Jammu & Kashmir Bank rises on entering into agreement with New India Assurance Company
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Jammu & Kashmir Bank is currently trading at Rs. 136.60, up by 0.45 points or 0.33% from its previous closing of Rs. 136.15 on the BSE.
The scrip opened at Rs. 137.00 and has touched a high and low of Rs. 137.00 and Rs. 134.45 respectively. So far 210341 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 152.45 on 09-Feb-2024 and a 52 week low of Rs. 53.05 on 19-May-2023.
Last one week high and low of the scrip stood at Rs. 137.00 and Rs. 129.20 respectively. The current market cap of the company is Rs. 14932.03 crore.
The promoters holding in the company stood at 59.40%, while Institutions and Non-Institutions held 14.88% and 25.72% respectively.
Jammu & Kashmir Bank has entered into Corporate Agency agreement with New India Assurance Company. This is a MOU for servicing and soliciting the insurance products of New India Assurance Company through the branches of Jammu & Kashmir Bank. There are no rights to appoint directors, share subscription in case of issuance of shares and restrict any change in capital structure.
The Corporate Agency Agreement between New India Assurance Company & Jammu & Kashmir Bank will help in generating revenue for the bank from the sales of insurance policies. The expected benefit shall depend upon the amount of premium mobilized.
Jammu & Kashmir Bank is engaged in the banking business. The company offers a range of products and services, such as loans, insurance, tax products/planning, savings and deposits, cards, mutual funds and non-resident banking.
