Shares of ICICI Bank, State Bank of India, Axis Bank, HDFC Bank, and housing finance company HDFC rallied 1-4 percent on hopes of indication of rate cut from the Reserve Bank of India in its monetary police on December 2 (next week).

8K Miles Software Services, the global secure cloud solutions company, through its US subsidiary announced the acquisition of SERJ Solutions. SERJ provides innovative Epic EHR consulting, custom application development, and support solutions for the healthcare market.

Suresh Venkatachari, chairman & CEO, 8K Miles in an interview to CNBC-TV18 said the company has paid Rs 15.8 crore for the acquisition and the funding was through internal accruals and warrant issue. Serj currently generate revenues to the tune of Rs 35-40 crore, he added.

The company is also looking at one or two more acquisition opportunities in the near-term and is likely to complete an acquisition in FY15. They are looking at opportunities in healthcare and life sciences space. “Our intention is to leverage our cloud based offering to this domain mathematical. So, what we are looking at is a strong domain technology company where we can able to integrate with our cloud, secure cloud offering and we can offer as software service or planning services,” said Venkatachari.

Just Dial gained nearly 3 percent as RBI says FIIs/RFPIs can now invest up to 75 percent under PIS in the company. “The Reserve Bank of India has advised that foreign institutional investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 75 percent (revised from earlier limit of 49 percent) of the paid up capital of Just Dial Limited under the Portfolio Investment Scheme,” said the RBI. The Reserve Bank has stated that the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs.

Bulls kept complete control over bears on Dalal Street. The sharemarket continued to trade near record high following the OPEC’s decision of not cutting oil output. Paint, tyre, airline etc companies rallied on hopes of fall in raw material prices after Brent crude oil prices hit fresh four-year low of USD 71.25 a barrel in previous trade. The Sensex shot up 319.05 points or 1.12 percent to 28757.96 and the Nifty climbed 98.15 points or 1.16 percent to 8592.35. Advancing shares outnumbered declining ones by a ratio of 1440 to 552 on the Bombay Stock Exchange.

Coustery : http://www.moneycontrol.com/news/local-markets/sensex-nifty-at-new-high-as-brent-crude-at-fresh-4-yr-low_1239910.html

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