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Utkarsh Small Finance Bank has revised the interest rate on fixed deposits (FDs). The revised fixed deposit interest rate will be effective from May 1, 2024. The updated rates apply to both new fixed deposits and renewals.
A resolution has been passed by the Board of holding company Utkarsh CoreInvest, wherein it was proposed to initiate steps in furtherance of a proposed reverse merger (‘Proposed Merger) of UCL with the Bank
The bank's operating profit for the quarter also rose 22% at Rs Rs 256 crore against Rs 210 crore seen in the year ago period, backed by rise in both core and other earnings. Provisions were higher at Rs 104 crore against Rs 87 crore.
Analysts believe that the impressive rally in the secondary market has helped boost sentiment of the IPO market. Against a backdrop of global uncertainty and volatility the Indian stock market has come through as domestic indices, BSE Sensex and Nifty50, have jumped 8.76% and 8.55% year-to-date (YTD), respectively.
Utkarsh SFB IPO: Utkarsh SFB is the second IPO this year that received more than 100 times subscription. Before this, IdeaForge Technology was subscribed 106.06 times last month. Subsequently, the stock made a stellar market debut, delivering a listing pop of 94 per cent.