On Saturday, Uday Kotak announced his resignation as the Chief Executive Officer and Managing Director of Kotak Mahindra Bank, effective from September 1st.
Uday Kotak began his letter by reflecting on the journey of Kotak Mahindra Bank, stating, “Over the span of 38 years, since the inception of this institution with just 3 employees in Fort, Mumbai, it has evolved into a prominent banking and financial conglomerate, operating across India and in 5 other countries, with a workforce exceeding 100,000 employees.”
Uday Kotak included a note explaining that both the joint MD and the Chairman, along with himself, were originally scheduled to step down by December; however, he decided to advance his resignation by three months. He also mentioned that the bank is awaiting approval from the RBI for his proposed successor, and in the interim, his colleague Dipak Gupta, who is currently the Joint MD, will serve as MD & CEO, pending the necessary approvals.
Brokerages retain ratings, target prices for Kotak Mahindra Bank
Jefferies:
Jefferies India maintains a ‘buy’ rating on the stock with a target price of Rs 2,400,
Macquarie:
Macquarie continues to have a ‘neutral’ rating with a target price of Rs 1,860. Investec also maintains a ‘buy’ rating with a target price of Rs 2,300 per share.
Morgan Stanley:
Morgan Stanley retains an ‘equal weight’ view of the stock with a target price of Rs 2,250 per share.
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