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Online, April 2, 2014 (Newswire.com) - Shares in India's IDFC Ltd surged 8.7 percent at pre-open trading after India's central bank on Wednesday granted preliminary license to the infrastructure sector lender to set up a new bank.
The approval of licenses for IDFC Ltd and Bandhan Financial Services marks the start of a cautious experiment for a sector dominated by lethargic state lenders, many of which are reluctant to expand into rural areas or towns where banking penetration is low.

Reports on Indian ADRs
• Indian ADRs ended higher on Wednesday.
• In the IT space, Infosys rose 0.85 percent at USD 55.67
• Wipro added 0.36 percent at USD 13.78.
• In the banking space, ICICI Bank was up 0.11 percent at USD 44.32
• HDFC Bank gained 0.85 percent at USD 41.37.
• In the other sectors, Tata Motors gained 2.08 percent at USD 36.80
• Dr Reddy's Laboratories advanced 2.82 percent at USD 45.15.

Indian Market Highlights
The Indian rupee has been supported by a powerful rally in domestic equities, which touched a record high for an eighth straight session on Wednesday on the back of strong foreign inflows.

Reserve Bank of India Governor Raghuram Rajan said the Indian rupee at 55 to the dollar would be too strong; the Mint newspaper reported on Thursday, a day after the rupee touched an eight-month high.
India's rise comes despite economic hiccups on the subcontinent. After enjoying speedy growth over the past decade, India's economy hit the brakes in 2012 with rising inflation, a growing current account deficit and a weakening rupee, which lost almost 13 percent against the dollar in 2013.

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