Banking & Financial Stocks in Focus: HDFC, Bandhan Bank, Spandana Sphoorty & More

By Malvika Gurung

Investing.com -- Kotak Mahindra Bank (NS: KTKM ): The mega-cap lender has acquired the financing portfolio of the finance company De Lage Landen Financial Services India, gaining access to over 25,000 high-quality customers with a total outstanding standard loan of around Rs 582 crore.

Punjab National Bank (NS: PNBK ): The public sector lender will choose an actuarial firm to calculate the EV of the insurance joint venture CHOICE and the financial bids for the same will open on July 11.

HDFC (NS: HDFC ): The merger between the mortgage lender and HDFC Bank (NS: HDBK ) has been approved by Pension Fund Regulatory and Development Authority (PFRDA).

Bandhan Bank (NS: BANH ): The private lender’s advances and total deposits surged 20% YoY each to Rs 96,649 crore and Rs 93,057 crore in the June quarter, respectively. CASA jumped 21% YoY to Rs 40,195 crore.  

Bajaj Finserv (NS: BJFS ): Subsidiary Bajaj Allianz (ETR: ALVG ) General Insurance reported a gross direct premium at Rs 934.34 crore in June with the total new business standing at Rs 1,259.15 crore.

Indian Overseas Bank (NS: IOBK ): The public sector lender has hiked the interest rates on fixed deposits under Rs 2 crore with effect from July 12.

Spandana Sphoorty Financial (NS: SPAD ): The microfinance firm will release its quarterly earnings for the June ending quarter on Monday.

IIFL Wealth Management (NS: IIFW ): The wealth management firm paid over Rs 3 crore as a settlement amount to SEBI to settle a case concerning violations of regulatory norms.

REC (NS: RECM ): The finance company has sought shareholders' approval for the issue of 65.83 crore bonus shares.

Federal Bank (NS: FED ): A monetary penalty of Rs 5.72 crore has been imposed by RBI on the lender for failure to comply with the financial services provided by the bank.

Bank of India (NS: BOI ): RBI has imposed a penalty of Rs 70 lakh on the lender for multiple reasons.