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Market News -DLF Drops 5%, Tata Steel, Lakshmi Vilas Bank shares jump

DLF Drops Over 5% - After A Block Deal, Shares of DLF fell as much as 5.3 per cent, the most in over two months, to Rs 191. About 6.81 crore shares or 3.5 percent equity changed hands in a single block deal.
Tata Steel, Lakshmi Vilas Bank shares jump - Shares of Tata Steel are trading 1.5% higher at Rs 556.35 after the firm reported record output post deal with Bhushan Steel. Lakshmi Vilas Bank shares jumped 5% to hit the upper price band at Rs 97.35 in the opening trade after the lender is all set to seek RBI, not for an intended merger with Indiabulls

Lakshmi Vilas Bank board clears merger with Indiabulls Housing Finance -  Board of Lakshmi Vilas Bank on Friday approved merger with Indiabulls Housing Finance in a through a share swap deal, both companies said in separate regulatory filings. The shareholders of the private sector lender will get 0.14 share of Indiabulls Housing Finance for every 1 equity share held. The given merger is subject to the Reserve Bank of India (RBI) approval and all other compliances under the Banking Regulation Act, the Tamil Nadu-based bank said. “The merger will create stable low-cost funding in the form of public deposits and expanded distribution franchise,” Indiabulls Housing Finance said in the statement.

NIIT, HUL, Titan HDFC Bank, Vedanta, Tata Steel, JSW Steel, Lakshmi Vilas Bank, are among major gainers on the indices, while losers are Indiabulls Housing Finance, HPCL, BPCL, Asian Paints, NIIT Tech, HCL Tech and RIL. Among the sectors, except energy, all other indices are trading in green led by infra, metal, pharma and FMCG.

Rupee Opens: The Indian rupee opened lower by 11 paise at 69.33 per dollar on Monday versus 69.22 Friday.

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Sensex | Share Market | DLF Shares | Lakshmi Bank Indiasbull Housing Merger | TATA Steel 
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