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Market Update

Kotak Mahindra to Acquire ING Vysya for $2.5 B

Author: Mukesh Buch
Last Update: 8:53 AM ET November 21 2014

6:00 PM Mumbai – JM Financial received an investment of Rs 540 crore. Kotak Mahindra agreed to acquire ING Vysya for $2.5 billion. L&T and Japan-based Sojitz won railway electrification contract worth Rs 2,633 crore. Tech Mahindra acquire U.S.-based LCC for $240 million.

The Sensex Index climbed 267.07 or 1% to close at 28,334.63. The CNX Nifty gained 75.45 or 0.9% to 8,477.35.

For the week, Sensex and CNX Nifty climbed 1%.

Gainers & Losers

Cipla Limited advanced 1.4% to Rs 627.10 and the largest drug maker’s subsidiary signed a distribution agreement with Serum Institute of India.

Future Consumer Enterprise Ltd. surged 9.1% to Rs 11.34 after the retailer acquired the supermarket chain Nilgiris of Kerala, Karnataka, Andhra Pradesh and Tamil Nadu.

JM Financial Limited jumped 1.6% to Rs 45.60 after the financial service provider received an investment of Rs 540 crore or $87 million from former Citigroup chief executive Vikram Pandit.

Kotak Mahindra Bank Limited climbed 3.7% to Rs 1,199.65 after the largest private bank agreed to acquire ING Vysya Bank for $2.5 billion.

Larsen & Toubro Limited jumped 1.4% to Rs 1,665.55 after the company and Japan-based Sojitz Corporation won railway electrification contract in India worth 50 billion yen or Rs 2,633 crore.

The company will electrify 915 kilometers of railroad between Rewari and Vadodara. The works is scheduled to start before the end of this year.

Tech Mahindra Ltd slipped 1% to Rs 2,677 after the software developer agreed to acquire the U.S.-based network service operator Lightbridge Communications Corp for $240 million.

The transaction is expected to close in the fourth-quarter of this year.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc