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<ul><li><keyword id="46013" type="General" weightage="100" keywordseo="Kotak-Mahindra-Bank" source="Orion">Kotak Mahindra Bank</keyword>’s share price surged by 5% on Monday, a day after the company’s Q4 results.</li><li>The private sector lender reported an 18.22% year-on-year increase in its standalone profit.</li><li>The RBI restrictions will not have any material impact on the existing businesses, says the CEO.</li></ul> Kotak Mahindra Bank’s share prices surged by over 5% on Monday, a day after the leading private sector lender announced its Q4 results. The company reported an 18.22% year-on-year increase in its standalone profit and a 13% increase in net interest income (NII). The shares of Kotak Mahindra Bank rallied 5.34% to rise to ₹1,629.30 from its previous close of ₹1,547.25. The share opened at a price of ₹1,600 and reached a high of ₹1,633 during the day. <cmsannotation type="cmsannotation" annotationid="Kotak Mahindra Bank Q4 results" comment="subhead" text="Kotak Mahindra Bank Q4 results"><keyword id="6483641" type="General" weightage="20" keywordseo="Kotak-Mahindra-Bank-q4" source="Orion">Kotak Mahindra Bank Q4</keyword> results</cmsannotation> Kotak Mahindra Bank reported a standalone profit of ₹4,133.30 crore and a net interest income of ₹6,909 crore. The lender’s net interest margin during Q4 increased to 5.28%, up from 5.22% in Q3. The company’s advances increased 20% year-on-year to reach ₹3.92 lakh crore at the end of March 2024. Kotak Mahindra Bank announced a dividend of ₹2 per share. <cmsannotation type="cmsannotation" annotationid="Good news amid recent regulatory action" comment="subhead" text="Good news amid recent regulatory action">Good news amid recent regulatory action</cmsannotation> The increase in share price due to the Q4 earnings comes as good news for investors who were hit by the sharp decline in the company’s share price due to recent regulatory action against the company by the Reserve Bank of India (RBI). Last month, The RBI banned Kotak Mahindra Bank from onboarding new customers and issuing new credit cards through its online and mobile banking channels. The move is expected to affect the bank’s operations under Kotak 811, which is co-headed by founder Uday Kotak’s son Jay Kotak. RBI’s ban was due to the deficiencies in the bank’s IT risk management. This resulted in the bank’s share price declining by over 12% on April 25. <cmsannotation type="cmsannotation" annotationid="Analysts set a target price of up to ₹1,900" comment="subhead" text="Analysts set a target price of up to ₹1,900">Analysts set a target price of up to ₹1,900</cmsannotation> After its Q4 earnings, analysts have given a “Buy” recommendation for Kotak Mahindra Bank and have set its target price to up to ₹1,900. Yes Bank Securities has said that it has upgraded the bank to “Buy” for the first time and has revised the target price to ₹1,900. As per the financial advisor, the RBI order won’t dramatically impact the profitability. “Margin has expanded on a sequential basis in a sign that the bank is managing overall spread outcomes well,” said Yes Bank Securities. Axis Securities has also given a “Buy” recommendation for Kotak Mahindra Bank and has set a target price of ₹1,755. <cmsannotation type="cmsannotation" annotationid="Winning back the trust is the priority, says Ashok Vaswani" comment="subhead" text="Winning back the trust is the priority, says Ashok Vaswani">Winning back the trust is the priority, says Ashok Vaswani</cmsannotation> In the first media interaction as the managing director and the chief executive officer, Ashok Vaswani said that his priority is to get back to business as usual and get ready to come back roaring. During the earnings call, he said that the central bank’s regulatory actions will likely impact its profit before tax by ₹300 to ₹450 crore in FY25. According to a <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbis-ban-to-impact-reputation-of-kotak-mahindra-bank-more-than-financial-ashok-vaswani/articleshow/109845161.cms">report</a> in the Economic Times, he said, "What is evident is that our efforts have fallen short of what the regulator expects. My commitment is to further accelerate our efforts and investments. Winning back the trust and reputation with our customers and regulators is the number one priority for me and management.” Ashok Vaswani took charge of the company as MD and CEO on January 1 this year. And a strong performance in the first quarter under his leadership is bound to boost confidence among investors. “The restrictions will not have any material impact on the existing businesses. But it will have an impact on the reputation and the franchise. I am more worried about the reputation impact than the financial impact,” he said when asked about the impact of the RBI’s action. Overall, the impact of RBI’s crackdown may not be as severe for Kotak Mahindra Bank as it was for Paytm Payments Bank. However, it remains to be seen how soon the bank can regain consumer and investor’s trust in its operations. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice. 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Following Kotak Mahindra Bank’s strong Q4 numbers, analysts reset stock target up to ₹1,900; Worried about reputation impact than financial, says CEO

<ul><li><keyword id="2601661" type="General" weightage="20" keywordseo="jay-kotak" source="Orion">Jay Kotak</keyword>, the son of Asia’s richest banker <keyword id="45051" type="General" weightage="20" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword> and the VP of Kotak Mahindra Bank, was formally introduced to investors and analysts at a recent event, five years after joining the bank.</li><li>Jay Kotak is currently the co-head of Kotak’s neobank platform 811 and he is being groomed for a top role at Kotak Mahindra Bank.</li></ul>The youngest working generation of India, Gen Z could all be about getting away with doing less. Not for Jay Kotak, the eldest son of Uday Kotak, Asia’s richest banker. “Comfortable mediocrity is a common aspiration in today's youth. Our parents and grandparents lived in tougher times - creating a social contract that admired success,” he said in a <a href="https://twitter.com/jay_kotakone/status/1260852135954022401">very popular tweet. </a> Jay however is burdened much more than any of his peers. His father is the chairman of India’s third largest private bank - Kotak Mahindra Bank. Soon, he might be filling his father’s large shoes as the senior Kotak has recently introduced his eldest son to investors and analysts formally. Jay Kotak has been working at the bank for the last five years after he graduated from Harvard. His outspoken personality and sense of humour has manifested itself into a regular toon inspired from him, called Jay Speaks in Business Standard. The Kotak family owns the business newspaper. McKinsey - Goldman Sachs - Kotak Mahindra Bank Jay Kotak completed his MBA at Harvard Business School in 2017 and has a BA in history from Columbia University. After a short consulting stint at McKinsey and an internship at Goldman Sachs in New York, Jay joined Kotak Investment Bank in 2017. Two years later, junior Kotak started working with his father’s team at Kotak Mahindra Bank in retail banking business as executive assistant to Shanti Ekambaram, group president of the consumer bank. After the pandemic, when many businesses moved online, Jay joined Kotak’s 811 team. He was appointed to co-head the neobank division with Manish Agarwal, business head of Kotak 811. Kotak's 811 app draws its name from November 8, the day in 2016 when the government announced demonetisation and cancelled 86% of all rupees in circulation. <div type="image" title="pasted image 0 (5)" msid="91891620" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;br /&amp;gt;During his college years, Jay sported a bun. Looking back, he now pokes fun at himself by comparing it to the ‘Lion King Mufasa’s mane in one picture.’&amp;lt;/p&amp;gt;"></div> Next in the line? After he was formally introduced, talk of succession planning at the <keyword id="6407278" type="General" weightage="20" keywordseo="kotak-bank" source="Orion">Kotak Bank</keyword> has been doing the rounds. Uday Kotak’s tenure at the bank comes to an end in December 2023. KVS Manian, head of corporate, institutional and investment banking; and Shanti Ekambaram, group president of consumer banking, are known to be competing for the top job at Kotak Mahindra Bank, as per media reports. But most people now believe that Jay Kotak is also being groomed for a top position, if not that of an MD, at the bank. If he is appointed to a top position at the bank, he would be inheriting one of India’s top private lending banks worth $44.8 billion as per <a href="https://www.forbes.com/companies/kotak-mahindra-bank/">Forbes</a>. Executives in the investment meeting said that Jay’s progress will depend on merit but India’s businesses like to keep operational control within the family. The 63-year-old Uday Kotak is the richest banker in Asia with a wealth of $15.1 billion, according to <a href="https://www.forbes.com/profile/uday-kotak/">Forbes</a>. He kickstarted a <a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms">financial consultancy</a> to provide cheap loans to companies at the age of 23, which later grew into a bank in 2003.

Asia’s richest banker Uday Kotak might be grooming his son Jay Kotak for a top job at his bank

<keyword id="13473" type="General" weightage="50" keywordseo="north-korea" source="Orion">North Korea</keyword> is in urgent need of food imports or assistance as many of its people continue to suffer from food shortages and malnutrition, with the gap estimated at 860,000 tonnes, data from the US intelligence community revealed on Tuesday. The country's food gap is equivalent to around two to three months of food use, with the woes deepening in the midst of economic constraints attributable to its ongoing Covid-19 fight, <keyword id="1248424" type="General" weightage="50" keywordseo="yonhap-news-agency" source="Orion">Yonhap News Agency</keyword> reported citing the data posted on the online <keyword id="14073849" type="General" weightage="50" keywordseo="world-factbook-of-the-central-intelligence-agency" source="Orion">World Factbook of the Central Intelligence Agency</keyword> (<keyword id="44293" type="General" weightage="100" keywordseo="cia" source="Orion">CIA</keyword>). "Due to low food consumption levels, poor dietary diversity, and economic downturn, a large portion of the population suffers from low levels of food consumption and very poor dietary diversity," it says. "The economic constraints, particularly resulting from the global impact of the Covid-19 pandemic, have increased the population's vulnerability to food insecurity. "If this gap is not adequately covered through commercial imports and/or food aid, households could experience a harsh lean period," it added. The North imposed stringent border controls against the pandemic in early 2020. It even implemented nationwide lockdowns after admitting to a Covid-19 outbreak earlier this month. The CIA put the North's population this year at 25.96 million, with 3.13 million, or 12 per cent of the total, living in the capital city of Pyongyang. The average life expectancy in the nation is estimated at 71.77 years, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/startups/news/byjus-to-divert-focus-on-global-businesses-as-indian-market-is-shrinking/articleshow/91892281.cms">World's highest valued edtech startup Byju's to divert focus on global businesses as Indian market is shrinking</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/uday-kotak-might-be-grooming-his-son-jay-kotak-for-a-top-job-at-his-bank/articleshow/91891362.cms">Asia’s richest banker Uday Kotak might be grooming his son Jay Kotak for a top job at his bank</a>

North Korea faces food shortages estimated at 860,000 tonnes amid economic constraints and COVID-19: CIA data

Just like Harry Potter and his friends went to Hogwarts to learn their wizardry, junior <keyword id="46431" type="CITY" weightage="80" keywordseo="India-Inc">India Inc</keyword> is heading to <keyword id="70846" type="ORGANIZATION" weightage="80" keywordseo="Harvard-Business-School">Harvard Business School</keyword> by the hordes, to learn the 'tricks' of the trade that will eventually help them help their illustrious parents in their multimillion dollar business ventures. And even as <keyword id="2601661" type="UNKNOWN" weightage="80" keywordseo="JAY-KOTAK">Jay Kotak</keyword>, the elder son of <keyword id="45051" type="PERSON" weightage="80" keywordseo="Uday-Kotak">Uday Kotak</keyword>, senior vice chairman and managing director of Kotak Mahindra Bank, prepares to attend the coveted business school, he will be joining many amongst India Inc's 'future'. BI India lists down five such second generation leaders who learned to swish their magic wands at Hogwarts..err.. <keyword id="53675" type="ORGANIZATION" weightage="80" keywordseo="harvard">Harvard</keyword>. 
 
Rishad Premji 
Rishad Premji, the current chief strategy officer and the head of Investor Relations &amp; Corporate Affairs, joined Wipro in 2007 as a manager in the financial division of the company. Armed with a MBA degree and BA degree in Economics from Wesleyan University, the junior Premji and is all set to join the board of the company from May 1. 
 
<keyword id="155327" type="PERSON" weightage="80" keywordseo="Rohan-Murty">Rohan Murty</keyword> Rohan Murty, son of Infosys founder <keyword id="745832" type="UNKNOWN" weightage="80" keywordseo="Narayanan-Murthy">Narayanan Murthy</keyword>, created a quite a stir when he joined the company in 2013. He joined the company as executive assistant to the Murthy. He pursued his PhD in Computer Science from Harvard Business School and is also a junior fellow in the Society of Fellows at the university. 
 
Aditi Kothari 
Daughter of investment banking veteran Hemendra Kothari, Aditi joined the group after completing her post graduation in business administration from Harvard. She is an Economics graduate from the Wharton School of the University of Pennsylvania. Currently, she is the head of Marketing at DSP BlackRock Investment Managers. 
 
Tanya Dubash Tanya Dubash, the eldest daughter of Adi <keyword id="6369697" type="COMPANY" weightage="80" keywordseo="Godrej">Godrej</keyword>, is currently the executive director and chief brand officer at Godrej Group. She is responsible for spearheading the conglomerate’s marketing functions. Dubash has an AB degree with Economics and Political Science from Brown University and pursued Advanced Management Programme from Harvard. 
 
Nisaba Godrej 
The younger daughter of Adi Godrej, Nisaba, popularly known as Nisa, serves as the head for innovation strategy at the Godrej Group. She went to Harvard to study MBA and if reports are to be believed, she was fixated on India. Once back, she joined Godrej Agrovet and turned the tables for the company.

5 India Inc scions who went to Harvard to learn the 'tricks'

<keyword id="19896381" type="General" weightage="100" keywordseo="nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> got off to a slow start, with Nifty50 trading at 23,613.7 points, up by 0.2%, and Sensex up by 0.24% at 77,651.53 points, as of 9:35 am. Amongst sectoral indices, auto, financial services, FMCG, PSU and private bank continued to trade in red. On the other hand, IT, media, metal and <keyword id="19933821" type="General" weightage="20" keywordseo="pharma" source="keywords">pharma</keyword> opened on a positive note. Look out for these stocks After receiving a warning letter from the USFDA yesterday, stocks of <keyword id="20026907" type="General" weightage="20" keywordseo="Sun-Pharma" source="keywords" meta.keywordsubtype="org" meta.entityname="Sun Pharma" meta.hostid="261" meta.entityid="Sun Pharma">Sun Pharma</keyword> inched up by 0.36% during early morning trade today o touch Rs 1,476.25. The pharma major informed NSE today that it has signed a non-exclusive patent licensing agreement with Japanese pharma company <keyword id="20298258" type="General" weightage="20" keywordseo="takeda" source="keywords">Takeda</keyword> for introducing Voltapraz (Vonoprazan), a new gastrointestinal drug in India. Stocks of <keyword id="19903545" type="General" weightage="20" keywordseo="kei-industries" source="keywords">KEI Industries</keyword> are set to be in action today, given that the company lost production of around Rs 10 crores due to strikes and disturbances seen at its factories in Rakholi and Chinchpada. The situation has since normalised, and the company will ramp up production in the days to come to compensate for the loss. During early morning trade, the stocks of the electric cable and wire manufacturer were trading 1.51% up at Rs 4,488.95 According to Aditya Gaggar, Director of Progressive Shares, "for the past couple of days, the Index has been oscillating in a range; breakout on either side will provide a clear direction. As per anticipation, a strong rally was noticed in all the fertilizer counters. Some uptick can be seen but we believe it will eventually correct in the form of profit booking as in the lower timeframe they are in an extremely overbought condition, so it's better to book certain parts of profits." "From the IT sector, Sonata Software looks strong. Selective buying can be seen in the Metal sector. We have identified a few stocks from the Mid and smallcap segments that are likely to rally in the short term namely Astec Life Science, GHCL, Jay Bharat Maruti, Mahindra Holidays, Ramky Infra, and Usha Martin", he continued. As per Shrikant Chouhan, Head Equity Research, Kotak Securities, "From last couple of days market witnessing narrow range activity which indicates indecisiveness between the bulls and the bears. We are of the view that, the current market texture is non-directional perhaps traders are waiting for either side breakout. On the higher side, 23,680/77,800 would be the immediate breakout level while below 23,450/77,100 the selling pressure is likely to accelerate. Above 23,650/77,700, the market could move up till 23,750-23,850/78,000-78,200".

Market Morning: Sensex, Nifty off to a muted start, Sun Pharma, KEI in spotlight

<ul><li><keyword id="1662229" type="General" weightage="20" keywordseo="emudhra" source="Orion">eMudhra</keyword> is likely to announce its share allotment status today.</li><li>The IPO of one of the largest certifying authorities was subscribed 2.72 times.</li><li>eMudhra shares are expected to be listed on stock exchanges on June 1.</li></ul>eMudhra, which is one of the largest certifying authorities in India is likely to announce the allotment status of its initial public offering (IPO) today, May 27. The <keyword id="12539694" type="General" weightage="20" keywordseo="emudhra-ipo" source="Orion">eMudhra IPO</keyword> was open for subscription from May 20 to May 24. It witnessed decent demand from investors, seeing a subscription of 2.72 times the number of shares offered in the three days of IPO. Shares of eMudhra may see a weak listing as the stock was trading at a discount of ₹10 in the grey market. The portion reserved for retail investors was oversubscribed 2.61 times on the last day of the IPO. What does eMudhra do? eMudhra is a certifying authority (CA) authorised by the controller of certifying authority (CCA) for issuance of Digital Signature Certificates in India. The company is engaged in the business of providing digital trust services and enterprise solutions like individual/organisational certificates, digital signature certificates etc. eMudhra intends to use the proceeds of the IPO towards repaying debt, funding working capital requirements, buying equipment for data centers, investing in business development, sales, marketing and other costs related to growth. Here is how to check the <keyword id="14040064" type="General" weightage="20" keywordseo="emudhra-ipo-allotment" source="Orion">eMudhra IPO allotment</keyword> status on stock exchange websites: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website <a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp">here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select ‘eMudhra’.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Link Intime India) to check your application status. <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on ‘eMudhra’.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha and click ’submit’.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/news/ongc-beats-tata-steel-tcs-to-become-indias-2nd-most-profitable-company-but-russian-links-may-spoil-the-party/articleshow/91890802.cms">ONGC beats Tata Steel, TCS to become India’s 2nd most profitable company - but Russian links may spoil the party</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/startups/news/mobile-premier-league-and-frontrow-fire-245-people-as-startup-layoffs-continue/articleshow/91892557.cms">As startup layoffs continue, Mobile Premier League and FrontRow fire 245 people</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/uday-kotak-might-be-grooming-his-son-jay-kotak-for-a-top-job-at-his-bank/articleshow/91891362.cms">Asia’s richest banker Uday Kotak might be grooming his son Jay Kotak for a top job at his bank</a>

eMudhra IPO: Here’s how you can check the allotment status

For India Inc, <keyword id="70846" type="ORGANIZATION" weightage="20" keywordseo="Harvard-Business-School">Harvard Business School</keyword> has Jay Kotak, the elder son of Uday Kotak, senior vice chairman and managing director of Kotak Mahindra Bank, prepares to be attend the coveted Harvard Business School, BI India lists down a five such next gen business leaders who are alumni of this Ivy League School. 
 
Images: Indiatimes.com

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Following Kotak Mahindra Bank’s strong Q4 numbers, analysts reset stock target up to ₹1,900; Worried about reputation impact than financial, says CEO

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Asia’s richest banker Uday Kotak might be grooming his son Jay Kotak for a top job at his bank

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North Korea faces food shortages estimated at 860,000 tonnes amid economic constraints and COVID-19: CIA data

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