Axis Bank up 3% on BSE on Enam acquisition

Private lender Axis Bank surged by nearly 3 per cent in early trade on the BSE today, 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 Rs 2,067 crore in an all-stock deal.

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

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 by 1.73 per cent on the BSE.

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