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The IPO of Azad Engineering received good response from investors with 80.6 times subscription at close. The category reserved for QIB was subscribed the most at 179 times, followed by NIIs at 87 times. The retail part received 23.7 times bids.

"The momentum stays towards the upside," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York, noting however that a strong rally was unlikely in light trading.

The Reserve Bank of India (RBI) reported that non-banking financial companies (NBFCs) expanded 15% in FY23, with improved profitability and asset quality. However, the RBI emphasized the need for NBFCs to diversify and look beyond traditional banks for funding.

Bank frauds have reached a six-year low, with the average amount involved being the lowest in a decade, according to an RBI annual report. Private sector banks accounted for 66.2% of total frauds, while public sector banks had a higher share. Penalties imposed on regulated entities increased, with co-operative banks leading the decline.

Bandhan Bank is selling its affordable home loan portfolio to Avenue Capital-backed Asset Reconstruction Company India (Arcil) for ₹280 crore in an all-cash deal. The transaction highlights the stress in lower-income groups, where customers are unable to pay ₹10-12 lakh loans taken to buy their homes.

These stocks are expected to return between 21% and 42% as per analysts’ price targets.

Canara Bank has given in-principle approval to initiate the process of listing its mutual fund subsidiary Canara Robeco AMC through an initial public offering of shares.

G-Secs issued by the central government, excluding Treasury Bills, would be eligible for lending/borrowing under a Government Security Lending (GSL) transaction.