Jhunjhunwala Increases Stake in Karur Vysya Bank; Stock Rises by 2%

By Olga Robert
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    After news of ace investor, Rakesh Jhunjhunwala's increase in stake in Karur Vysya Bank was out, its share price rose as much as 2 percent to Rs 106.60 around 02:10 pm today.

    Jhunjhunwala Increases Stake in Karur Vysya Bank; Stock Rises by 2%

    As per the March ending quarter shareholding pattern released by the bank in stock exchanges, his stake is up from 3.09 percent to 3.36 percent.

    The Tamil Nadu based bank revised its MCLR (marginal cost of funds based lending rate) today. MCLR is the minimum interest rate below which a bank cannot lend money.

    The overnight MCLR and 1-month MCLR are revised to 8.30 percent. Other revisions include:

    • 3-month MCLR at 8.65 percent
    • 6-month MCLR at 9 percent
    • 1-year MCLR at 9.20 percent

    The stocks of Karur Vysya Bank closed at Rs 105.50 on BSE, with a 1.54 percent or Rs 1.60 from its last day close of Rs 104.75.

    It is yet to announce its March-ending fourth quarter results for the FY 2017-18. As of Q3, its loan book comprised of:

    • Corporate loans: 32 percent
    • Commercial loans: 34 percent
    • Agriculture loans:17 percent
    • Retail loans: 17 percent

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