Kotak Mahindra Bank rose 0.6% to Rs 685.10 at 9:17 IST on BSE after the bank said that Kotak General Insurance has been granted the certificate of registration to commence business as an Indian insurance company.
The announcement was made after market hours on Friday, 20 November 2015.
Meanwhile, the S&P BSE Sensex was almost unchanged at 25,867.37.
On BSE, so far 548 shares were traded in the counter as against average daily volume of 1.04 lakh shares in the past one quarter.
The stock hit a high of Rs 688 and a low of Rs 685 so far during the day. The stock had hit a record high of Rs 744.45 on 21 July 2015. The stock had hit a 52-week low of Rs 543.13 on 20 November 2014.
The stock had outperformed the market over the past one month till 20 November 2015, gaining 4.03% compared with Sensex's 5.27% fall. The scrip had also outperformed the market in past one quarter, sliding 2.32% as against Sensex's 6.3% fall.
The large-cap private bank has equity capital of Rs 915.66 crore. Face value per share is Rs 5.
Kotak Mahindra Bank (KMBL) said that Kotak Mahindra General Insurance Company (Kotak General Insurance) has been granted the certificate of registration to commence business as an Indian insurance company. With this, Kotak General Insurance has completed all registration formalities required by the regulators, KMBL said. Kotak General Insurance has received permission to underwrite all classes of general insurance business (including health insurance), KMBL said in a statement. Kotak General Insurance will initially focus on the retail side of the business comprising motor insurance, health insurance, home insurance and travel insurance. The company will soon expand into the commercial line of business, which includes fire, burglary, marine, etc, KMBL said. At inception, Kotak General Insurance Company has been capitalised at Rs 135 crore, KMBL said in a statement.
KMBL's net profit rose 28.1% to Rs 569.50 crore on 63.9% growth in total income to Rs 4621.38 crore in Q2 September 2015 over Q2 September 2014.
Kotak Mahindra Bank is one of the leading private sector banks in India.
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