Karnataka Bank Ltd Share Price – NSE  /  BSE

Banks, Small Cap

Karnataka Bank has appointed Vinaya Bhat P. J., as the Chief Compliance Officer of the Bank with effect from 25 April 2024.

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Karnataka Bank has appointed Padmanaban T. A. as the Head-Digital Banking Project of the Bank with effect from 22 April 2024.

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The key benchmarks indices traded with modest losses in mid-morning trade. The Nifty trades below 22,700 level. Pharma shares extended losses for third consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 286.62 points or 0.39% to 74,743.99. The Nifty 50 index lost 77.50 points or 0.34% to 22,676.30.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.45% and the S&P BSE Small-Cap index added 0.25%.

The market breadth was negative. On the BSE, 1,724 shares rose and 1,897 shares fell. A total of 142 shares were unchanged.

The Asian Development Bank (ADB) on Thursday raised India’s GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Buzzing Index:

The Nifty Pharma index declined 0.83% to 18,958.75. The index slipped 1.35% in three trading sessions.

Sun Pharmaceuticals Industries (down 2.96%), Gland Pharma (down 2.09%), Mankind Pharma (down 1.22%), Zydus Lifesciences (down 0.98%), Cipla (down 0.96%), Laurus Labs (down 0.91%) and Biocon (down 0.32%) declined.

On the other hand, Sanofi India (up 2%), Lupin (up 1.93%) and Divis Laboratories (up 1.59%) edged higher.

Stocks in Spotlight:

Karnataka Bank advanced 1.08% after the private lender on Wednesday announced that it has expanded its collaboration with FISDOM to offer 3-in-1 (savings, demat and trading accounts) through the bank’s mobile banking app, KBL Mobile Plus.

Trident rose 0.94%. The company informed that it has successfully commissioned the capacity of 1.1 MWp (megawatt peak) solar power project at Budhni in Madhya Pradesh.

PVR Inox shed 0.13%. The cinema chain operator announced the opening of 14 screen megaplex at Phoenix Mall of Asia in the city of Bengaluru.

Global Markets:

Asian stocks traded mixed on Friday with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers.

Singapore’s first-quarter gross domestic product climbed 2.7% year on year, advance estimates showed, faster than the 2.2% growth recorded in the last quarter of 2023. The Bank of Korea bank left its key policy rate unchanged for the 10th consecutive time at 3.50%.

US stocks closed higher on Thursday, with tech-related momentum stocks leading the charge, as fresh economic data rekindled hopes that inflation remains in a cooling trend.

The European Central Bank held interest rates steady again Thursday but said slowing inflation could open the door to easing monetary policy.

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The bank said that this strategic association is all set to enhance the current value proposition of enabling customers to invest in stocks and mutual funds.

This offering will empower its customers with seamless access to both investment opportunities and trading functionalities, all within a single, user-friendly interface, it added.

The 3-in-1 facility enables customers to streamline their investment journey by consolidating their demat and trading accounts. This integration eliminates the need for multiple platforms, simplifying account management and enhancing overall user experience. With this unified solution, investors can efficiently manage their securities and execute trades with unparalleled convenience and efficiency, the bank stated in the press release.

Sekhar Rao, executive director said that Through this partnership the banks aims to redefine the landscape of financial services by offering a holistic solution that combines convenience, efficiency, and reliability. By leveraging FISDOM's expertise in financial technology, we are confident in our ability to deliver unparalleled value to our customers and drive meaningful impact in the market.”

Karnataka Bank offer a wide range of customized products and services, including loans, deposits, and international banking solutions.

The bank’s standalone net profit jumped to Rs 331.08 crore in Q3 FY24 as against with Rs 300.68 crore posted in Q3 FY23. Net sales stood at Rs 2,438.69 crore in Q3 FY24, registering a growth of 18.7% year on year.

Shares of Karnataka Bank shed 0.26% to end at Rs 232.20 on Wednesday, 10 April 2024.

The domestic market is closed today, on account of Ramadan Eid.

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