British Parliament Clears Brexit Bill, Set To Become Law

Ahead of its 31 January deadline, the British parliament cleared the EU Bill paving way for the country to leave the European Union. On Wednesday, the legislation required to ratify its deal with Brussels passed the final stage in the country's Parliament.

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The bill will become a law after it receives Royal Assent from Queen Elizabeth II, which is expected to happen as soon as Thursday.

"At times it felt like we would never cross the Brexit finish line, but we've done it," said Prime Minister Boris Johnson in a statement.

In the coming days, top officials of the EU are expected to sign the agreement which sets out the terms of the UK's separation with the EU, the rights of EU nationals resident in the UK and British expats on the continent and arrangements for Northern Ireland.

The European Parliament will meet on 29 January to debate the agreement and a consent vote will take place.

The UK will officially leave the 27-member European Union at 11:00 GMT on 31 January, after over three and a half years of the Brexit referendum in June 2016.

On 1 February, the UK will enter an 11-month transition period where it will continue to follow EU rules but without representation in the bloc's institutions.

Shares of Tata Motors, TCS, Motherson Sumi Systems and Majesco Ltd were trading higher on Thursday morning. These companies have business exposure to the UK and Europe.