The promoters of debt-ridden Jaypee Infratech (JIL) have made a last minute offer to withdraw the company from insolvency proceedings, sources aware of the development told CNBC-TV18. As per this offer, JAL is offering an upfront payment of Rs 1,500 crore to the financial creditors of Jaypee Infratech, another Rs 4,858 crore from transfer of 100 percent shareholding of JIL's Land Bank SPV (having a land bank of 1,475 acres) to financial creditors towards settlement of dues via a debt-asset swap and Rs 2,000 crore as optionally convertible debentures at a coupon rate of 0.01 percent per annum.

Vedanta was trading over 2 percent higher in morning trade on Wednesday after the company denied news reports stating that Vedanta and JSW are likely to place a joint bid for Essar Steel.  At 10:05 am, the stock was trading at Rs 156.7, up 2.45 percent on BSE. It has hit a high and low of Rs 157.6 and Rs 154.1, respectively. Meanwhile, the S&P BSE Sensex was trading 0.6 percent (232 points) higher at 35,585 levels. 

Share price of Jet Airways declined nearly 2 percent after global research house maintained reduce call on the stock. HSBC has cut target of the company to Rs 190 from Rs 200 per share. Shares quoted at Rs 227.65, down by 1.85 percent on the NSE at 10.18 am.  

Shares of Duke Offshore locked at 20 percent upper circuit on the back of contract from Daewoo-Tata projects JV. The company has been awarded a prestigious contract by Daewoo-Tata projects JV to provide one initial high speed vessel to support construction for the Mumbai Trans Harbour Link project.

The BSE Sensex rose 193 points, or 0.55 percent, to trade at 35,545.60 in initial trade. The NSE Nifty50 also surged over 58 points, or 0.55 percent, to trade at 10,662.70. The Nifty MidCap index gained by 0.60 percent, while banking gauge, Nifty Bank, surged 0.32 percent. Vedanta, Yes Bank, ONGC, GAIL and Indiabulls Housing Finance gained in the range of 1 and 2 percent. Hero Moto, Bajaj Auto, NTCP, HCL Technologies and Zee Entertainment shares slipped by up to a percent.

The BSE Sensex gained 212 points, or 0.60 percent, to settle at 35,565 at 9.08 am. The NSE Nifty50 added 51 points, or 0.48 percent, to settle at 10,655.45. The Nifty MidCap was up 0.48 percent and Bank Nifty slightly lagged, settling higher by 0.38 percent. Yes Bank, ONGC and HDFC were among top gainers, while HCL Tech slipped in pre-open.