After briefly entering bullish territory, Moneylife’s market breadth indicators stayed into neutral, signalling a renewed loss of momentum. The number of stocks trading above their 20-, 50- and 200-day EMAs (Exponential Moving Averages) continues to decline steadily, pointing to increasing internal weakness. This erosion in breadth suggests that the recent uptrend lacked durability and market participation is thinning out across segments. While headline indices may not yet reflect sharp declines, the underlying structure is weakening, warranting greater caution in the near term.
The protectionist shift in the American market has become the single largest source of uncertainty for India’s export-oriented sectors, necessitating urgent strategic diversification and operational restructuring. The imposition of a punitive 100% tariff by the US on India's branded and patented medicines, announced by president Donald Trump, delivers a profound shock to the pharmaceuticals industry, the largest segment of high-value formulations. This vulnerability is underscored by key data: Sun Pharma, for instance, derived approximately US$1.1bn (billion)—representing 85%-90% of its US$1.2bn global patented product sales in FY24-25—from the US market. The resulting uncertainty is pushing firms to re-evaluate their reliance on US manufacturing sites and increasing reliance on third-party contract development and manufacturing organisations (CDMOs).
This trade shock immediately cascades to the information technology (IT) sector, where the combined drag of new H-1B visa rules and fee hikes is expected to diminish tier-1 companies' earnings by 8%. Consequently, low single-digit revenue growth in the range of 0.5%-1.5% quarter-on-quarter (q-o-q ) is projected for the July-September quarter, with the forward-looking estimate for the next financial year (FY) sitting at a tepid 2.5%. This confluence of trade hostility and visa policy shifts presents a structural challenge, forcing the technology sector into a ‘no-man's land’ while simultaneously accelerating internal debates on the future impact of generative artificial intelligence (Gen AI).
While the Reserve Bank of India (RBI) maintained policy stability, regulatory actions have pivoted from managing inflation risk to catalysing domestic credit expansion, even as foreign capital inflows exhibit acute sensitivity to global trade anxieties and currency volatility. The monetary policy committee (MPC) of RBI maintained the policy repo rate at 5.5%, but signalled a greater "leeway for monetary policy to support growth." The size and timing of the anticipated easing cycle towards a 5% terminal rate is now explicitly conditional on two external factors: domestic consumption response and the outcome of potential trade negotiations with the US.
This external sensitivity is mirrored in capital flows, where foreign portfolio investor (FPI) bond inflows via the fully accessible route (FAR) decelerated to Rs6,665 crore in September, down from Rs10,470 crore in August, driven by a weakening Indian rupee which hit a new low of 88.7975 per dollar on 23 September 2025. Domestically, however, the central bank has moved to strengthen bank balance sheets, unlocking a projected collective credit demand of up to Rs5 lakh crore. By easing curbs on individual corporate exposure and allowing banks to finance mergers & acquisitions (M&As), RBI has created significant headroom; analysts estimate that corporate M&A activity, valued at over US$20bn in FY23-24 , could alone generate Rs1.2 lakh crore in incremental credit demand.
Furthermore, even if just 10%-15% of the Rs5 lakh crore incremental corporate borrowings from the prior year revert from non-banking channels (like bonds, commercial paper (CP), and external commercial borrowings (ECB)) to the banking system, an additional Rs4.5 lakh crore in lending opportunity could be created. This optimism in domestic lending comes against the backdrop of increased sovereign borrowing which saw the 10-year government bond yield rise to a one-month high of 6.57%.
Investor appetite for primary listings and leveraged equity exposure remains robust, reflecting a disconnect from the secondary market's volatility, while corporate India pivots towards greater employee equity participation to secure talent. India’s initial public offering (IPO) market has demonstrated remarkable resilience, raising nearly Rs1.7 lakh crore in the year leading up to September 2025—almost double the Rs90,436 crore raised the previous year. This primary market fervour is matched by surging retail risk appetite, evidenced by the record high in borrowed equity bets. Funds lent through the margin trading funding (MTF) facility crossed the Rs1 lakh crore threshold for the first time, with the combined book across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) reaching Rs1,04,308 crore in late-September.
This is despite the overall MTF book constituting only 0.1% of India’s market-capitalisation, significantly trailing markets like the US (1.6%) and China (2.7%). Concurrently, corporate compensation strategies are shifting, with employee stock ownership plans (ESOPs) expenses skyrocketing by 30% year-on-year (y-o-y) to nearly Rs15,000 crore in FY24-25 (up from Rs11,641 crore), signalling a strategic move by firms—from established players to major start-ups—to align employee incentives with long-term equity growth.
The domestic automotive market displays an internal struggle between maintaining volume growth against fiscal policy shifts and a rapidly changing competitive dynamic in the electric vehicle (EV) segment, while core infrastructure planning seeks to improve asset monetisation. In the premium motorcycle segment, the recent goods and services tax (GST) increase from effective31% (28% GST + 3% cess) to 40% on bikes above 350cc saw manufacturers like Hero MotoCorp and Bajaj Auto absorb the additional cost (a difference of Rs6,000 on an ex-factory price of Rs2 lakh) to protect sales momentum in above 350cc category that grew 32% in FY24-25.
This conservative pricing strategy contrasts with the volatile but rapid evolution of the electric two-wheeler (2W) market, where registrations grew 18% in the first half of the fiscal year 2026 (H1FY25-26) to 582,027 units. This growth was driven by aggressive expansion from key players: Hero MotoCorp’s Vida registrations zoomed 248% to 71,969 vehicles, while TVS and Ather Energy also recorded growth above 50% and 81%, respectively. This dynamism has reshuffled market leadership: Ola Electric’s share plummeted from 27% to 12.7% in September, ceding the top spots to Hero MotoCorp (23.1%) and Bajaj (18.7%).
Separately, the telecom regulatory authority of India (TRAI) initiated the process to auction 10 spectrum bands, including the strategic 6GHz (gigahertz) band, reflecting an effort to boost competition and recover value after the limited success of the June 2024 auction, where only 141.40MHz (megahertz) of airwaves were sold for Rs11,340.79 crore out of a vastly larger offering.
Microfinance stress persisted for India's small finance banks in the June quarter, with legacy microloans weighing heavily on performance. Loans overdue by more than 30 days stood at 23.23% for Utkarsh, 22.76% for Suryoday and 19.73% for Evangelical Social Action Forum (ESAF) Bank, while over-90-day delinquencies were 19.83%, 18.72% and 15.06%, respectively. ESAF wrote off Rs362 crore of loans, and another Rs 371 crore was written off by peers. Both ESAF and Utkarsh reported quarterly losses. CareEdge and Icra downgraded their bonds, citing continued asset quality stress. Gross non-performing assets (NPAs) hit 11.4% at Utkarsh, 8.5% at Suryoday and 7.8% at ESAF.
Indian banks are curbing branch expansion as digital channels take precedence. In FY24-25, only 5,482 new branches were opened---the lowest since FY21-22---with just 4,029 added in the June quarter. The State Bank of India (SBI) led with 1,267 new outlets, while Bank of Baroda added just over 1,000; most other large State-owned lenders, including Punjab National Bank, Canara Bank, Union Bank of India, Bank of India, Indian Bank and Central Bank of India, opened about 500 each. Lenders are, instead, leaning on business correspondents and digital banking units, underscoring a structural pivot away from brick-and-mortar growth.
Seven Indian defence firms have submitted bids to co-develop prototypes of the advanced medium combat aircraft (AMCA), the country's first fifth-generation stealth fighter jet. The bidders include Larsen & Toubro, Hindustan Aeronautics (HAL), Tata Advanced Systems, Adani Defence, and Kalyani Strategic Systems, among others. A high-level panel led by former BrahMos Aerospace chief will evaluate the proposals. About Rs15,000 crore has been earmarked for prototype development, with two firms likely to be shortlisted to build five aircraft. The broader AMCA programme, valued at over Rs2 lakh crore, aims to deliver more than 120 fighters by 2035.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Gujarat Industries Power Co Ltd commissioned an additional 105MW (megawatt) of solar power capacity from its ongoing 600MW project. With this, the total operational capacity from the project has now reached 210MW.
Power Finance Corporation (PFC), extended a Rs4,829 crore term loan to Bhutan-based Kholongchhu Hydro Power Ltd (KHPL), a joint venture (JV) between Druk Green Power Corporation Ltd (DGPC, 60%) and Tata Power Company Ltd (40%). The funds will support KHPL’s 600 MW Kholongchhu hydropower project which carries a total cost of Rs6,900 crore, including financing charges.
Radico Khaitan unveiled Rampur Jugalbandi editions #7 and #8 at the TFWA World Exhibition in Cannes, marking the finale of its eight-part Indian single malt series launched in 2022.
The Securities and Exchange Board of India (SEBI) barred Man Industries (India) and three of its senior executives from accessing securities markets for two years over financial misreporting and fund round-tripping involving subsidiary Merino Shelters between FY15–FY21. Its Rs25 lakh penalty was imposed on each party. It stated the penalty is minor and won’t affect operations, citing a robust Rs4,700 crore order book.
Airtel Business has partnered with Swift Navigation to launch Airtel-Skylark™, India’s first AI-powered precise positioning service. It delivers centimetre-level accuracy up to 100x better than standard GNSS—across mission-critical applications for sectors like automotive, logistics, agriculture and railways. The initial rollout covers 35,000km² in National Capital Region (NCR), with nationwide expansion planned.
Hindustan Construction Company (HCC) signed a strategic memorandum of understanding (MoU) with Konkan Railway (KR) to jointly pursue large-scale rail and multi-modal transport projects in India and abroad. The alliance will target metro systems, NATM tunnels, railway bridges and engineering-procurement-construction (EPC) contracts, leveraging HCC’s civil expertise and KR’s rail operations. The partnership enables joint bidding across diverse procurement models and allows for tailored JV structures.
Jindal Steel & Power commissioned a 250MT (metric tonnes) basic oxygen furnace at its Angul plant, boosting crude steel capacity from 6MTPA (metric tonnes per annum) to 9MTPA. Paired with blast furnace-2, the upgrade streamlines integrated operations and supports its 12MTPA target for FY24-25. The expansion ensures steady supply for key sectors like infrastructure, energy and automotive.
Gujarat Industries commissioned an additional 105MW of solar capacity at its 600MW project in Khavda’s 2,375MW renewable energy park, raising total operational output to 210MW. This milestone supports India’s clean energy goals and strengthens regional power supply. Further phased commissioning is planned.
Lupin launched Rivaroxaban for Oral Suspension (1mg/mL) in the US, a paediatric anticoagulant bioequivalent to Xarelto®. It treats and prevents blood clots in children, including post-Fontan procedure cases. With US$11mn (million) in annual sales, the launch strengthens Lupin’s US portfolio in paediatric-care.
ICICI Lombard received a Rs1,901-crore GST demand and penalty order from the CGST Palghar commissionerate for FY217-22 , citing non-payment on co-insurance and reinsurance commissions. Despite prior re-adjudication and GST council clarifications, the demand was upheld. The company plans to appeal and asserts no impact on operations or management.
L&T Technology Services (LTTS) signed a US$100mn multi-year deal with a leading US industrial equipment firm in the semiconductor value chain. The engagement covers product development, platform automation and AI-driven engineering, with a dedicated Center of Excellence to accelerate digital transformation. This marks a major sustainability milestone for LTTS.
Adani Green Energy (AGEL) commissioned 112.5MW of renewable capacity at Khavda (Gujarat), raising its total operational output to 16,598.6MW. The move reinforces AGEL’s leadership in India’s clean energy transition and supports national solar and wind targets. Power generation began on 30 September, following regulatory clearance.
Biocon Biologics settled patent litigation with Amgen, clearing the way to launch its bio-similars Bosaya™ and Aukelso™—equivalents to Prolia® and Xgeva®—in the US from 1 October 2025. The move expands Biocon’s presence in the US bio-similars market and supports broader access to affordable therapies for osteoporosis and cancer-related bone conditions.
Wockhardt submitted an NDA to the US food and drug administration (US FDA) for Zaynich™ (Zidebactam-Cefepime), targeting complicated urinary tract infections caused by MDR/XDR Gram-negative bacteria. This marks the first US NDA (New Drug Application) for a drug fully developed by an Indian firm. Backed by global phase-3 data and fast track status, Zaynich™ offers a novel mechanism to combat resistant pathogens.
Tata Communications deployed its MOVE™ platform to power BSNL’s new eSIM services, enabling remote activation of 2G/3G/4G via QR code and dual-SIM support. This rollout enhances mobile flexibility for millions, especially travellers, and aligns with the Digital India initiative. The platform also scales for future enterprise Internet of Things (IoT) applications.
SG Finserve reported a 28% loan book growth in H1FY25-26, reaching Rs2,878 crore from Rs2,246 crore in March 2025. Quarterly additions of Rs258 crore (Q1) and Rs374 crore (Q2) reflect strong deployment and utilisation. With a 52% compounded annual growth rate (CAGR) since FY22-23 and AA/A1+ ratings from CRISIL and ICRA, SGFL continues to scale efficiently while serving India’s small and medium enterprise (SME) and micro, small and medium enterprises (MSME) ecosystem.
Shree Digvijay Cement doubled its annual production capacity to 3.0mn tonnes with the commissioning of a new cement grinding plant at Sikka-Digvijaygram (Jamnagar), effective 1 October 2025. This expansion supports rising regional demand and underscores the company’s focus on operational excellence and sustainable growth.
SupriyaLifescience received WHO-GMP (World Health Organization’s good manufacturing practices) certification for inhalation dosages at its Ambernath facility, following a successful audit on 2 September 2025. The certification, granted on 30th September, enables global distribution from the site. No violations were reported and the company expects no material impact on current operations or supply continuity.
Newgen Software secured a US$2.59mn master service agreement (MSA) with a leading US healthcare firm via its subsidiary Newgen Software Inc. The 3-year deal includes software subscriptions, cloud hosting and implementation services, reinforcing Newgen’s expansion in the US healthcare tech space through its cloud and automation platforms.
Kirloskar Brothers (KBL) secured a major order from Indian Oil Corporation to supply over 14,000 pump sets for retail operations in the oil & gas sector. The contract will be executed within 12 months, with full payment on delivery, reinforcing KBL’s role in India’s energy infrastructure and its reputation for reliable fluid management solutions.
Goodluck India, BATL,and Axiscades formed a strategic alliance to jointly bid for DRDO’s AMCA stealth fighter programme. The MoU, signed on 30th September 2025, combines manufacturing, aerospace and systems integration expertise to support India’s AatmaNirbhar Bharat vision. The AMCA, a fifth-gen indigenous aircraft, aims to elevate India’s air combat capabilities and reduce reliance on foreign platforms.
Orders
Premier Energies Limited secured contracts worth US$19.95mn for solar electrification projects in Benin. The scope includes 750 rooftop solar systems across public facilities, over 4,400 solar streetlights and 650 solar water heaters.
Aurionpro Solutions Ltd secured a multi-million-dollar contract from a major Indian public sector bank (PSB) to deploy its next-generation cash management platform. The multi-year deal includes software licensing, implementation and extended maintenance.
Larsen & Toubro (L&T) secured a US$700mn sustainability-linked trade facility (SLTF) from Standard Chartered, reinforcing its push into sustainable finance. The facility follows L&T’s US$60mn sustainability-linked bond issued in June under SEBI’s ESG (environmental, social and governance) bond framework.
Paradeep Phosphates Limited commissioned a new 1,500MTPD (metric tonnes per day) sulphuric acid plant–D at its Paradeep facility in Odisha, boosting total capacity from 4,200MTPD to 5,700MTPD. The Rs510 crore project, funded via internal accruals and term loans, aims to reduce import dependence and improve operational efficiency.
Nibe Ordnance’s subsidiary Globe Forge secured a US$64mn contract to supply empty shells to a global defence firm, with execution slated through February 2028. The deal is independent of related-party interests and strengthens Nibe’s presence in the defence manufacturing space.
Investment/ Acquisition / Stake Stale
BLS International acquired 100% equity in Trefeddian Hotel (UK) for £6.55mn (Rs78.29 crore), marking its entry into the global hospitality sector. The hotel posted £3.64mn in FY23-24 turnover, up from £2.59mn in FY21-22. The move supports BLS’s diversification strategy and aims to unlock synergies and expand long-term revenue streams.
Indegene Ireland acquired 100% equity in BioPharm Parent Holding Inc for up to US$106mn in an all-cash deal, expected to close on 1 October 2025. The move strengthens Indegene’s omnichannel marketing capabilities in the Life Sciences sector, integrating BioPharm’s data-driven healthcare expertise with Indegene’s digital-first solutions. BioPharm reported US$38.13mn in 2024 revenue and employs over 90 professionals.
Zaggle Prepaid Ocean Services Limited will acquire Greenedge Enterprises Private Limited for up to Rs25 crore in cash, securing full ownership via 1,30,000 equity shares. An additional Rs25 crore will be invested through a share subscription agreement. Greenedge, founded in 2009, offers business-to-business (B2B) golf-based corporate engagement and access-linked rewards, including partnerships with Rupay Cards. Its turnover rose from Rs7.28 crore in 2021–22 to Rs19.82 crore in 2023–24.
E2E Networks Limited approved plans to raise up to Rs1,000 crore through a public offering, rights issue, private placement, or qualified institutions placement (QIP), subject to shareholder and regulatory approvals.
Lupin Limited’s Dutch subsidiary, Nanomi BV, signed a definitive agreement to acquire VISUfarma BV for €190mn in cash, subject to closing adjustments. VISUfarma, headquartered in Amsterdam, specialises in ophthalmology and operates across major European markets including the UK, Italy, Spain, Germany and France.
Adani Road Transport (ARTL) signed agreements to acquire Yashodhan Highways and KN Highways from DRN Infrastructure, securing 100% ownership pending regulatory approvals. The move aligns with Adani’s strategy to deepen its presence in India’s road infrastructure sector. Post-acquisition, ARTL will control governance and capital structure of both entities.
Top gainers and losers of the major indices for the week are given in the table below:
