Indian shares rise 1% as HDFC twins surge on merger plans
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BENGALURU - Indian shares surged 1% on Monday, with private lender HDFC Bank and mortgage lender Housing Development Finance Corp leading gains after the companies decided to merge their operations.
The NSE Nifty 50 index was up 1.1% at 17,864, as of 0348 GMT, and the S&P BSE Sensex rose 1.1% to 59,917.24.
Shares of HDFC Ltd and HDFC Bank were up 7% and 6.4%, respectively, after the companies decided to merge.
The Nifty bank index rose 2.3%, while the finance index gained 3.1%.
