India Business News: The Sensex fell below the 64,000 mark for the first time in four months due to global factors impacting investor sentiment. The index closed 523 point
Ashok Vaswani will step into the larger-than-life shoes of Uday Kotak in Kotak Mahindra Bank, a legacy institution which has embraced technological prowess without any resistance. The succession saga overhang at the bank is over, but execution under the new CEO will remain a key monitorable for industry experts.
The increase in fair value, on the basis of information provided in the companys FY23 annual report, is mainly due to the contribution margin for food delivery which rose “handsomely” to Rs 18.5 per order in FY23 from Rs 6.6 in FY22, driven by higher revenues and cost optimisation, the brokerage firm said.
The appointment of Ashok Vaswani as the new CEO of Kotak Mahindra Bank brings a period of uncertainty to an end, but another period of uncertainty may lie ahead as external candidates often have trouble adjusting to the culture of the organization. Kotak s valuation remains at a premium compared to ICICI Bank and HDFC Bank, making it less attractive for investors. However, if the stock falls by 10-15%, it could present a contrarian buying opportunity. Other private banks like IndusInd and ICICI Bank are expected to continue outperforming.