Fresh IPO frenzy: The PNB Housing IPO is seeing booming subscriptions, with 2.5% of shares already subscribed in the early hours of opening. Analysts have given a thumbs-up to the IPO, on the basis that the offer is priced at a good rate and the company has seen healthy loan growth so far, despite lower margins than its competitors. 

The silence from the Tata Group in the wake of Cyrus Mistry's departure is hurting the Tata companies in the stock market - Tata Steel, Tata Motors and TCS all fell since morning. The move to replace Mistry was announced yesterday after markets closed, with no reasons given in the official release, leading to widespread speculation on possible reasons the board was unhappy with Mistry. Mistry had taken aggresive decisions to cut out the Tata group's unviable businesses.

Maruti Suzuki has left the Indian consortium that was planning to build electric and hybrid cars. This comes on the heels of its new partnership with Toyota, and one of the reasons is that Maruti wanted the majority of electric car research to take place in Japan, Toyota's main base, for which the consortium was unwilling. 

Stock in focus: Axis Bank, which is trading above its 150 day SMA and has been bullish over strong growth and healthy retail incomes

Photo of the day: Lanterns are hung up for sale ahead of Diwali AP/Guardian