As Infra financial firm IDFC on Friday morning announced its receipt of the formal banking licence from the Reserve Bank of India (RBI) since the news of which the comapny's stock has rallied almost 5 per cent on the BSE.
The stock since the morning has been hovering around a 5 -7 per cent rise.
The scrip opened at Rs 153 on the morning opening trade gradually rising to hit the day's high at 11:52 am of Rs 163.50.
At the moment the stock is trading roughly around the Rs 160 mark.
Subsequently it has turned out ot be one of the top gainers for the day till now on the BSE.
IDFC has almost completed the process of demerger of financial undertaking into IDFC Bank.The demerger was in accordance with RBI conditions which require IDFC to transfer the relevant business activities to the proposed IDFC Bank.
All new banks are to be set up through a non-operative financial holding company, according to RBI guidelines. IDFC Bank was established as a public limited company to carry out business of banking pursuant to approval granted by the Reserve Bank in April 2014.