How brokerage calls stack up on Kotak Mahindra Bank after RBI curbs, ratings, targets largely intactMoneycontrol • 13 minutes ago
Brokerages like HSBC, Jefferies India, Morgan Stanley, Nomura, Macquarie, and Motilal Oswal Securities maintained their rating and kept their target price largely the same. Emkay has downgraded the stock to reduce from add earlier and cut its target price by 10 percent to Rs 1750 a share.
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Kotak Mahindra Bank's shares fell by nearly 11% on April 25, a day after RBI barred the lender from taking on new digital clients and issuing credit cards
Emkay Global Financial recommended reduce rating on Kotak Mahindra Bank with a target price of Rs 1750 in its research report dated April 24, 2024.
The central bank’s action will put the digital banking business on the backfoot for a while. Ban on adding new credit card customers will likely impact Kotak’s positioning amid tough competition
In a major regulatory move, the RBI barred KMB from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards
During the investigations, the RBI found that the bank is materially deficient in building necessary operational resilience on account of its failure to build IT systems and controls commensurate with its growth.
The anticipated entry of overseas funds into India’s $1.2 trillion government debt market presents an opportunity for lenders including Kotak to sell part of their bond investments to these new buyers, according to Joint Managing Director K.V.S Manian.
The bank responded to a customer on X, who sought to know if the bank server was down
Sonata Finance becomes a wholly-owned subsidiary of the Kotak Mahindra Bank as the bank acquired 100% stake in the company for Rs. 537 crore.
The 50-day EMA (exponential moving average), currently placed at 21,916, seems to be acting as a strong support for the Nifty.