Sales of non-performing assets to asset reconstruction companies and technical write-offs of extremely sticky ones helped the microfinance sector reduce its bad-loan stockpile by around a seventh to Rs 36,600 crore at the end of March. Banks including the country's largest microfinance lender, Bandhan Bank, account for about 45% of the sectoral bad loans, industry sources said.
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Shares of SAIL saw their sharpest jump in three months Monday after its management guided for a 15% growth in sales volumes and lower costs for FY24 and set a target of nearly doubling annual output in eight years. Shares rose more than 3% intraday before closing at ₹84.35, up 2.7% from the previous close. Most analysts have retained their 'hold' or 'neutral' rating for the shares.
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Equity markets kicked off the week on a positive note amid optimism in the global markets and tentative breakthrough in US debt ceiling negotiations. Stocks that were in focus include names like Prince Pipes, which gained 5%, M&M, which was up 3.37% and ONGC, whose shares fell nearly 3% on Monday. 🎯Prince Pipes: Buy 🎯M&M: Sell 🎯ONGC: Sell
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