Richest Asian banker Kotak faces push to pick outsider as successor: Sources
India’s banking regulator is nudging Kotak Mahindra Bank to select someone outside the lender’s ranks to succeed billionaire founder Uday Kotak as the next Chief Executive Officer, according to people familiar with the matter.The Reserve Bank of India has conveyed its view to board members of Kotak Mahindra Bank and Asia’s richest financier, they said, asking not to be named, as the communication is private.Another diversified conglomerate Reliance Industries saw FIIs making a “U” turn after six quarters of selling. Their stake in the company rose to 22.55% as of June end, from a 26-quarter low of 22.49% in the preceding quarter, shareholding data showed.
In the June quarter, RIL stock gained more than 9%, recouping all of the losses it made in the preceding quarter.
Among Adani Group stocks that are part of the Nifty 50, FIIs cut their stake in Adani Ports and Special Economic Zone by 100 bps sequentially to 16.99%, while they raised it by 159 bps in Adani Enterprises to 19.34%.
Information technology sector, which has the second highest weightage in Nifty 50, was least preferred by FIIs as concerns over growth slowdown in developed economies clouded business outlook.
Of the six IT stocks that are part of the Nifty 50, FIIs reduced their holding in four of them. Infosys saw the maximum selling, as FII reduced their stake by a whopping 165 bps to 33.44%. In Tech Mahindra, their stake came down by 118 bps to 25.69%.
FIIs also cut their stake in sector bellwether Tata Consultancy Services, albeit marginally. As of June end, they held 12.46% stake in TCS, compared to 12.72% a quarter ago.
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