Shares of brokerage firm India Infoline rose nearly 5 per cent in early trade on Bombay Stock Exchange (BSE) after the board of company gave nod for applying to the Reserve Bank of India (RBI) for bank licenses.
The board of IIFL has approved the proposal for making an application to the Reserve Bank for a banking licence, IIFL said in its filling to BSE.
Boosted by development, shares of company gained as much as 4.70 per cent to trade at Rs 52.73 a piece on the BSE.
In a similar fashion, shares of the company spurted 5.01 per cent to Rs 52.45 a piece on National Stock Exchange.
Meanwhile, the broader benchmark Sensex was quoting at 19,181.37, up 305.42 points or 1.63 per cent at 9:40 hours.