Kotak Mahindra Bank has surged 7% to Rs 1,242, extending its previous day’s 7% rally on National Stock Exchange (NSE), after the Kotak Mahindra Bank announced it was acquiring ING Vysya Bank in an all-stock deal.

ING Vysya Bank shareholders will get 725 Kotak Mahindra Bank shares for every 1,000 shares they hold.

Shares of Yes Bank is trading higher by 4% at Rs 700 on NSE after the Reserve Bank of India (RBI) said foreign institutional investors (FIIs) can buy equity shares in private lender as shareholding by foreign investors has gone below the prescribed limit.

On November 20, the RBI notified that it has removed Yes Bank from its caution list as the aggregate share holdings in bank by Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPI)/Non-Resident Indians (NRI)/Persons of Indian Origin (PIO) and through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Direct Investment (FDI) have gone below the prescribed threshold caution limit stipulated under the extant FDI policy.

The BSE Sensex and Nifty fell on Wednesday, retreating from record highs hit earlier in the session as investors pared positions in blue-chips such as Tata Motors after foreign investors marked their first sale of cash shares in three weeks.

Foreign institutional investors sold Indian shares worth Rs 102 crore ($16.5 million) on Tuesday, marking their first sale since October 28. Overseas investors have been key drivers of the stock market rally this year, buying a net $15.47 billion worth of shares so far in 2014, according to regulatory data.

Tata Power today said it has raised Rs 1,500 crore through issue of securities. It has issued two series of Non- Convertible Debentures (NCDs) worth Rs 1,500 crore on a private placement basis.

In a statement, Tata Power said the proceeds would be used for general corporate purposes of the company, including repayment of maturing foreign currency convertible bonds, capital expenditure and working capital.

NEW DELHI: Bombay Stock Exchange and the National Stock Exchange are looking to set up small banks in the country once the Reserve Bank of India opens the window for applications.

The move will help the two exchanges, which have cash transactions running into thousands of crores, manage some of the funds, but will come as bad news for the existing players, such as HDFC Bank, which manage this amount and benefit by way of low cost of funds.

Oil India has dipped 3.5% to Rs 576, extending its previous day’s 2% fall on National Stock Exchange (NSE), after reporting a 33% decline in net profit at Rs 608 crore for the quarter ended September as a historic downslide in crude oil price impacted realizations. The state-owned petroleum explorer had profit of Rs 904 crore during the same quarter last fiscal.

Analysts on an average had expected net profit of Rs 861 crore for the quarter.

Shares of the country’s largest cigarette maker ITC is trading higher by 3% at Rs 367 on National Stock Exchange (NSE) in otherwise subdued market on back of heavy volumes.

The stock opened at Rs 356 and touched a high of Rs 368 on NSE so ar. At 1149 hours, a combined 9.12 million shares changed hands against an average sub 6 million shares that were traded daily in past two weeks on NSE and BSE.

The benchmark BSE Sensex hit new record-high of 28,027.96 and the NSE Nifty touched another peak of 8,383.05, respectively in opening trade on Monday as investors cheered expansion of the Union Cabinet amidst continued foreign capital inflows.

Besides, a mixed trend at other Asian markets influenced trading sentiments.

Shares of DLF on Friday rose over six per cent, adding Rs 1,407 crore to its market valuation, after the Securities Appellate Tribunal (SAT) allowed the realty giant to redeem mutual funds (MFs) worth Rs 1,806 crore to meet working capital needs and service debt payments.

After surging 6.59 per cent to Rs 135 in intra-day trade, shares of DLF finally ended at Rs 134.55, up 6.24 per cent at the BSE.

Shares of Axis Bank has moved higher by nearly 3% to Rs 472, also its record high on the National Stock Exchange (NSE).

Shares of the private sector lender outperformed the market by surging 82% from Rs 260 so far in current calendar year 2014, compared to 32% rise in CNX Nifty. The banking index Bank Nifty gained 52% during the same period.

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