The order dated June 06 was imposed for non-compliance of directions, an RBI statement read
Kotak Mahindra Bank's valuation rose by Rs 1,116.72 crore to Rs 2,90,098.18 crore.
The CEO of Kotak Mahindra Bank talked about how his company was saving 4.3 lakh plastic bottles per annum in the Mumbai office by using disposable paper cups.
To our salaried customers, we give home loan sanctions within four hours, said Ambuj Chandna, Senior Executive Vice President and Head – Consumer Assets of Kotak Mahindra Bank
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 56 points or 0.48 percent. Nifty futures were trading around 11,704-level on the Singaporean Exchange.
ICICI Direct recommended hold rating on Kotak Mahindra Bank with a target price of Rs 1500 in its research report dated May 02, 2019.
Nalanda Securities is bullish on Kotak Mahindra Bank recommended buy rating on the stock with a target price of Rs 1554 in its research report dated May 01, 2019.
Prabhudas Lilladher recommended hold rating on Kotak Mahindra Bank with a target price of Rs 1385 in its research report dated May 01, 2019.
HDFC Securities is bullish on Kotak Mahindra Bank has recommended buy rating on the stock with a target price of Rs 1481 in its research report dated May 02, 2019.
Dolat Capital recommended accumulate rating on Kotak Mahindra Bank with a target price of Rs 1550 in its research report dated May 02, 2019.
Investors must add this stock to their portfolio in the event of any negative news flow or market turbulence
Kotak Mahindra Bank did not disclose its current exposure to the auto sector, but senior officials said it is well within the sectoral cap of 2%.
The next six months are crucial for the financial sector, Kotak, the executive vice-chairman of Kotak Mahindra Bank said, adding the fear this time is the financial sector impacting both itself as well as the real sector.
Motilal Oswal expects the bank to report net profit at Rs 1,388 crore up 23.5 percent year-on-year (up 7.5 percent quarter-on-quarter). Net Interest Income (NII) is expected to increase by 21.2 percent Y-o-Y.
Kotak Mahindra Investments Ltd (KMIL), a wholly-owned subsidiary of Kotak Mahindra Bank, has executed a share purchase agreement for sale of its entire equity stake of 19.77 per cent in Matrix Business Services.
While the Bombay High Court has “no time” to address the case before 2020, market experts have strong opinions about Kotak’s defiance against the RBI.
The company was on the second list of 29 defaulting companies of RBI, recommending that these firms be referred for resolution through the bankruptcy code.
By proposing the use of perpetual non-cumulative preference shares to cut promoter holding, Kotak, the promoter, is guilty of not complying with the spirit of the law. So too, Kotak Mahindra Bank and its independent directors.
The vice chairman and managing director of Kotak Mahindra Bank also said that it may look at a further reduction in MCLR.
The interest rate on savings deposits of up to Rs 1 lakh has been cut from 5 percent to 4.5 percent.
Net Interest Income (NII) is expected to increase by 21.2 percent Y-o-Y (up 6.4 percent Q-o-Q) to Rs. 3,126.2 crore, according to Motilal Oswal.
Kotak Mahindra Bank also cut its MCLR by 10 basis points in select tenors
The RBI had directed the bank to dilute the promoter's shareholding from around 30 percent to a maximum of 20 percent of its paid-up voting equity capital by December 31, 2018 and to 15 percent by March 31, 2020.