Sensex rallies for 7th day, surges 414 points

Mumbai

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Rising for the seventh straight day, the Sensex on Monday surged by 414 points to 27,730.21 on rally in realty, banks and auto shares as above average monsoon has reignited hopes of further easing of interest rates by the RBI. In the past seven days, it has gained 1,359.23 points, its longest winning run since February. PTI

New Delhi

Hero forays into electronics business, acquires Mybox

Hero group on Monday said it has forayed into electronics segment with plans to invest Rs 500 crore in the next few years and has acquired majority stake in set-top box maker Mybox Technologies. It announced the formation of a new company, Hero Electronix, which will spearhead the group’s activities in the segment. TNS

Mumbai

Indiabulls Real Estate soars 30% on funding plan

Indiabulls Real Estate shares soared over 30% on Monday as it seeks shareholders’ nod to raise Rs 538 crore from promoters, including convertible warrants worth Rs 290 crore. The stock advanced by 30.20% to settle at Rs 54.75 on the BSE. On the NSE, it zoomed 30.11 per cent to close at Rs 54.65. PTI

New Delhi

AIBEA defers June 24 nationwide bank strike

The June 24 strike called by AIBEA in support of various demands of the State Sector Bank Employees Association was deferred on Monday and public sectors banks would continue working as usual. The nationwide one-day strike was called to protest the “anti-associate” banks approach of the SBI management. PTI

Mumbai

ICICI Bank to offer quick loans to Alibaba members

ICICI Bank on Monday entered into a partnership with Alibaba.com, under which small businesses who are members of the Chinese e-commerce major can avail of faster loans. Under the arrangement, it has created a ‘Trade Facilitation Centre’, and it will provide the entrepreneurs quick access to bank offerings, including business loans, cash management solutions, foreign exchange transactions and bank guarantees etc. PTI