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The net profit of the State-owned Bank of Maharashtra (BoM), which rose to Rs 535 million in the September 2022 quarter, was twofold.
In the previous year, the lender reported a standalone profit in excess of Rs 264 crore.
BoM stated in a regulatory filing that total income rose to Rs 4,317 crore for the quarter under review, compared with Rs 4,039 crore in last year’s same period.
A S Rajeev, BoM’s managing director, spoke out about the financial performance. He said that the increase in profit could be attributed to a variety of factors, including an increase in net interest income.
From 5.56 percent a year ago, the bank was able reduce gross non-performing assets (NPAs), to 3.40% of gross loans by September 2022.
Maharashtra Seamless share-bonus news: The share prices fell more than 1% at the NSE after Maharashtra Seamless reported that its board had recommended that it issue bonus equity shares in the ratio 1:1. At 10:40 on Monday, the scrip traded at Rs 853.35, a drop of over 20 points or 2.30 percent. The company’s shares were trading at Rs 853 per share on Tuesday’s BSE opening deals.
Kunal Saraogi of Zee Business, a panellist, said that the chart for Maharashtra Seamless looks good. He suggested that the stock be HOLDED if it continues to rally.
Maharashtra Seamless Stock Price Target – Rs. 925/930 Maharashtra Share Price Stop Loss: – Rs. 850
Maharashtra Seamless informed shareholders on Monday about the decision to issue bonus stock in the ratio 1:1 earlier. The company stated in an exchange filing that they recommended the issue of bonus shares in the ratio 1 (one), Bonus Equity Share to 1 (one), existing Equity Share. This is subject to approval by shareholders.
Maharashtra Seamless Bonus shares Record Date
In the exchange filing, the company stated that the Record Date would be informing the company in due course.
The Board of Directors of Maharashtra Seamless also approved Sarat Kumar Mohanty’s appointment as Chief Financial Officer. The exchange filing states that Sarat Kumar Mohanty has been appointed Chief Financial Officer of the Company. This will take effect on 17 October 2022.
Also approved was “Reclassification of Authorised Capital and Increase in Authorised Capital, and any necessary changes to the Memorandum of Association of the Company (subject to approval of shareholders”)
Maharashtra Seamless shares price for 52 weeks is Rs 910 and R 450. The scrip reached an all-time high at Rs 910 on October 13, 2022, and a low of Rs 12. On July 29, 1998, it was at its lowest point of Rs 12.
Bank moves are made in the hope of bringing cheer to customers during this holiday season.
New Delhi: While banks raise interest rates on home loans and personal loans, Bank Of Maharashtra is taking a different route. Bank of Maharashtra has reduced its interest rates on home loans by between 30 and 70 basis points starting Monday. Personal loan rates were also reduced by 245 basis points.
This bank’s move is in the spirit of bringing cheer to customers during this holiday season. The bank now offers home loans at minimum 8% annum, while personal loans are available at 8.9% instead of the 11.35% rate.
For borrowers with credit scores greater than 800, the home loan rate was 8.30%. 8.7% was charged to borrowers with credit scores above 700.
The bank had earlier announced the ‘Diwali Dahamaka Offer’, which eliminated any processing fees for home, gold and car loans.
Bank Of Maharashtra’s June quarter net interest margin (NIM), was at 3.28%. This is higher than most banks in the industry and allows the lender to charge aggressively for loans. The global NIM of State Bank of India was at 2.92%, while the NIM of its domestic business was 3.15% in the April-June period.