Mumbai, November 21
The benchmark Sensex today surged 267 points in its best gain this month to end at record high of 28,334.63 after banking shares rose following Kotak Mahindra-ING Vysya deal, while hopes of big-bang reforms in upcoming winter session of Parliament also boosted sentiments.

The NSE Nifty also jumped 75.45 points to close at a fresh peak of 8,477.35 amid positive global cues after US shares provided another record-breaking lead yesterday on the back of encouraging economic data.

Leading the rally today were banking stocks on hopes of more mergers and acquisitions after Kotak Mahindra and ING Vysya yesterday announced India’s biggest banking merger.

ICICI Bank, HDFC Bank, SBI and Axis Bank together contributed almost 150 points to the Sensex kitty. Other eight banks from sectoral index S&P BSE Bankex also rose between 1.17% and 4.01%. Kotak Mahindra Bank scrip gained 3.7% while ING Vysya Bank closed almost flat.

The S&P BSE benchmark Sensex resumed better and touched a life-time intra-day high of 28,360.66 before settling at new peak of 28,334.63 — a rise of 267.07 points or 0.95%. This was its best daily gain since 519.50 points on October 31. Yesterday, it was up by 34.71 points or 0.12%.

“...Indian markets have rallied on the back of positive news from India Inc and speedy cabinet approvals for development of India infrastructure,” said Rakesh Goyal, senior vice-president, Bonanza Portfolio Ltd.

Investors are hopeful of “announcement of new reforms” in the upcoming winter session of Parliament, which begins next week, stated Jayant Manglik, president-retail distribution, Religare Securities.

Globally, Asian stocks also rose today after a report that China’s central bank infused funds to ease a shortage of cash in the financial system, impacting positively on the local stocks.

Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth Rs 477.15 crore yesterday, as per provisional data.

Key benchmark indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan finished up between 0.14% and 1.39%. European stocks too were trading higher in their late morning deals. — PTI

Chandigarh, November 21
The CII will host the 11th Agro Tech 2014 from November 22-25 at Parade Ground here. The event is expecting participation of approximately 50,000 farmers from various states, including Punjab, Haryana, Bihar, Himachal Pradesh, Uttar Pradesh, Kerala, Rajasthan, Maharashtra, Karnataka and Andhra Pradesh. Participants from Bangladesh, China, Canada, Pakistan, Nepal and New Zealand are also expected to participate.

Salil Singhal, co-chairman, CII National Council on Agriculture & chairman, PI Industries, said, “The key focus of the fair will be to enhance productivity per hectare and showcase the latest methods and best practices in agriculture in various aspects, including irrigation, inputs and farm mechanisation”.

“The aim of the fair is to guide farmers along with the agro industry towards maximum value creation,” said Zubin Irani, chairman, CII (Northern Region).

Mumbai, November 21
India Inc raised $2.78 billion from overseas markets in October this year, up 44% from a year ago, according to the RBI data released today. Domestic firms had raised $1.93 billion from the overseas market in the same month a year ago.

Of the total borrowings during the month, $69.43 million was raised through the approval route, while $2.71 billion came through the automatic route.

As many as 56 companies raised money from automatic route while 3 firms raised funds via the approval route, the RBI data showed.

In the approval route category, Indiabulls Housing Finance Limited raised $50 million for sub-lending, Roxul-Rockwool Insulation India Private Ltd $11.43 million for general corporate purpose and Cargill India raised $8 million for rupee expenditure.

Under the automatic route, the major borrowers were Tata Motors raising $750 million for rupee expenditure and refinancing of earlier ECB and Reliance Jio Infocomm $750 million for rupee expenditure.

Bharat Mumbai Container Terminals raised $494.53 million for port project and Larsen & Toubro borrowed $400 million for refinancing of earlier ECB and redemption of FCCBs.

Among others, Aditya Birla Nuvo raised $42 million for refinancing of the earlier ECB; Srei Infrastructure Finance, $30 million for sub-lending, and Tata Hitachi Construction Machinery Co $39.14 million for general corporate purpose. — PTI

New Delhi, November 21
Future Consumer Enterprise Ltd, the food and FMCG arm of Kishore Biyani-led Future Group, today acquired south India-based convenience store chain Nilgiris for nearly Rs 300 crore.

“We have picked almost 100% stake in convenience chain Nilgiris for close to Rs 300 crore. This acquisition is another step towards building a robust convenience store network in India,” Future Group CEO Kishore Biyani said.

He said: “This acquisition is synergistic as it enables strengthening and expanding convenience stores through franchises in an asset light model as well as brings in new manufacturing capabilities and brands within the company.” Future Group, which had been interested in taking over the company for more than a year, said this acquisition by FCEL will lead to geographical expansion of the convenience store network in southern India, as presently its existing footprint is primarily concentrated in north and west India. — PTI