Pursuits
Religare Surges as India Eases Rules to Set Up Banks
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Religare Enterprises Ltd., backed by billionaire brothers Malvinder and Shivinder Singh, led the advance in shares of companies eligible to apply for banking licenses for the first time in a decade.
Religare surged 7.4 percent to 291.8 rupees in Mumbai, the most since July 2. L&T Finance Holdings Ltd. advanced 5 percent to 85.7 rupees. Srei Infrastructure Finance Ltd. jumped 4 percent to 37.4 rupees. The S&P BSE BANKEX index of 14 banks stocks fell 0.3 percent.