Tamilnad Mercantile Bank rises on entering into corporate agency agreement with Bajaj Allianz Life Insurance
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Tamilnad Mercantile Bank is currently trading at Rs. 519.15, up by 4.40 points or 0.85% from its previous closing of Rs. 514.75 on the BSE.
The scrip opened at Rs. 520.05 and has touched a high and low of Rs. 528.35 and Rs. 518.50 respectively. So far 2052 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 547.85 on 01-Dec-2022 and a 52 week low of Rs. 460.10 on 17-Oct-2022.
Last one week high and low of the scrip stood at Rs. 530.00 and Rs. 508.00 respectively. The current market cap of the company is Rs. 8235.07 crore.
The Institutions holding in the company stood at 6.34%, while Non-Institutions held 93.66% stake in the company.
Tamilnad Mercantile Bank has entered into corporate agency agreement with Bajaj Allianz Life Insurance Company on December 7, 2022. The main objective to enter into an arrangement is for the purpose of marketing, distribution & selling the life insurance products. Earlier, the company had entered into corporate agency agreement with Cholamandalam MS General Insurance Company and Max Life Insurance Company.
Tamilnad Mercantile Bank is one of the oldest private sector banks in the country, with a history of almost 100 years. It offers a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSME), agricultural and retail customers.
