Uday Kotak, Kotak Mahindra Bank’s Managing Director and CEO, on Wednesday, November 3 released a special message addressing the firm’s investors and employees on the occasion of Diwali and a day ahead of Samvat 2078.
Recounting the future of the global economy as the pandemic turns into an ‘endemic’ and leaves a lasting mark on the market, Uday Kotak hailed India’s road to economic recovery following the second wave of COVID-19 earlier this year in May.
The CEO attributed market investors for the rise in its performance over the last year. He also highlighted the long-term impact of the COVID-19 pandemic on the current market environment, alluding to the disruption of supply chains around the world and the shift in consumer behaviour owing to the growth of e-commerce as factors responsible for the emergence of a new market.
He also commended India’s strategy to navigate the pandemic in the backdrop of its rapid COVID-19 vaccination drive and continual low positivity rate, deeming it more sustainable than most countries around the globe.
He further called upon the investors to keep an optimistic outlook towards the recovery of the Indian economy in the upcoming year, encouraging more investors to join the capital markets in the post-pandemic era.
He maintained his positive outlook on the market environment in India for the following year. However, he also cautioned investors to keep in mind the risks that a challenging market can pose in the year moving ahead, hinting at the volatile market that is currently challenging investors in China.
Notwithstanding the opportunities and challenges, “I welcome scores and millions of investors into the markets arena,” Uday Kotak stated to the investors during the message, adding that Kotak Securities will assist investors to make assessments on market risks and returns.
For the second quarter of the current fiscal year, Kotak Securities reported a surge of 22.1 per cent year-on-year in its profits, standing at Rs 243 crore for the quarter ending September 30. Meanwhile, Kotak Mahindra Bank reported a 7 per cent year-on-year decline in standalone profits at Rs 2,032 crores for the September quarter.
The private sector lender’s scrip was trading 1.97 per cent down at Rs 2,036.30 on the BSE during evening trade on Wednesday, November 3.