LIC, FPIs hike stake in Kotak Mahindra Bank

Shares of Kotak Mahindra Bank closed 3.01 per cent higher at Rs 1376.80 on Monday, while the benchmark BSE Sensex settled 1.12 per cent up at 40,431.

Agencies
Kotak Mahindra Bank has reduced its interest rate on home loans to 7 per cent.
Country’s biggest institutional investor Life Insurance Corporation of India (LIC) increased stake in private sector lender Kotak Mahindra Bank during the September quarter.

LIC held 6.29 crore shares, or 3.18 per cent, stake in Kotak Mahindra Bank as of September 30 against 4.85 crore, or 2.45 per cent stake earlier. Foreign portfolio investors (FPIs) also hiked their stake to 42.23 per cent from 42.15 per cent earlier.

On the other hand, the overall stake of mutual funds declined marginally to 9.29 per cent from 9.84 per cent on a quarter-on-quarter basis.


Shares of the lender closed 3.01 per cent higher at Rs 1376.80 on Monday, while the benchmark BSE Sensex settled 1.12 per cent up at 40,431.

On Friday, Kotak Mahindra Bank had reduced its interest rate on home loans to 7 per cent. The lender has also announced a slew of other offers, including loan processing fees waivers and faster online approvals on retail and agricultural loan products, as part of its festive offers christened as ‘Khushi Ka Season’.

It can be noted that credit growth is at a multi-year low of under 6 per cent despite a lot of efforts to push lending by the authorities in the high liquidity environment.
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Kotak Mahindra Bank has also announced halving of processing fees on car loans, two-wheeler loans, and borrowings for agri business, commercial vehicle and construction equipment finance, according to a statement.
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