Shares of Axis Bank are trading higher by nearly 3% at Rs 1,113 on the Bombay Stock Exchange (BSE), after the exchange said it will include the private lender in its 30-share benchmark index S&P BSE Sensex with effect from December 23.
The country's third largest private sector lender will replace Jindal group-owned Jindal Steel and Power (JSPL) in the benchmark index.
Meanwhile, the Reserve Bank of India (RBI) has said foreign institutional investors (FIIs) and non-resident Indians (NRIs) would not be allowed to purchase shares in Axis Bank as the limit for their investment has reached the trigger limit. As per shareholding pattern on September 30, 2013, FIIs hold 49.34% stake in the bank.
The stock opened at Rs 1,095 and hit a high of Rs 1,116 on the BSE. A combined 728,156 shares have changed hands on the counter till early noon deals on BSE and NSE. JSPL on the other hands was up 1.3% at Rs 252 on BSE.
The country's third largest private sector lender will replace Jindal group-owned Jindal Steel and Power (JSPL) in the benchmark index.
Meanwhile, the Reserve Bank of India (RBI) has said foreign institutional investors (FIIs) and non-resident Indians (NRIs) would not be allowed to purchase shares in Axis Bank as the limit for their investment has reached the trigger limit. As per shareholding pattern on September 30, 2013, FIIs hold 49.34% stake in the bank.
The stock opened at Rs 1,095 and hit a high of Rs 1,116 on the BSE. A combined 728,156 shares have changed hands on the counter till early noon deals on BSE and NSE. JSPL on the other hands was up 1.3% at Rs 252 on BSE.
