more-inShares of Axis Bank and financial sector companies rose on Tuesday amid speculation Kotak Mahindra Bank might announce a possible merger or acquisition. Kotak Mahindra Bank, which has a scheduled board meeting on March 30, said after market hours on Monday that vice chairman and managing director Uday Kotak would hold a media briefing on March 29. Stocks of non-banking financial companies (NBFCs) advanced on the BSE with M&M Financial Services gaining 2.8%, Shriram Transport Finance climbing 5.3% and Edelweiss Financial Services surging 6.3%. Axis Bank — which has been the subject of speculation about a possible merger with Kotak Mahindra Bank — added 3.2%, while Kotak Mahindra Bank slid 1.3%. “We do not comment on rumours and speculation,” a Kotak Mahindra Bank spokesperson said.

Source: The Hindu March 28, 2017 17:26 UTC