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Gandhar Oil received a better-than-expected subscription demand at 64x for its IPO, mainly on the back of reasonable valuations. The net proceeds from fresh issuance worth Rs 357 crore will be used towards financing the repayment/pre-payment of a loan facility, purchase of equipment and civil work, expansion in capacity of automotive oil, petroleum jelly, white oils by installing blending tanks, funding working capital requirements and general corporate purposes.

Fedbank Financial is one among five private bank-promoted NBFCs in India, focusing on catering to the MSMEs and the emerging self-employed individuals sector. It is the fastest growing gold loan NBFC in India among its peers and has the second lowest cost of borrowing among the MSMEs, gold loan peer set in India in FY23.

CLSA maintained a buy rating on Ashok Leyland with a target price of Rs 238. The CV industry outlook for FY24 is looking strong.

The dollar index was trading at 102.80 against a basket of top six currencies, marginally up by $0.03 or 0.03%.

A steady growth in the topline as well as the operating profit helped some of the companies in the smallcap segment rebound sharply in the September quarter.

The cumulative OI of current, next and far series has surged by 5.63 per cent, which indicates overall long build up. While, Bank Nifty future has also witnessed long build up.

A total of 496,690 shares changed hands on the counter till 10:40AM (IST).

Investors oversubscribed the IPO by 69.43 times, the most among a string of IPOs last week, fetching bids for the company worth Rs 1.56 trillion. Tata Technologies was among the top 10 most active stocks on Thursday, with 23.98 million shares traded by 10:08 a.m. IST.

The Relative Strength Index of the stock stood at 54.1 on Thursday.