Kotak Mahindra Bank on December 12 said it has moved the Bombay High Court against the Reserve Bank of India (RBI), which had asked promoters of the bank to bring down their stake to 20 percent by December 2018.
RBI faces a Hobson’s choice: diluting the rules or granting more exemptions could be a loss of face; allowing Kotak to get away will leave it facing charges of favouritism.
The current market capitalisation of the bank stands over Rs 2.3 lakh crore, which values the 10 percent stake of Kotak's promoter and promoter group at around Rs 23,000 crore and total 30.02 percent over Rs 69,000 crore
The lender had been asked by the RBI in August to dilute Kotak's stake in it to below 20% by December 31, following which it conducted a sale of perpetual non-convertible preference shares
Kotak Mahindra Bank in a communication to its customers said that their queries related to bank account, debit and credit cards will be addressed through WhatsApp.
As per RBI guidelines, Uday Kotak needs to dilute his stake to below 20 percent by December 2018.
Sources told CNBC-TV18 that Berkshire Hathaway may look to invest around $4-6 billion in the bank
We recommend buying the stock at CMP for the target of Rs 1,325 and keeping a stop loss at Rs 1,160 on a closing basis, says Vinay Rajani of HDFC Securities.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 28 points or 0.26 percent
The next target for the Nifty is placed at 11,089 which happens to be 61.8 percent retracement level. Oscillators and indicators have also been showing strength on the daily charts
There is some caution ahead of the outcome of the RBI's monetary policy review meet which triggered profit-taking as the session progressed, suggest experts.
Ranveer Singh debuted as Kotak’s brand ambassador in June 2018 and is the face of the bank’s #IndiaInvited campaign
According to bulk deal data available with the National Stock Exchange (NSE) ING off-loaded a total of 1,27,45,702 stocks of Kotak Mahindra Bank.
ING Group plans to sell its stake through block deals in the secondary market this wee
ING is likely to be seller in the above block deal and it may have sold 0.7 percent of its total shareholding in Kotak Mahindra Bank, the report said.
This is the verbatim transcript of Kotak Mahindra Bank management call with analysts.
Automobiles and metals reported an in-line set of numbers, while FMCG reported volume growth slightly lower than the last quarter but still around low double-digit figures
KR Choksey is bullish on Kotak Mahindra Bank has recommended buy rating on the stock with a target price of Rs 1461 in its research report dated October 25, 2018.
Equity markets around the globe have been under pressure on account of trade war fears, interest rate hike and valuation concerns
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 35.5 points or 0.34 percent. Nifty futures were trading around 11,422-level on the Singaporean Exchange.
JM Financial is bullish on Kotak Mahindra Bank has recommended buy rating on the stock with a target price of Rs 1300 in its research report dated October 24, 2018.
ICICI Direct 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 October 25, 2018.
HDFC Securities is bullish on Kotak Mahindra Bank has recommended buy rating on the stock with a target price of Rs 1377 in its research report dated October 25, 2018.
Brokerage house sees an upside of 19-34 percent in these stocks; names such as MindTree, RIL figure in the list.
Amid global and domestic headwinds, the market is likely to remain volatile and investors should use the current fall to build a portfolio for the next 2-3 years, suggest experts.