Kotak Mahindra Bank, ING Vysya Hit Record High on Merger Deal: 10 Facts

Sharemasterindia.com: Kotak Mahindra Bank on Thursday announced a $2.4 billion all-share deal to acquire its smaller peer ING Vysya. Kotak’s takeover of ING Vysya is the first major deal in four years and the transaction is expected to close in the second half of 2015. Shares in the two lenders hit record highs for a second successive session on Friday.
Here are 10 facts to know about the deal:
1) Kotak Bank’s takeover of ING Vysya is the biggest deal in India’s banking sector and will create the country’s fourth largest private sector lender by branch network. The combined banking entity will have 1,214 branches with a widespread network across the country. Most of ING Vysya’s branches are in South India, while Kotak’s branches are concentrated in West and North India.
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BSE Sensex, Nifty Trade Flat; Banking Stocks in Focus

Sharemasterindia.com: Kotak Mahindra Bank on Thursday announced a $2.4 billion all-share deal to acquire its smaller peer ING Vysya. Kotak’s takeover of ING Vysya is the first major deal in four years and the transaction is expected to close in the second half of 2015. Shares in the two lenders hit record highs for a second successive session on Friday.
Here are 10 facts to know about the deal:
1) Kotak Bank’s takeover of ING Vysya is the biggest deal in India’s banking sector and will create the country’s fourth largest private sector lender by branch network. The combined banking entity will have 1,214 branches with a widespread network across the country. Most of ING Vysya’s branches are in South India, while Kotak’s branches are concentrated in West and North India.
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Asia Shares Take Comfort From US Data, Yen Nurses Losses

Tokyo(Sharemasterindia.com): Asian shares took solace from data showing broad US economic strength even as signs of spreading weakness in China and Europe checked risk appetite, while the yen nursed its losses after sliding to multiyear lows against the dollar and euro overnight.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up slightly in early trade. It was on track for a weekly loss of over 1 per cent, but was underpinned by record finishes by the Dow Jones industrial average and S&P 500 after a spate of US data added up to a picture of broad economic strength.
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HPCL, BPCL Gain; Citi Raises Target Price

Sharemasterindia.com: Shares in oil marketing companies Bharat Petroleum Corporation and Hindustan Petroleum Corporation gained over 2 per cent on Wednesday.
Citigroup has upgraded Hindustan Petroleum Corp to buy from neutral and has raised price target to Rs 710 from Rs 513.
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L&T, Voltas Gain; BoAML Bullish on Industrials

Sharemasterindia.com: Shares in infrastructure conglomerate Larsen & Toubro (L&T) and Voltas gained over 1 per cent on Wednesday.
Global brokerage major Bank of America Merrill Lynch (BoAML) maintains bullish view on industrials and suggests buy on L&T and Voltas with a target price of Rs 2,133 and Rs 348 respectively. Target price on both the stocks are more than 25 per cent from their current market prices. The brokerage says these stocks are well below their historical peak and could get re-rated further.
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Aurobindo Pharma Promoter Nityananda Reddy Attacked, Shares Choppy

Sharemasterindia.com: Aurobindo Pharma director and vice chairman K Nityananda Reddy was attacked by an unidentified man in the posh Banjara Hills area of Hyderabad today.
Mr Nityananda Reddy escaped unhurt and no one was injured in the firing incident. There have been no arrests so far.
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PSU bank employees go on strike; private banks remain open

NEW DELHI(Sharemasterindia.com):  Employee unions of public sector banks went on a nationwide strike today to press for wage revision, affecting banking services like cheque clearance and withdrawal from branches across the country.
However, branches of private sector banks like ICICI and HDFC remained open. At the same time, most of the ATMs of all banks were functioning normally, as per initial reports.
“Strike is complete and total. This strike has been forced upon us as bank management did not yield to our scaled down demands,” United Forum of Bank Unions (UFBU) Convener M V Murali told PTI.
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