These stock brokers have been declared as defaulters for non-compliance with the regulatory provisions of the bourse. In addition, they have been expelled from the membership of the exchange.

​​ The execution of the document -- Demat Debit and Pledge Instruction (DDPI) -- will also be applicable for pledging or repledging of securities.

Government orders to companies are usually followed by a surge in stock price. The trend is even more visible for smaller companies with not so established order books.

Insurance companies, which have a larger share of HDFC bonds, have held internal meetings for a possible realignment of portfolios, said three people familiar with the matter.

“As a country’s economies become bigger, as technology changes, size becomes a necessity and therefore while it may seem mega in that context, it is just appropriate in the context of how India is shaping. Therefore size is important to service the India of tomorrow. We will find all players becoming larger to remain in the same place.”

“The merger process will go on for the next 15 to 18 months and of course our customers will be very happy to be part of this bigger and stronger entity. Our customers have seen HDFC AMC over the last 20 years with a great track record and I think that continues.”

The Nifty IT index closed 0.27 per cent up at 36442.9.

The portion for retail bidders was subscribed more than 10 times, whereas QIB quota received nearly 3 times bids. The portion for non-institutional buyers fetched a little more than two times bids.

HDFC will benefit from the low-cost funds of HDFC Bank and its large branch network. HDFC Bank will benefit from the competence of HDFC in mortgage finance.

The Nifty Realty index was trading 0.18 per cent down at 473.7.