kotak shares have risen 7 pct over the past two months since the central bank removed it from foreign investment ban list

** Investec Securities said last month Kotak remained their top pick, calling it well positioned to deliver consistent return-on-assets improvement starting FY2018

** Meanwhile, ICICI Bank’s shares have fallen 8 pct since the private sector lender reported a decade-low quarterly profit on April 29

** HDFC Bank remains the biggest lender in terms of valuation, with a market cap of about 2.8 trillion rupees

** Shares in HDFC Bank were up 0.7 pct while ICICI Bank fell 2 pct

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