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Bank of Maharashtra trades higher on the bourses

Bank of Maharashtra is currently trading at Rs. 12.17, up by 0.79 points or 6.94% from its previous closing of Rs. 11.38 on the BSE.

The scrip opened at Rs. 12.00 and has touched a high and low of Rs. 12.20 and Rs. 11.94 respectively. So far 17455 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 20.00 on 30-Apr-2019 and a 52 week low of Rs. 10.73 on 09-Oct-2018.

Last one week high and low of the scrip stood at Rs. 12.20 and Rs. 10.80 respectively. The current market cap of the company is Rs. 6627.84 crore.

The promoters holding in the company stood at 92.49%, while Institutions and Non-Institutions held 4.09% and 3.42% respectively.

Bank of Maharashtra is all set to link its retail loans with the repo rate, which will make the loans cheaper. The new rates will be effective from September 1, 2019 for the ensuing festival season. The bank has already linked the housing loan interest rate with repo rate.

Through linking of repo rate to retail loans, the bank is passing interest rate benefits directly to the customers and it will make the retail loans cheaper.

Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The Bank also offers services to agricultural and SME sectors.

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