India's Axis Bank shares gain; stake sale attracts strong demand
MUMBAI Jan 29 (Reuters) - India's Axis Bank rose as much as 3.7 percent to its highest intraday level in more than two years on Tuesday as dealers cited good demand for a share sale of up to $1 billion.
The Indian private sector lender on Monday was planning to raise as much as $1 billion through a qualified institutional placement, sources with direct knowledge of the matter told Reuters.
Axis Bank shares were up 3.2 percent at 0354 GMT after earlier gaining to as much as 1,465.35 rupees, its highest level since Nov. 18, 2010. (Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
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India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates. Full Article