Kotak Mahindra Bank surges on tying-up with NCDEX to provide commodities loans

Kotak Mahindra Bank is currently trading at Rs. 662.55, up by 7.15 points or 1.09% from its previous closing of Rs. 655.40 on the BSE.

The scrip opened at Rs. 653.50 and has touched a high and low of Rs. 665.15 and Rs. 651.00 respectively. So far 19185 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 744.45 on 21-Jul-2015 and a 52 week low of Rs. 490.00 on 16-Oct-2014.

Last one week high and low of the scrip stood at Rs. 665.15 and Rs. 637.50 respectively. The current market cap of the company is Rs. 120466.65 crore.

The promoters holding in the company stood at 33.86% while Institutions and Non-Institutions held 39.01% and 27.08% respectively.

Kotak Mahindra Bank and National Commodity & Derivatives Exchange (NCDEX) have entered into a tie-up in order to provide financing to the depositors of goods in warehouses approved by the exchange. Under the arrangement, farmers and traders who have kept their commodities in NCDEX-approved warehouses can use such commodities as collateral for availing financial assistance from the bank.

Kotak Mahindra Bank has a significant national footprint of 1,261 branches and 1,939 ATMs spread across 641 locations, affording it the capacity and means to serve even better. The bank has three Strategic Business Units catering to retail and corporate customers across urban and rural India.