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Kotak Mahindra Bank in focus after setting MCLR

April 19, 2022

Kotak Mahindra Bank in focus after setting MCLR
Kotak Mahindra Bank announced lending rates based on marginal costs to be effective from Friday, 1 April 2016. Kotak Mahindra Bank’s Marginal Cost of Funds based Lending Rate (MCLR) for short-term credits will be 8.9%, for one month will be 9% and for three months will be 9.25%.

The MCLR on 6-month loans will be 9.4% and for one-year credits, the rate would be 9.6%, the bank said. The MCLR on two-year loans will be 9.65% and for three-year credits, the rate would be 9.65%, the bank said. The announcement was made during market hours on Friday, 1 April 2016.
 
Tata Steel declared on Saturday, 2 April 2016 that the sharp fall in worldwide steel costs and the challenging condition facing the worldwide steel industry triggered a review of Tata Steel’s credit rating by Fitch. The organization’s long-term foreign-currency issuer default rating (IDR) has been downgraded by 1 notch.
 
HCL Technologies announced on Saturday, 2 April 2016, an agreement to acquire (through demerger) all of the business of Geometric, except for the 58% stake that Geometric owns in the joint venture-3DPLM Software Solutions, with Dassault Systemes. In consideration of this acquisition, HCL will issue 10 equity shares of ₹2 each to Geometric shareholders for every 43 equity shares of Geometric of Rs 2 each held
by them.
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