Bank Nifty was up 0.50% along with broader markets. India VIX was up 3% touching 22 levels. IndusInd Bank stock was the top gainer on Sensex, followed by Powergrid, Hindustan Unilever, and Sun Pharma. Tata Steel was the top laggard, accompanied by M&M, and TCS.

 

The mega HDFC and HDFC Bank merger has been given the green light by the stock exchanges.

 

In a filing, HDFC Bank informed investors that it has received an observation letter with ‘no adverse observations’ from BSE Limited and an observation letter with ‘no objection’ from the National Stock Exchange of India Limited, both dated July 2, 2022. However, it must be noted that the merger is yet to get a nod from the Reserve Bank of India, Competition Commission of India, and the National Company Law Tribunal. Shareholders and creditors of both HDFC and HDFC Bank are also yet to give their consent for the merger.

 

Earlier in April this year, India’s largest private sector lender HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion.