KOTAK MAHINDRA BANK SHARES UP 3% ON MD, CEO APPOINTMENT

Stock-specific action remained in focus on Dalal Street on October 1, with investors reacting to key corporate developments and a major board-level appointment. Chalet Hotels shares declined around 1% even as Jefferies maintained its Buy rating with a target price of ₹965 per share. The brokerage sees strong growth visibility over the next five years, supported by the company’s existing pipeline, potential new additions and M&A opportunities. The current pipeline implies a 9–10% CAGR in room keys, while Athiva is targeting a leading pan-India position in the premium hospitality segment with 1,200–1,500 keys. Kotak Mahindra Bank shares gained more than 3% after the Reserve Bank of India approved the appointment of Anup Kumar Saha as the bank’s new Managing Director & CEO for a three-year term, effective January 1, 2027. Sectoral indices remained under pressure. The Nifty Auto index fell more than 2%, while the Nifty Metal index declined 1%. The Nifty FMCG, Infra, Media, Oil & Gas and Realty indices each slipped around 0.5%. Broader markets also traded lower, with the Nifty Midcap and Smallcap indices declining 0.2% each. Market breadth on the BSE remained negative, with 1,357 stocks advancing, 2,114 declining and 188 remaining unchanged.