Uday Kotak
Founder, CEO & MD, Kotak Mahindra Bank LtdBirth DetailsMarch 15, 1959 | Mumbai
NationalityIndian
LeagueEntrepreneur
EducationBachelor’s in Commerce & Master’s in Management Studies, Jamnalal Bajaj Institute of Management Studies, Mumbai
Net Worth$11.5 billion (as of August 10, 2020)
Uday Kotak's Assets
Uday Kotak's Journey so far...
Before you go...
- Kotak Mahindra Bank Ltd
- Kotak Education Foundation
Uday Kotak's Journey so far...
- Although he came from a business background, Uday Suresh Kotak decided to pursue his own entrepreneurial dreams
- So in 1985 at the age of 26, with some seed money raised from family and friends and a 300 square-feet office lent to him by his father, he started his own finance firm which was initially called Kotak Capital Management Finance
- Soon after, Anand Mahindra of Mahindra and Mahindra Ltd. came on board as an investor, and in 1986 the company was renamed as Kotak Mahindra Finance Ltd.
- As time passed, the company diversified its offerings to include stock brokerage, investment banking, mutual funds and insurance services
- In 1995, Kotak’s firm became the first-ever company to form a joint venture with Goldman Sachs. The joint venture came to an end in 2006 when the former bought back its shares for $75 million
- In 2003, Kotak Mahindra Finance became India’s first, private-sector non-banking financial company (NBFC) to become a commercial bank
- The year 2015 marked a significant milestone for Kotak when the bank merged with ING Bank’s India chapter -- ING Vysya
- In 2016, his company acquired 19.9% equity shares of Airtel Payments Bank (then known as Airtel M Commerce Services Ltd.)
- In 2017, the company purchased BSS Microfinance Limited for $21 million
- Today, Kotak Mahindra Bank is one of India’s four largest private-sector banks which offers a wide range of financial services including banking, stockbroking, investment banking, car finance, life and general insurance and asset management. With around 1,600 branches, the bank has presence all across India and in several major cities around the globe
- Currently, Kotak himself owns around 26% of Kotak Mahindra Bank and is the world’s richest self-made banker
- Kotak is a firm believer in the concept of empowerment using education and through the Kotak Education Foundation runs several programmes to benefit the underprivileged
Before you go...
- Despite being a top academic performer, Kotak was an avid sports fan and played several sports in his younger days
- At times, Kotak has mentioned that if not an entrepreneur, he would have loved to be a cricketer
- He had to go through a life-saving surgery once after getting hit by a ball while playing cricket
- The demonetisation drive launched by PM Narendra Modi on November 8, 2016, became the basis for the nomenclature of the bank’s Kotak 811 service
Last Updated: 12/02/2021
Uday Kotak News
- Nifty Bank hits record highs but pares gains to close flat above 53,000The bank index saw a modest gain of 14 points, closing at 53,103, after hitting an intraday record high of 53,357. The Nifty50 also rose by 16 points, closing at 24,302. There was notable buying interest in Bank of Baroda, Kotak Bank, AU Small Finance Bank, and ICICI Bank. Conversely, selling pressure was observed in SBI, IndusInd Bank, Bandhan Bank, and HDFC Bank.
- Why has Kotak re-initiated inflows into smallcap fund? Harish Bihani explainsThere is FOMO in certain sectors and themes across caps and not only in smallcaps. Harish Bihani thinks there is scope for identifying ideas and deploying large sums of money in the smallcap category. The probability of any event specific to India disrupting the market is low at this point and they thought that it was an opportune time to reopen the fund
- 5 stock market myths in a raging bull market: Kotak EquitiesDespite the ongoing bullish trend on D-Street with frequent new highs, Kotak Institutional Equities has cautioned investors by debunking five prevalent market myths in a recent note. Among these myths are beliefs that Indian markets are currently trading at reasonable valuations and that robust GDP growth guarantees high returns.
- Lupin shares jump 6% after Kotak Equities’ double upgrade, target price at Rs 1,805Kotak Equities highlights that Lupin has a bunch of products lined up, which will ensure a limited earnings dip in FY2027E after a strong FY2026E, however, they remain cognizant of not ascribing a high multiple to one-off earnings.
- Kotak Bank, Axis Bank among top 10 Nifty stocks trading at discount of over 15%Several top Nifty stocks, including Kotak Bank and Axis Bank, are currently trading at a significant discount compared to their historical averages, according to a recent analysis by Motilal Oswal.
- View: Adani will rejoice as Hindenburg case inquiry now turns to Kotak"Now that the SEBI inquiry has gone in the wrong direction, and Hindenburg has dared the watchdog by bringing up Kotak’s name, Adani can go in search of new infrastructure deals — from transport and energy to data centers and building materials. I’m pretty sure he won’t be asking Kotak Mahindra to pony up money."
- Sensational Index 80K: With Budget on horizon, bulls hit new milestone in T20 styleEquity indices soar as Sensex hits 80,000 fueled by banking stocks. Market anticipates rate cut, global support, and foreign investment. Earnings rise expected with stock rotation amidst market surge.
- PE investment in real estate hits $2.5 bn in Q2, a 3-year highInstitutional investments in India's real estate sector surged to a three-year high of $2.5 billion in the June quarter, primarily driven by robust activity in the industrial and warehousing, and residential segments, according to Colliers. The industrial and warehousing segment attracted the majority of investments at $1.5 billion, marking an 11-fold increase from Q2 2023, while the residential segment also experienced significant growth. Conversely, investments in the office sector plummeted 83%. Foreign investors, particularly from the US and UAE, were prominent contributors in the market, indicating a positive outlook for the industry.
- New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, PaytmCredit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
- Nifty Bank hits fresh record high, climbs above Mt 53K; use dips to buy: ExpertsHDFC Bank, Kotak Bank, Federal Bank and Bandhan Bank saw heavy buying while AU Small Finance Bank saw selling pressure. The bank index breached its crucial resistance level of 53,000, triggering a short covering move in the index. Traders are advised to use dip to go long in the index.
- HDFC Bank leads financial sector rally, powering D-Street to all-time highsThe 30-stock S&P BSE Sensex reached a record high of 80,074.3 before closing the session at 79,987, up by 545 points or 0.69%. Meanwhile, the broader Nifty hit a peak of 24,309.15 before ending the day at 24,287, gaining 163 points or 0.67%.
- Sensex's 80K milestone a journey, not destination: Nilesh Shah of Kotak Mahindra AMCInvestors are advised to maintain asset allocation discipline and a long-term investment strategy to navigate market volatility effectively.
- Best mid cap mutual funds to invest in July 2024Mid cap schemes invest in mid cap stocks or in stocks of medium-sized companies. As per Sebi norms, mid cap schemes are mandated to invest in companies that are between 101 and 250 in the market capitalisation. These companies can be leaders of tomorrow. That’s what makes them great bets. If these companies live up to the promise, the market will reward the investors handsomely.
- Hedge fund’s secret Adani short revealed in blow-by-blow accountA short-seller's report targeting Adani Group led to a $153 bn market value drop. The investigation involved a hedge fund, regulator, and a big Indian bank. US regulators scrutinized hedge fund collaborations and short-selling's impact on market efficiency.
- Big movers on D-Street: What investors should do with Kotak Bank, Solar Industries, and Max HealthEquity indices Sensex and Nifty hit lifetime highs but closed flat amid profit-taking in the banking and telecom sectors. Solar Industries rose 8.23%, Kotak Bank fell 2.49%, and Max Health dropped 4.46% Wednesday.
- Hedge fund’s secret Adani short revealed in blow-by-blow accountThe short-selling scandal involving Hindenburg Research, Adani Group, and Sebi triggered regulatory scrutiny and a US Justice Department probe. The scandal emphasized the importance of market efficiency amidst fraud allegations and regulatory actions.
- Adani saga heads for a messy closureSEBI-Hindenburg clash escalates, questioning SEBI's actions and hindering the closure of the Adani controversy, showcasing the evolving dynamics in the financial market regulatory landscape.
- Kotak Bank created fund used to bet against Adani: HindenburgKotak Mahindra Bank managed funds for Adani stock trades, leading to significant profits. Despite ET queries, the bank mentioned transactions were made on a principal basis. Kingdon transferred funds for short positions on Adani stocks, resulting in gains after positions were squared off.
- Stocks in news: YES Bank, DMart, Kotak Bank, Zomato, Hindustan ZincIndian markets corrected impacting shares of YES Bank, DMart, and Kotak Bank. Despite this, Zomato and Hindustan Zinc were affected, with DMart reporting increased revenue. Additionally, HDFC Bank's weight in the index may increase, as YES Bank reported growth in loans. Force Motors sales declined, KEC International secured new orders, and IEX saw an increase in electricity volume.
- Fresh twist: Hindenburg gets Sebi notice for ‘shorting Adani shares’Hindenburg termed the Sebi’s notice, dated June 26, as “nonsense, concocted to serve a pre-ordained purpose, an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India”. Apart from the research firm, its founder Nathan Anderson, Mark E Kingdon, Kingdon Capital Management, Kingdon Offshore Master Fund and K- India Opportunities Fund (KIOF) - Class F, too, were served the notice.
- Kotak twist in Hindenburg-Adani Saga: Short-seller slams SEBI, Indian govt | TOP POINTSWhy did Hindenburg call SEBI's show cause notice 'nonsense', why is Kotak Mahindra Bank being dragged across the floor now? And how much money did the US short seller make from this mess? Watch!Kotak twist in Hindenburg-Adani Saga: Short-seller slams SEBI, Indian govt | TOP POINTS
- Kotak Mutual Fund resumes subscription in Kotak Small Cap FundThe fund will accept fresh subscriptions through lumpsum investment, systematic investment plan (SIP), systematic transfer plan (STP), frequency or such other special products in the units of Kotak Small Cap Fund.
- Nifty Bank sees profit taking at higher levels; support seen around 51,700-52,000: ExpertsThe index fell over 400 points to close at 52,168. The index continues to linger in a sell-on-rise mode with the next immediate support at the 52,000-51,800 zone. Failing to stay put within this support can increase Nifty Bank’s selling pressure towards the 51,400-51,300 level.
- K-Drama on D-Street! Kotak Mahindra Bank on Hindenburg hitlist after AdaniUS-based activist investor Hindenburg Research has once again opened its mouth on the Adani controversy but the target this time is Kotak Mahindra Bank and markets regulator Sebi. As a result, shares of the private sector lender fell up to 4% while Adani stocks were unaffected by the revelations made by the short-seller.
- Adani-Hindenburg Row: What are the allegations against US-based short-seller? What's the link with Kotak Mahindra?Hindenburg Research rebuts Sebi's allegations of collusion with Kingdon Capital Management in shorting Adani Group stocks. Sebi's 46-page notice claims Hindenburg's actions facilitated significant gains for Kingdon Capital, but Hindenburg dismisses these as baseless and accuses Sebi of neglecting investor protection. Kotak Mahindra Bank's alleged involvement adds to the controversy, with Sebi and Kotak yet to comment.
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