• April 25, 2024
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Kotak Mahindra Bank drops 4% on profit booking

Kotak Mahindra Bank drops 4% on profit booking

India’s third largest private sector lender is expected to witness a potential doubling of its weightage from 1.38 percent to 2.68 percent in the MSCI Global Standard Index.

Kotak Mahindra Bank (File pic)

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Shares of Kotak Mahindra Bank slipped 3.89 percent to Rs 1,935.95 in morning trade on June 1, a day after the counter posted sharp gains on reports that it might see a potential doubling of its weightage in the MSCI Global Standard Index.

India’s third-largest private sector lender is expected to witness a potential doubling of its weightage from 1.38 percent to 2.68 percent in the MSCI Global Standard Index, potentially resulting in inflows of $800 million, according to Nuvama Research.

Read: MSCI reshuffling may see Kotak Bank weightage double, Adani exit, inflows to Max Healthcare

The financials

Kotak Mahindra Bank shares had closed 2.01 percent higher on May 31.

Ownership of foreign portfolio investors (FPIs) in the lender has declined from 40.90 percent in the December quarter last year to 39.42 percent in the March 2023 quarter.

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Meanwhile, the bank’s subsidiary, Kotak Mahindra Life Insurance Company Limited, said over 6.5 lakh eligible participating policyholders will receive a bonus of Rs 840 crore for the fiscal year 2023.

This represents a significant 24 percent increase compared to the bonus announced for the previous fiscal year FY 2022.

Kotak Mahindra Life Insurance, a wholly-owned subsidiary of Kotak Mahindra Bank, has consistently awarded bonuses to its policyholders for the past 22 years, starting from 2002.

“We are pleased to announce an increased bonus for our valued customers. We have strengthened our customer engagement initiatives through enhanced digital capabilities and analytics, and will continue to provide convenient and easy solutions for them,” said Mahesh Balasubramanian, Managing Director, Kotak Mahindra Life Insurance.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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