Central Bank of India surges on entering into strategic Co-Lending Partnership with lncred Financial Services
Central Bank of India is currently trading at Rs. 18.45, up by 0.55 points or 3.07% from its previous closing of Rs. 17.90 on the BSE.
The scrip opened at Rs. 19.00 and has touched a high and low of Rs. 19.00 and Rs. 18.10 respectively. So far 826057 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 25.15 on 30-Sep-2021 and a 52 week low of Rs. 16.10 on 16-Jun-2022.
Last one week high and low of the scrip stood at Rs. 19.00 and Rs. 17.75 respectively. The current market cap of the company is Rs. 16103.14 crore.
The promoters holding in the company stood at 93.08%, while Institutions and Non-Institutions held 2.90% and 4.02% respectively.
Central Bank of India has entered into a strategic Co-Lending Partnership with lncred Financial Services to offer loans to MSME Borrowers at competitive rates, subject to compliance with the applicable law(s) including the applicable guidelines issued by Reserve Bank of India (RBI). The participation by both the entities in this Co-Lending arrangement will result in greater expansion of portfolio by Central Bank of India and Incred Financial Services.
Incred Financial Services, the lending business of the Incred group was founded as a new-age, tech-and risk-analytics-focused lending institution. Incred Financial Services is an RBI regulated non-banking financial company with a branch network spread across 9 States. Its business verticals include Consumer Loans, Education Loans and MSME Lending. Incred's lending approach is based on the twin pillars of domain expertise and risk analytics with a cutting-edge tech architecture acting as the backbone for the firm's full suite of functions and processes.
Central Bank of India is a commercial bank. The bank’s segments include Treasury Operations, Corporate/Wholesale Banking, Retail Banking and other Banking business.