Bank of Maharashtra jumps on launching its private cloud platform

Today, the stock opened at Rs 25.35 and touched a high and low of Rs. 25.35 and Rs. 24.57, respectively.

On Tuesday, the shares of Bank of Maharashtra closed at Rs 24.91, up by 0.41 points or 1.67% from its previous closing of Rs 24.50 on the BSE. 

Launch of ‘Mahabank Nakshatra’  

Bank of Maharashtra (BoM) has embarked on its footprint in the adoption of Private Cloud Infrastructure by launching ‘Mahabank Nakshatra’ - Bank’s own Private Cloud Platform. This facilitates High-Performance Cloud Capabilities for Digital Infrastructure and hosting applications of the Bank. 

Nakshatra - BoM’s Private Cloud and Virtualization Technology, is built to host double the existing applications. It provides super flexibility, scalability, enhanced security and modern infrastructure for hosting its digital applications. Nakshatra is sized for 2X Computation & 3X storage with all Flash vSAN Storage with NSX-T with higher speed and is augmented to cater bank’s digital journey workload for the next 3 years. 

Stock price movement  

Today, the stock opened at Rs 25.35 and touched a high and low of Rs 25.35 and Rs 24.57, respectively. The BSE group 'A' stock of face value of Rs 10 has touched a 52-week high and low of Rs 36.25 and Rs 15, respectively. Last one week high and low of the scrip stood at Rs 25.70 and Rs 23.85, respectively. The current market cap of the company is Rs 16684.90 crore. 

The promoters holding in the company stood at 90.97%, while Institutions and Non-Institutions held 3.54% and 5.49% respectively.

Company Profile 

Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The Bank also offers services to agricultural and SME sectors. The bank is based in Pune and has 2128 branches across India. GoI owns 90.97 per cent of the bank as of December 31, 2022.