I have two databases with equivalent structure and I need to extract data from one of them in form of
You could use the free SSMS Toolpack add-in for SQL Server Management Studio.
See the section on Generate Insert statements from resultsets, tables or database
Update: OK, for SSMS Toolpack in SSMS 2012, a licensing scheme has been introduced. SSMS Toolpack for earlier versions of SSMS are however still free.