Market Movers
Today’s Gainers
HSG & URBAN DEV CORPN LTD – ₹228.10, 12.34%
ZENSAR TECHNOLOGIES LTD – ₹620.75, 8.01%
THE NEW INDIA ASSU CO LTD – ₹244.70, 7.84%
WESTLIFE FOODWORLD LTD – ₹886.65, 7.76%
TECH MAHINDRA LIMITED – ₹1,278.75, 7.43%
Trending Stocks
Trending ETFs
UpTrend
NIP IND ETF GOLD BEES – ₹61.33, 0.77%
NIP IND ETF PSU BANK BEES – ₹82.02, 0.18%
CPSE ETF – ₹86.31, 0.55%
NIP IND ETF IT – ₹35.68, 0.28%
NIP IND ETF LIQUID BEES – ₹999.99, 0.00%
Stock Action
52 Week High
52 Week Low
AEGIS LOGISTICS LIMITED – ₹635.65, 5.92%
VIJAYA DIAGNOSTIC CEN LTD – ₹702.90, 1.66%
CHAMBAL FERTILIZERS LTD – ₹422.85, 3.42%
HAVELLS INDIA LIMITED – ₹1,640.05, 5.09%
IZMO LIMITED – ₹356.00, -2.17%
Kotak Mahindra Bank acquires 100% stake in microlender Sonata Finance for ₹537 crore
Kotak Mahindra Bank, a leading private lender in India, has successfully acquired the entire stake in microlender Sonata Finance for a total consideration of ₹537 crore. The acquisition was approved by the Reserve Bank of India in October last year. Sonata Finance, operating in 10 states with 549 branches and an asset under management of around ₹2,620 crore as of December 31, 2023, is now under the ownership of Kotak Mahindra Bank.
In a regulatory filing, Kotak Mahindra Bank confirmed the acquisition, stating, ‘… the bank has today acquired 100% of the issued and paid up capital of Sonata Finance Private Limited, a Non-Banking Finance Company – Micro Finance Institution registered with the RBI for a total consideration of approximately ₹537 crore.’
The acquisition marks a strategic move for Kotak Mahindra Bank to expand its presence in semi-urban and rural areas in northern India. Following the completion of the acquisition on March 28, the shares of Kotak Mahindra Bank experienced positive growth during intraday trading, with the stock valued at ₹1,790.55 apiece on the NSE at 1 pm, reflecting a 0.84% increase compared to the previous day’s close.
During the quarter ending December 2023, Kotak Mahindra Bank reported an 8% year-on-year surge in net profit, amounting to ₹3,005 crore. Additionally, the net interest income, which represents the difference between interest earned and interest paid, witnessed a 16% year-on-year increase to reach ₹6,553 crore.
Trending News
Shivam Chemicals IPO allotment status on April 26
Apr 26, 2024
Emmforce Autotech IPO allotment: steps to check allotment status online
Apr 26, 2024
Varyaa Creations IPO allotment likely on April 26
Apr 26, 2024
Swiggy IPO: Shareholders clear $1.2-billion public issue, key details revealed
Apr 26, 2024
Faalcon Concepts shares list at 53