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Shares of the country’s third largest private sector lender gained as much as 3.9 percent, extending its two-day advance.
The stock had risen 4.8 percent on Tuesday, after an unnamed government official told Bloomberg News that the Centre has not been approached by anyone with regard to Axis Bank merger.
On Tuesday, CNBC-TV18 reported that HDFC Bank, ICICI Bank and IndusInd Bank approached government informally on buying the lender. “The government has no plan as of now to exit Axis Bank via SUUTI,” the official, asking not be identified citing rules, told reporters in New Delhi.
Bharat Electronics’ offer-for-sale (OFS) for non-retail portion was subscribed 103 percent as on 2:15 p.m. according to NSE data.
The stake sale of 1.11 crore shares to be carried out through the OFS mechanism, will remain open for two days – non-retail and institutional investors can bid on Tuesday, while retail investors will bid on Wednesday.
“The floor price for the offer shall be Rs 1,498 an equity share,” said the company in a filing to the BSE. Retail investors will be given a discount of 5 percent on the cut off price of the shares.
As much as 20 percent of the offer size is also reserved for them.
Shares of the IT services provider gained as much as 4.6 percent after it bagged an order worth $2.5 million from Australia-based Allegis Group.
Ramco will implement its systems across eight countries including India, Singapore, Malaysia, China, Hong Kong, Japan, Australia and New Zealand covering 7000+ employees and contractors of Allegis.
Allegis Group is the global leader in talent solutions, and the largest privately-held stafhng company in the world, according to the company’s exchange filing.
The potential average revenue per user could be around Rs 220 compared to Rs 175 that we were assuming earlier. The sensitivity of the ARPU to the bottom line is very large. A potential 10 percent increase in ARPU could increase RIL’s profit by 5 percent. Therefore RIL could start making money fast on the Rs 303 plan.Jal Irani, Senior VP, Edelweiss Financial Services
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Indian equity benchmarks may touch lifetime highs in the next one month, Ajay Bagga tells @SagarSalvi.https://t.co/A4aLwykq3q pic.twitter.com/oZmHGCBgyc
— BloombergQuint (@BloombergQuint) February 22, 2017
Nifty rollovers rise above the 3-month average as Nifty moves above 8,900, reports @AgamVakil. https://t.co/xDLzLMoFYX pic.twitter.com/mLB4DIfnPz
— BloombergQuint (@BloombergQuint) February 22, 2017
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The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, nudged 0.1 percent higher to 8,921.
Most Asian stocks climbed, following the S&P 500 index’s record highs and oil extending gains above $54 a barrel after OPEC’s top official said the group intends to achieve full compliance with a deal to trim production.
Japan’s Topix index fluctuated as the yen increased as money managers grapple with political uncertainty as the Fed prepares to lift interest rates again later this year.
The dollar slipped as Federal Reserve Bank of Cleveland President Loretta Mester said policy makers don’t want to surprise the market on interest rates. The Fed will release the minutes of its most recent monetary policy meeting later today, which might provide new insight into the U.S. central bank's views on interest rates.
Expectations for an interest rate increase at the Fed’s next policy meeting have been on a rise since Chair Janet Yellen indicated that she foresees additional tightening this year regardless of whether President Trump follows through on plans to pursue a pro-growth fiscal policy.
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