The top Nifty gainers included Kotak Mahindra Bank, IndusInd Bank, Titan Company, ICICI Bank and GAIL India while the top losers included Coal India, HUL, Bharti Airtel, Zee Entertainment and ITC.
The court turned down the bank's plea for an interim protection from regulatory action saying the matter is not as simple as the petitioner is making it out to be, and posted the matter for further hearing to April 1.
A win for Kotak will prompt a much needed review of regulation and will bring in new banks, increased competition and hopefully better services.
More than thirty months after on tap licensing guidelines were issued not a single organisation has come forward to set up banks in India
The common viewpoint on both sites is that the stand-off with Kotak Mahindra Bank needs to be resolved at the earliest as it might be sending a wrong impression to the investor community, including the foreign institutions.
Kotak Mahindra Bank cut the MCLR in four tenors, including the important one-year maturity ones to which all the major consumer loans including home loans are linked.
The hike in the shareholding limit comes as the private-sector lender grapples with a central bank directive on reducing its Chief Executive Uday Kotak's stake in the bank.
ING Group merged its banking unit, ING Vysya Bank, with Kotak Mahindra Bank in November 2014
ING Mauritius Investments held about 3 percent stake, or 5,84,53,476 shares, in Kotak Mahindra Bank as of December 31, 2018, shows BSE data
Kotak also said India needs a long-term solution to woes of public sector banks.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 21.5 points or 0.2 percent. Nifty futures were trading around 10,883-level on the Singaporean Exchange.
The Reserve Bank further said Rs 20 lakh fine each on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for non-compliance with various directions on Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 12.5 points or 0.11 percent. Nifty futures were trading around 10,960-level on the Singaporean Exchange.
The Sensex rose nearly 600 points, while the Nifty hit 10,800 in the afternoon. Buying was visible across all sectors, with maximum gains seen among banks, technology names as well as energy sector.
Prabhudas Lilladher recommended hold rating on Kotak Mahindra Bank with a target price of Rs 1291 in its research report dated January 21, 2019.
Dolat Capital recommended accumulate rating on Kotak Mahindra Bank with a target price of Rs 1420 in its research report dated January 21, 2019.
This is the verbatim transcript of Kotak Mahindra Bank management call with analysts.
Santosh Nair, Editor, Moneycontrol wraps up the week’s action on D-Street as well as details the cues and triggers to watch out for in the coming week.
HDFC Securities is bullish on Kotak Mahindra Bank has recommended buy rating on the stock with a target price of Rs 1400 in its research report dated January 22, 2019.
ICICI Direct recommended hold rating on Kotak Mahindra Bank with a target price of Rs 1400 in its research report dated January 22, 2019.
The current battle between the Reserve Bank of India and Kotak Mahindra Bank with respect to Uday Kotak’s ownership levels have raised many questions.
Credit Suisse maintained its underperform rating on Lupin with a target price of Rs 800 while CLSA maintained its sell rating on Ashok Leyland and slashed its target price to Rs 75 from Rs 85 earlier.
The net interest income (NII), the difference between interest earned and expended, grew 23 percent YoY at Rs 2,939 crore from Rs 2,394 crore last year.