Benchmark indices are trading in a tight range with Sensex and Nifty swinging between negative and positive zone. After touching record highs in the opening trades, markets slipped on account of profit booking at higher levels.

By 10:25, the Sensex was lower by 3 points at 28,160 mark whereas the Nifty dipped 8 points at 8,418 levels.

Tata Power today said it has raised Rs 1,500 crore through issue of securities. It has issued two series of Non- Convertible Debentures (NCDs) worth Rs 1,500 crore on a private placement basis.

In a statement, Tata Power said the proceeds would be used for general corporate purposes of the company, including repayment of maturing foreign currency convertible bonds, capital expenditure and working capital.

Mumbai: Axis Bank Ltd, India’s third largest private sector bank could raise at least $500 million by selling bonds to investors in Asia and Europe, two people with knowledge of the deal said.

“They are looking to raise at least $500 million but may keep more if demand is good,” one of the persons said, adding that the bond issue is likely to close later today. The bonds will be listed on the Singapore Stock Exchange.

Having started to charge customers for excess usage of automated teller machines (ATM), the country largest lender State Bank of India (SBI) has decided to improve its services and appoint a single vendor for maintenance of its ATMs.

Recently, the Reserve Bank of India (RBI) allowed banks to charge their customers after the first five free transactions, starting from November 1.

India’s second largest fund house, ICICI Prudential AMC, has emerged as the front runner for managing the exchange-traded fund (ETF) the government plans to float for disinvesting part of its holdings under the Specified Undertaking of Unit Trust of India (Suuti).

It had bid to manage Suuti's corpus for 13 basis points (0.13 per cent of the total assets under management). The government had bids from seven asset management companies to act as manager to the ETF. These were Reliance Mutual Fund, Birla Sun Life MF, Kotak MF, SBI MF, ICICI Prudential AMC, UTI MF and Sundaram MF in a consortium with Edelweiss MF.

HDFC Bank and Axis Bank have decided to charge their own customers for more than five transactions at its automated teller machines starting 1 December.

HDFC Bank will charge Rs 20 for financial transactions and Rs 8.5 (excluding taxes) for non-financial transactions (balance enquiry, mini statement, etc).

Shares of Axis Bank has moved higher by nearly 3% to Rs 472, also its record high on the National Stock Exchange (NSE).

Shares of the private sector lender outperformed the market by surging 82% from Rs 260 so far in current calendar year 2014, compared to 32% rise in CNX Nifty. The banking index Bank Nifty gained 52% during the same period.

Maruti Suzuki India, the country’s largest carmaker and Axis Bank, the third largest private bank, have joined the elite club of companies with market capitalisation (m-cap) of more than Rs 1 lakh crore. Shares of both these companies hit their respective lifetime highs during intra-day deal on the bourses.

At 1340 hours, shares of Axis Bank up about 2% to Rs 437 on the BSE, taking its market value to Rs 1,03,154 crore.

Markets opened marginally higher on Tuesday with the benchmark Nifty reclaiming the 8,000 mark led by financials. However, traders are likely to remain cautious ahead of the two-day FOMC meet which begins today.

At 9:35AM, the 30-share Sensex was up 99 points at 26,852 and the 50-share Nifty was up 25 points at 8,017.

Axis Bank, the country’s third largest private sector bank, has reported a 18 per cent rise in net profit to Rs 1,611 crore in the July-September quarter, as compared to Rs 1,362 crore in the same quarter of the previous financial year, helped by higher net interest income and other income.

The net profit was in line with Street estimates. A Bloomberg consensus estimate was Rs 1,610 crore. However, it was three per cent lower than the Rs 1,667 crore in the June-ended quarter.

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