News Wrap: Kotak Bank's Net Profit Up By 64%; LIC IPO Booked Almost 65%; January 16 as National Startup Day; RBI Raised Repo Rate By 40 Bps
May 4, 2022
Sensex and Nifty 50 are bearish today!
BSE Sensex is down by 1306.96 points (-2.29%), a closing price of 55,669.03
Nifty 50 plunged by almost 391.5 points (-2.29%), closing price landed at 16,677.60
Bank Nifty dropped by 899.2 points (2.49%), a closing price of 35,264.55.
All the sectoral indices landed on the bearish side with Nifty Metal, Realty and Media ranging between 3 - 4%
BSE midcap and smallcap indices both plunged by 2.63% and 2.11% each.
Trending Stocks on Encome.io Dashboard

News Wrap:
Big News:
Kotak Bank’s Net Profit Margin Climbs By 64%
Kotak Mahindra Bank Ltd reported a 64.5% growth in net profit to Rs 2,767.4 crore in the March quarter, exceeding expectations by a wide margin, thanks to increased net interest income and provision writebacks.
In the third quarter, net interest income increased by 17.6% to Rs 4,521 crore. Non-interest income increased by 21.4% to Rs 1826 crore year over year. Net interest margin (NIM), a crucial indicator of profitability, was 4.78% this year, up 39 basis points (bps) from the previous year.
In the fourth quarter, the bank wrote back Rs 453 crore in Covid provisions, resulting in a provision and contingency write-back of Rs 306 crore. In the previous year, it had made provisions of Rs 734 crore. Despite the write-back of certain Covid provisions, the bank still has Rs 547 crore in Covid-related provisions at the end of the March 2022 quarter.
IPO News:
LIC IPO Booked Almost 65% On The Very First Day
The subscription period for the Life Insurance Corporation of India's initial public offering (IPO) began today. On May 9, the public problem will come to an end. Prior to the IPO, the insurance behemoth said that it had raised $5,627 crore from anchor investors.
LIC policyholders have taken the lead in the opening round of buying in the insurer's IPO, having subscribed for 1.99 times the amount set aside for them. The amount earmarked for employees has been purchased 117%, while the portion intended for retail investors has been subscribed 60%. Non-institutional investors have purchased 27% of the granted quota of 3.95 crore shares, while eligible institutional purchasers have purchased 33% of the allotted quota.’
More To Know:
In India, there are 61,400 startups and 83 unicorns, and the number is expected to rise gradually after Prime Minister Narendra Modi's declaration of January 16 as National Startup Day.
Governor of the Reserve Bank of India Shaktikanta Das said that the central bank's Monetary Policy Committee (MPC) has raised the repo rate by 40 basis points (bps) to 4.40% with immediate effect at an off-cycle meeting.
Amazon, the e-commerce behemoth, stated on Wednesday that it now plans to export $20 billion worth of goods from India by 2025, more than tripling its previous target.
Dish Network has chosen Samsung to deliver 5G network technology in a multi-year contract worth over $1 billion,
Adani Enterprises' consolidated EBIDTA hiked by 45% to Rs 4,726 cr in FY22, results announced on Tuesday
Create your profile
Only paid subscribers can comment on this post
Check your email
For your security, we need to re-authenticate you.
Click the link we sent to , or click here to sign in.