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IDFC Ltd will merge into IDFC First Bank effective October 1, following approval from the National Company Law Tribunal. The merger will dissolve IDFC financial holdings and simplify the corporate structure. IDFC First Bank will issue new equity shares and address accumulated losses, potentially enabling future dividend payments.

Many Asian countries, including India, are moving away from older payment methods like ACH in favor of real-time systems such as UPI. JP Morgan Chase is investing in distributed ledger technology and partnering with ONDC to support this shift and enhance e-commerce and financial services.

HCL Tech and Coforge gained 1.4% and 1.2%, respectively. Mphasis, Persistent Systems, Infosys and Tata Consultancy Services closed between 0.3% and 0.5% higher. Most of these shares traded 2-4% higher earlier in the day.

​​Ascribing sell ratings to Lupin, Dr Reddy’s Laboratories, Zydus Lifesciences and Aurobindo Pharma, the brokerage said the US generic market has been declining and the pace could worsen.

The IPO was a fresh issue of 1.55 crore shares that will fetch Rs 342 crore at the upper price band. The price band was between Rs 209 and Rs 220.

Morgan Stanley Asia Singapore Pte, Citigroup Global Markets Mauritius and Societe Generale were among some of the buyers in the deal. Shares of Sterling and Wilson rose 1.63% to close at `652.90 on Friday.

The recent surge in IPOs has created a high demand for capital market specialist lawyers, leading law firms to aggressively hire at partner levels. This increased demand has also driven up the cost of hiring legal advisors for IPOs, which has doubled in the last three years.

This suggests that a growing number of traders anticipate a price decline and are positioning themselves to profit from it by selling short.