By Dimpal Gulwani and Siddhi Nayak BENGALURU/MUMBAI (Reuters) -Shares of India's IIFL Finance surged 13% on Friday, after the country's central bank revoked an earlier ban on the non-bank lender's gold loan business.

Jefferies has upgraded IIFL Finance to 'Buy', saying that an improvement in earnings visibility will support the company's better multiples.

IIFL Finance share price gained 18.03% in the past month and surged 61.28% over six months. However, the stock posted a year-to-date decline of 9.25% and dropped 8.01% over the last year, reflecting mixed returns.

A Reuters report claims that Indian-made artillery shells were diverted to Ukraine by some European countries.

Two Indian government and two defence industry sources told Reuters that Delhi produced only a very small amount of the ammunition being used by Ukraine, with one official estimat

Indian artillery shells, procured through European intermediaries, have been supplied to Ukraine for over a year. Despite Russian objections, India has neither interfered with nor halted this trade. Source: Reuters,