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Kotak Mahindra Bank topples SBI to become India’s 2nd largest bank by market cap
Posted on 16th April 2018
The Mumbai-based Kotak Mahindra Bank led by Asia’s richest banker Uday Kotak became India’s second-largest bank by market capitalisation on Monday surpassing India’s largest bank by asset State Bank of India to grab the spot. Kotak Mahindra Bank is now behind the market capitalisation leader among all the banking scrips HDFC Bank which also features among the exhaustive club of Rs 5 lakh crore market capitalisation. Along with achieving the feature as country’s second-largest bank by market capitalisation, Kotak Mahindra Bank came in the list of top 10 most valued companies on Bombay Stock Exchange.

Shares of Kotak Mahindra Bank rose as high as 2.22% to a day’s peak of Rs 1,174.05 in the late afternoon deals to clinch the iconic place on Monday. Kotak Mahindra Bank topped a market capitalisation of Rs 2,23,732.67 crore on the day’s high price and Rs 2,22,970.40 crore on the basis of the closing price of Rs on Bombay Stock Exchange. While, on the other hand, State Bank of India commands a market capitalisation of Rs 2,22,489.97 crore. At the end of Monday’s dealing, Kotak Mahindra Bank’s market capitalisation was Rs 480.43 crore higher than that of State Bank of India.

Shares of Kotak Mahindra Bank finished up 1.88% at Rs 1,170.05 on BSE while the stock concluded 1.82% higher at Rs 1,172.1 on NSE. Notably, Kotak Mahindra Bank is the fourth-largest private sector lender in the country after HDFC Bank, ICICI Bank and Axis Bank, in terms of asset size.

Among the stack of top 10 companies by market capitalisation on Bombay Stock Exchange, Tata group’s cash cow Tata Consultancy Services, Mukesh Ambani-controlled Reliance Industries and Aditya Puri-led HDFC Bank have the market capitalisation above Rs 5 lakh crore. The list is followed by India’s FMCG giant ITC, India’s largest housing financier Housing Development Finance Corporation, another consumer goods behemoth Hindustan Unilever, Country’s largest automaker Maruti Suzuki, India second-largest IT company Infosys, the oil explorer ONGC.

Over the course of last three days only, the stock of Kotak Mahindra Bank 3.36% to Rs 1,174 from the share price level of Rs 1,113.65 on NSE. Shares of Kotak Mahindra Bank have been broadly rising since 23 March 2018.

Related Companies: Kotak Mahindra Group   

Other Latest News
Posted on 14th August 2018
As many as 1,677 entities, including individuals, failed to pay penalties imposed by Sebi till the end of May, according to the regulator.

The list of defaulters as on May 31, 2018 "for non-payment of penalty imposed by Sebi through orders passed up to December 31, 2017" has been published on the regulator's website on Monday.

SBI shares continue to fall; down over 3 per cent
Posted on 14th August 2018
New Delhi: Shares of State Bank of India continued to fall for the second straight session on Monday, dropping over 3 per cent after the lender reported a hefty loss of Rs 4,876 crore for the June quarter.

The stock went down 3.17 per cent to end at Rs 294.80 on BSE. Intra-day, it slumped 4.15 per cent to Rs 291.80. At NSE, shares of the company fell 2.54 per cent to close at Rs 296.70.

Bitcoin slips below $6,000 to lowest since June as almost every other crypto nosedives
Posted on 14th August 2018
Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2 percent to $5,887 as of 10:44 a.m. in Hong Kong, the lowest level since June, according to Bloomberg composite pricing. Ether sank 12 percent, while all but one of the 100 biggest cryptocurrencies tracked by recorded declines over the past 24 hours.

Debit cards: Paytm rules the roost in the virtual world but lags in real life
Posted on 14th August 2018
Given how every depositor gets a digital debit card, Paytm Payments Bank has in less than a year of its launch notched up a large outstanding debit card user base.

Reserve Bank of India (RBI) data show the mobile wallet-to-payments bank entity had 39.12 million outstanding debit cards at the end of May.

Air India says yet to receive equity infusion from government
Posted on 14th August 2018
National carrier Air India on Monday said it is yet to receive the equity infusion from the government to meet its working capital requirements after an airline’s pilots’ body claimed grounding of several aircraft due to lack of funds.

“There is no money for spares and maintenance of these aircraft. Some of them have been grounded for the last three months.

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