The lender in a regulatory exchange filing said it has received ‘in-principle’ approval from Reserve Bank of India for opening of 20 new branches and one administrative office.
“As part of its expansion plans, the Bank is planning to open 7 branches in Kerala, 4 branches in Tamil Nadu, 1 branch in Pondicherry, 3 branches in Karnataka, 3 branches in Andhra Pradesh and 2 branches in Telangana during the FY 2022-23. The new administrative office has started functioning at Hyderabad,” it said.
Following the update, buyers lined up on the counter. The stock jumped 5 per cent to close at Rs 12.39.
Max Healthcare
Shares of Max Healthcare plunged 4 per cent after a media report said one of its promoters Kayak Investments Holding Pte. Ltd, which is an affiliate of investment firm KKR, likely have offloaded 10 per cent in the company.
Reports said more than 10 crore shares of Max Healthcare, worth Rs 3,501 crore, changed hands through multiple block deals on Thursday. KKR held 37.54 per cent in the company as of December quarter.
Meanwhile, Max Healthcare recently said most members of Singh family who were promoters of the firm have been classified as public shareholders now. The Singh family has been going through a feud and the matter is pending in court.
Nifty gets new member
Apollo Hospital was included into the coveted Nifty 50 index from Thursday onwards, however, its first day ended with a loss. The stock closed the day down 2 per cent, even as many passive funds will have to buy the shares to rebalance their portfolio.
Instead, Indian Oil Corporation, which exited the Nifty index closed with about 2 per cent of gains. The fuel refiner also increased petrol rates by 80 paise per litre, a ninth such instance in 10 days. The price hikes will help the company shore up margins.
Moreover, reports claimed that the company is being offered Russian crude oil at a record discount, which will again help its earnings.
