BSE Sensex posted its biggest single-day gain in nearly seven years, zooming 777.35 points to close at 23,779.35. The Nifty climbed 235.25 points to 7,222.30.

Shares of Axis Bank were up over 3% at Rs 388 on the Bombay Stock Exchange after the private sector bank said that it has acquired nearly 5% stake in Max Life Insurance Company Ltd (MLIC).

The Bank has purchased 9,57,48,762 shares of face value Rs 10/- each or 4.99% equity stake in MLIC from Max Financial Services Ltd formerly known as Max India Ltd, and Mitsui Sumitomo Insurance Company Ltd for a total cash consideration at par of Rs 95.75 crore, the release said.

TVS Motor Company Limited reported an eight per cent year-on-year growth in two-wheeler sales, to 211,148 units in February 2016. The corresponding sales figure a year ago was 195,509 units.

Domestic two-wheeler sales grew by 11.4 per cent, increasing from 164,508 units in February 2015 to 183,199 units in February 2016.

Hinduja Group flagship firm Ashok Leyland today reported a 25% increase in total sales at 13,403 units in February.

The company had sold 10,762 units in the same month last year.

NEW DELHI: The government on Monday hiked import tariff value on gold and silver to $399 per 10 grams and $495 per kg, respectively, taking cues from global market.

For the first fortnight of this month, the import tariff value on gold was fixed at $388 per 10 grams and on silver was $487 per kg.

Mumbai: Pushing a step closer to launching India’s first Real Estate Investment Trust (REIT), real estate firm DLF Ltd expects to complete forming a special purpose vehicle (SPV) within the next six months, said a top company executive of the Delhi-based company.

“We would be ready with the SPV in the next six months. As we announced earlier, we have signed non-disclosure agreements with 25 global investors. We should be the first one to crack it (REITs),” Rajeev Talwar, chief executive officer (CEO), DLF Ltd, told Mint over the phone.

Mumbai: Japan’s Sumitomo Mitsui Banking Corp. on Tuesday sold a large part of the Kotak Mahindra Bank Ltd stake to Canada Pension Plan Investment Board (CPPIB), which manages 268.6 billion Canadian dollars ($203.09 billion) in pension fund assets, according to two people aware of the development.

On Monday, Mint reported that Sumitomo was looking to sell almost half of its stake in the private sector lender for around $300 million (approximately Rs.2,050 crore).

Markets regulator Sebi has imposed a total penalty of Rs 4.5 lakh on three firms for not registering with SCORES, the regulators' online complaint redressal system.

It was alleged that the companies -- Akshya Nidhi, Barduar Tea & Timber Company and Appu India -- did not obtain Sebi Complaints Redressal System (SCORES) authentication from the Securities and Exchange Board of India (Sebi) within the mandated timeframe even after repeated reminders.

Larsen & Toubro (L&T) is trading higher by 3% to Rs 1,115 on the BSE after the company announced that it has won orders worth Rs 2,213 crore across its various businesses.

The transportation infrastructure business has bagged new orders worth Rs 1,078 crore from the National Highways Authority of India (NHAI) for the construction of the Kerala/TamilNadu –Villikuri -Kanyakumari sections of NH-47 and NH 47B under NHDP Phase-3 in the state of Tamil Nadu on EPC mode. The projects are scheduled to be completed in 24 months.

Defying a hike in excise duty on tobacco products, the ITC stock on Tuesday opened Rs 9 higher than its Monday closing price on the Bombay Stock Exchange. In fact after a sharp dip of 5-6% soon after the announcement of an increase in excise duty on most tobacco products in the Union Budget for 2016-17, it had recovered and closed in the green yesterday.

Finance Minister Arun Jaitley on Monday announced a 10% increase in excise duty on cigarettes, but analysts had already factored in an 8-10% increase anyway.

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