Axis Bank gains 3% in early trade on BSE

Axis Bank gains 3% in early trade on BSE

Mumbai: Private lender Axis Bank surged by nearly 3% in early trade on the BSE on Thursday, buoyed by its acquisition of brokerage firm Enam Securities yesterday.

The bank announced yesterday that it had bought the investment banking and other businesses of Enam Securities for Rs2,067 crore in an all-stock deal.

Bolstered by the development, shares of Axis Bank rose by 2.8% to an early high of Rs1,508 on the Bombay Stock Exchange today.

Similarly, the scrip jumped to Rs1,499 on the National Stock Exchange, reflecting a 2.03% 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% and 1.01% respectively, another private sector banking giant, ICICI Bank, was down by 1.73% on the BSE.

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