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Axis Bank gains 3% in early trade

The bank had on Wednesday announced that it had bought the investment banking and other businesses of Enam Securities for Rs 2,063 crore in an all-stock deal.

twitter-logoPTI | November 18, 2010 | Updated 13:47 IST

Private lender Axis Bank surged nearly 3 per cent in early trade on the Bombay Stock Exchange on Thursday, buoyed by its acquisition of brokerage firm Enam Securities on Wednesday.

The bank had on Wednesday announced that it had bought the investment banking and other businesses of Enam Securities for Rs 2,063 crore in an all-stock deal.

Bolstered by the development, shares of Axis Bank rose 2.8 per cent to an early high of Rs 1,508 on the Bombay Stock Exchange on Thursday.

Similarly, the scrip jumped to Rs 1,499 on the National Stock Exchange, reflecting a 2.03 per cent gain vis-a-vis the previous close.

Meanwhile, private sector lender HDFC Bank and mortgage lender HDFC also rose in early trade on the BSE, but ICICI Bank lost ground. While HDFC Bank and HDFC gained 1.78 per cent and 1.01 per cent, respectively, another private sector banking giant, ICICI Bank, was down 1.73 per cent on the BSE.

The BSE's 30-share Sensex index up 83.91 points at 19,949.05 in early trade.

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