Moneylife’s market breadth indicators have maintained their position in bullish territory this week, marking a continuation of the rare strength seen in early-April. However, beneath the headline improvement, the proportion of stocks trading above their 20-day, 50-day and 200-day moving averages has been consistently slipping over the past five sessions. This divergence signals that, while breadth remains technically bullish, internal momentum is weakening.
The trends of the major indices in the course of the week's trading are given in the table below:
News
The enforcement directorate (ED) has conducted raids at the Delhi office of Anant Raj Ltd under the Prevention of Money Laundering Act (PMLA). Details on the predicate offence, quantum of alleged laundered funds and individuals under probe have not yet been disclosed. ED’s jurisdiction under PMLA, typically, follows first information reports (FIRs) or charge-sheets filed by state police/CBI, when proceeds of crime are suspected to be laundered.
Real estate remains a high-risk sector for PMLA investigations, given its cash-intensive transactions, undisclosed income and complex ownership structures. Multi Commodity Exchange of India received SEBI (securities and Exchange Board of India) approval to set up a new coal exchange subsidiary, marking its entry into the physical coal market. The proposed entity, tentatively named MCX Coal Exchange Ltd, will be wholly-owned initially, with scope to induct strategic partners later. MCX has committed ₹100 crore investment to meet net worth requirements under draft Coal Exchange Rules.
Aurobindo Pharma received final United States food and drug administration (US FDA) approval to manufacture and market Dextromethorphan polistirex extended release oral suspension (30mg/5mL, OTC), bioequivalent to Delsym® by RB Health (US) LLC. Production will take place at unit-4 of APL Healthcare Ltd, with a planned launch in Q2FY26-27. The product addresses the US$138mn (million) market (12 months ending February 2026; Nielsen data), strengthening Aurobindo’s US portfolio in over-the-counter (OTC) cough and cold therapies and expanding its footprint in complex oral formulations.
Sterlite Technologies has expanded its global footprint with US launch of Neuralis, its next-gen data centre connectivity suite, unveiled at Data Center World 2026 in Washington, DC through subsidiary STL Optical Connectivity NA, LLC. Neuralis is engineered as a ‘central nervous system’ for modern artificial intelligence (AI)-driven data centres, addressing challenges of space constraints, rising data density and intensive East West traffic flows driven by AI, hyperscale and edge workloads.
Praj Industries inaugurated an advanced precision fermentation lab at Praj Matrix, reinforcing its push toward next generation bio-manufacturing and India’s low carbon bio-economy. The facility is globally unique, focusing on AI-enabled precision fermentation and advanced bioprocesses to improve efficiency, reduce scale-up risks and enhance reliability.
Hindustan Petroleum Corporation (HPCL) reported a fire on 20 April 2026 at the HPCL Rajasthan Refinery (HRRL) facility, specifically in the crude distillation unit (CDU) section. The fire, caused by hydrocarbon leakage in the heat exchanger circuit, was contained within the exchanger stack. HPCL confirmed that the CDU, Vacuum Distillation Unit (VDU) and other units were promptly isolated, all structures remain safe, and no other refinery sections were affected. The emergency response team brought the fire under control swiftly, with no loss of life or injury, and the company stated the impact on operations and financials is not expected to be material.
RateGain Travel Technologies entered into a strategic partnership with Easebuzz, designating it as a Gold Partner for RG Pay, its payment solution. The integration of Easebuzz’s gateway and local acquiring capabilities with RG Pay will enable travel and hospitality brands to accept UPI, cards, net banking and wallets, enhancing domestic payment options. This collaboration is expected to improve acceptance rates, reduce checkout friction, and drive higher booking completions.
Eris Lifesciences announced that Swiss Parenterals units-1 & unit-2 in Ahmedabad were inspected by HALMED (Croatia’s drug regulator) between 9 and 13, March 2026, resulting in procedural non-compliance observations. The findings require alignment with the European Union good manufacturing practices (EU GMP) guidelines (Directive 2017/1572), prompting Eris to implement corrective and preventive actions (CAPAs) and request a follow-on inspection, once remediation is complete.
Alembic Pharmaceuticals received final US FDA approval for its Methotrexate injection USP, strengthening its US generics portfolio. The approval covers 50mg/2mL multi dose vials and 1g/40mL single dose vials, therapeutically equivalent to Hospira’s reference drug. Methotrexate is indicated for oncology (ALL, non Hodgkin lymphoma, osteosarcoma, breast cancer) and autoimmune conditions (rheumatoid arthritis, severe psoriasis). Granted under the abbreviated new drug application (ANDA) pathway, this expands Alembic’s focus on complex generics and injectables. With this milestone, Alembic now holds 236 cumulative ANDA approvals (218 final, 18 tentative).
Clean Max Enviro Energy Solutions announced a renewable power supply collaboration with Shell India, leveraging its hybrid wind–solar projects with a combined capacity of around 30MW. Gujarat: A 16.83MW hybrid plant (6.93 MWp—megawatt-peak-- solar + 9.90MW wind) under the group captive model will supply renewable electricity to Shell’s Hazira LNG terminal, supporting energy-intensive operations with enhanced stability. Karnataka: A 13.2MW hybrid plant (9.9MWp solar at Jagalur + 3.3MW wind at Honawad) will power the Shell Technology Centre, Bengaluru, one of Shell plc’s three global innovation hubs.
Prestige Estates Projects reported a robust response to its Hyderabad launch, Prestige Golden Grove, with early sales exceeding ₹2,500 crore. Within two weeks, the project achieved sales of 1,700+ units and drew 4,000+ customer footfalls, making it one of the city’s most successful launches. Strategically located in Tellapur, the 29-acre development comprises 5,120 units across 10 towers, with an estimated gross development value (GDV) of ₹9,500 crore.
Bharti Airtel expanded its 5G footprint in Maharashtra and Goa, deploying 3,400+ new sites in the past year. This rollout enhances coverage for 22mncustomers across 36 districts, including underserved areas like Gadchiroli, Nandurbar and Sindhudurg, driving digital inclusion and reliable high speed access.
Turkey’s competition authority has initiated a wide-ranging antitrust probe that includes a unit of Dabur India, adding regulatory overhang to its international operations. The investigation, first reported in March 2026, spans 65 companies in the auditing and financial advisory sector, including the Turkish arms of the Big Four (KPMG, PwC, Deloitte, EY). Regulators are examining whether firms coordinated on service fees, shared client portfolios, or exchanged information in ways that may have distorted competition or impacted employee rights and wages.
Engineers India formalised a tripartite agreement with KFin Technologies and Alankit Assignments in line with SEBI’s Listing Obligations and Disclosure Requirements (Regulation 7, 2015). The arrangement transitions Registrar and Transfer Agent (RTA) services from KFin (erstwhile RTA) to Alankit ensuring regulatory compliance and smooth continuity of investor service operations.
Dalmia Bharat announced that the ED has released land parcels previously attached under a provisional attachment order (PAO) against its subsidiary Dalmia Cement (Bharat) (DCBL). The release order followed DCBL’s submission of a ₹92.52 crore bank guarantee. The PAO was originally issued on 31 March 2025 and confirmed by the adjudicating authority on 22 September 2025. A subsequent appeal to the PMLA tribunal reduced the alleged proceeds of crime (PoC) from ₹793.34 crore to ₹92.52 crore. Based on this ruling, DCBL applied to the ED with the required guarantee, leading to the release of attached properties.
Ajanta Pharma announced that the US FDA inspection at its Paithan (Maharashtra) facility (13–21 April 2026) concluded with a Form 483 containing five observations. The company will respond within the stipulated timeline, addressing the noted issues. A Form 483 indicates potential violations of the Food, Drug & Cosmetic Act, but does not represent a final compliance determination. Ajanta has reiterated its commitment to quality and regulatory standards, and is expected to take corrective actions to ensure alignment with FDA requirements.
Lupin launched its dapagliflozin + metformin hydrochloride extended release tablets in the US, further strengthening its anti diabetic portfolio. Approved by the US FDA under the ANDA pathway, the product is therapeutically equivalent to Xigduo XR, a widely prescribed treatment for type-2 diabetes.
Alembic Pharmaceuticals incorporated a wholly-owned subsidiary in Germany — Alembic Pharmaceuticals GmbH — to expand its presence in the European pharmaceuticals market. The entity, established with a share capital of €25,000 (25,000 shares of €1 each), is intended to promote, sell and distribute pharmaceutical products across the region.
Orders
Sterling and Wilson Renewable Energy(SWREL) delivered two major engineering-procurement-construction (EPC) wins in FY25-26, underscoring its scale and competitiveness in India’s solar sector. The company was declared L1 bidder by Coal India Ltd for an 875MW (AC) solar PV project in Bikaner, valued at ₹3,490 crore including operation & maintenance (O&M) and taxes — one of its largest contracts to date. In addition, SWREL secured a 50MW AC solar project in Maharashtra from a leading private independent power producer (IPP). With these back-to-back awards, SWREL’s FY25-26 EPC order inflows have crossed ₹10,062 crore, significantly above prior guidance.
Interarch Building Solutions has secured a ₹60 crore order (plus taxes) from a domestic client, with execution slated within eight months. The scope covers design, engineering, manufacturing, supply and erection of a pre-engineered steel building system.
EMS has been declared L1 bidder by UP Jal Nigam (Urban) for two major projects in Varanasi, valued at ₹143 crore and ₹64 crore (ex-GST). The first project involves laying sewer networks and house connections across 18 wards, including Durgakund, Nariyan, Sarainandan, Jolha Northan and Bhelupur, to be executed on a turnkey basis within 24 months.
BEML secured a ₹590 crore order from the ministry of defence for the supply of trawl assemblies, marking a significant win in its defence portfolio.
Premier Explosives secured a ₹350.23 crore export order for the supply of defence products to an international client, with execution scheduled over two years. The contract underscores the company’s growing global presence in defence manufacturing and strengthens its export capabilities.
KNR Constructions received ₹130.10 crore from NHAI under settlement agreements signed on 30 March 2026, facilitated by the conciliation committee of independent experts (CCIE). The payout includes a principal claim of ₹91.79 crore and interest of ₹38.31 crore. Breakdown by project: Madurai–Ramanathapuram (NH 83): ₹72.20 crore principal + ₹35 crore interest. Pollachi–Coimbatore (NH 83): ₹19.59 crore principal + ₹3.31 crore interest.
PNC Infratech emerged as the L1 bidder for two NHAI highway projects in Uttar Pradesh, with a combined bid project cost of ₹3,483 crore. Barabanki–Mustafabad (NH 83): 4‑lane highway, quoted cost ₹1,728 crore. Mustafabad–Biswariya (NH 83): 4-lane highway, quoted cost ₹1,755 crore.
GR Infra projects signed an EPC agreement with NTPC Ltd for the implementation of a battery energy storage system (BESS) at the Mouda super thermal power station. The contract, executed on 23 April 2026, is valued at ₹413.37 crore (exclusive of GST) and is scheduled for completion within 15 months from the appointed date. Near Tumlingtar, Sankhuwasabha district, Nepal, about 264km from Siliguri (India).
Cipla received final US FDA approval for its Albuterol Sulfate(AB) inhalation aerosol, the first AB-rated generic Ventolin HFA (albuterol sulfate). The inhaler treats and prevents bronchospasm in patients aged four and above, including exercise induced cases. The US albuterol inhaler market is valued at US$1.5bn (billion) (IQVIA), offering Cipla a strong growth opportunity.
Symphony received a favourable GST order dated 22 April 2026, reducing its demand for FY17-18 to just ₹28,162 from the earlier ₹2.65 crore. The ruling drops interest liabilities of ₹2.64 crore, previously raised in February 2024.
Mergers/Acquisitions / Fund-raise / Stake Sale
Bank of Maharashtra board has approved plans to raise up to ₹7,500 crore via qualified institutional placement (QIP), Follow-on Public Offer (FPO), rights issue, or bonds to strengthen its capital base. Additionally, it will issue ₹10,000 crore long-term infra bonds in FY26-27 and raise up to US$500mn through foreign currency bonds to diversify funding.
Jio Financial Services allotted 25 crore equity shares to promoter group entities following the conversion of preferential warrants. The stakeholders’ relationship committee approved the allotment at a face value of ₹10 each with a premium of ₹306.50 per share, translating to a 30% premium over the current market price of ₹235. Shares were allotted to Sikka Ports & Terminals Ltd and Jamnagar Utilities & Power, part of the earlier 50 crore warrant issuance announced in September 2025.
APL Apollo Tubes issued ₹200 crore commercial paper at an interest rate of 6.12%, allotted on 21 April 2026 and maturing on 15 June 2026 (55-day tenure). The instrument, identified by ISIN INE702C14CX0, was issued in favour of UTI Liquid Fund and carries a [ICRA] A1+ rating, reflecting a high degree of safety on timely payment obligations. APL Apollo Tubes issued ₹100 crore commercial paper carrying an interest rate of 6.15%, allotted on 22 April 2026 and maturing on 25 June 2026 (64-day tenure). The instrument, identified by ISIN INE702C14CY8, was issued in favour of Kotak Mahindra Bank Ltd and rated [ICRA] A1+, reflecting a high degree of safety. The paper will be listed on the Bombay Stock Exchange (BSE), providing investors with secondary market trading opportunities.
Samvardhana Motherson International completed the merger of its indirect subsidiaries Modulos Ribera Alta SL (MRA) and Celulosa Fabril SA (CEFA). The merger was registered at the commercial register of Zaragoza, Spain. MRA’s assets have been consolidated into CEFA through universal succession. MRA turnover: €92.29mn and CEFA turnover: €81.59mn. CEFA engages in processing, manufacturing and selling plastic materials, industrial & consumer products and technical services. MRA was similarly involved in plastics processing and technical services.
Amber Enterprises India completed the rights issue allotment for its subsidiary IL JIN Electronics (India) on 21 April 2026. Amber subscribed to 12,46,430 equity shares, representing an investment of ₹296.02 crore. Pre-allotment holding: 48,51,810 equity shares. Post-allotment holding: 60,98,240 equity shares.
Delta Corp approved the acquisition of 74% stakes in Easymile Parking Solutions & Management Pvt Ltd (EPSMPL) and Shanta Infratech Pvt Ltd (SIPL), executed via its wholly-owned subsidiary Marvel Resorts Pvt Ltd (MRPL). Both deals, valued at ₹2,84,600 each for 28,460 equity shares, will be completed in cash before 5 May 2026.
Concord Enviro Systems, via its subsidiary Concord Enviro FZE, invested US$574,999.65 to acquire 1.28mn preferred shares (2.87% stake) in WaHa Inc, a California-based clean tech firm. The move strengthens Concord’s capabilities in atmospheric water generation and energy efficient cooling solutions, targeting water scarce regions and industrial applications.
Coforge completed the acquisition of Encora, first announced in December 2025, securing a US$550mn three-year loan at 4.6% fixed interest to fund the purchase, thereby cancelling earlier plans for a QIP. The first repayment is due in six months. Encora’s numbers will be integrated from 1 May 2026, with FY26-27 results reflecting 11 months of operations.
Balrampur Chini Mills approved a ₹450-crore fund-raise via a preferential issue of 93.16 lakh equity shares at ₹483/share. The issue will see participation from promoters, promoter group entities and institutional investors including Tata Small Cap Fund, ICICI Prudential funds and Category III alternate investment funds (AIFs). The board also cleared debt raising and capex revisions, signalling a broader strategic push. This move strengthens the company’s capital base and growth readiness in the sugar and allied businesses.
Earnings
PNB Gilts reported a sharp earnings decline in Q4FY25-26, with net profit falling 82.7% y-o-y to ₹13.0 crore versus ₹75.0 crore last year. Revenue from operations remained flat at ₹424.1 crore, compared to ₹418.8 crore in Q4FY24-25, reflecting muted top-line growth during the quarter.
Groww’s parent Billionbrains Garage Ventures posted a strong Q4FY25-26 performance, with net profit rising 122% y-o-y to ₹686.4 crore versus ₹309.1 crore last year. Revenue from operations grew 88% y-o-y to ₹1,505.4 crore, compared to ₹801.0 crore in Q4FY24-25, reflecting robust business expansion.
360 ONE WAM reported Q4FY25-26 profit after tax (PAT) of ₹292 crore, up 16.8% y-o-y from ₹250 crore. Revenue stood at ₹780 crore, marking an 18.5% y-o-y increase versus ₹658 crore in the prior year.
Transformers and Rectifiers (India) posted Q4FY25-26 net profit of ₹77.5 crore, up 1.1% y-o-y from ₹76.6 crore. Revenue from operations rose 16.2% y-o-y to ₹752.3 crore, compared to ₹647.3 crore in Q4FY24-25.
Persistent Systems posted Q4FY25-26 consolidated net profit growth of 21% quarter-on-quarter (q-o-q) and 34% y-o-y. Revenue from operations stood at ₹4,055 crore, marking 25% y-o-y surge, driven by robust demand across digital engineering and technology services.
Yes Bank reported Q4FY25-26 net profit of ₹1,068 crore, up 44.7% y-o-y. Net interest income (NII): ₹2,638 crore, up 15.9% y-o-y. Net interest margin (NIM): 2.7%, an improvement of 20bps (basis points). Operating profit: ₹1,618 crore, up 23.1% y-o-y. Cost-to-income-ratio: improved to 63% from 67.3% last year.
Tech Mahindra reported FY25-26 revenue of ₹56,815 crore, reflecting 7.2% y-o-y growth, supported by broad-based demand across digital and engineering services. PAT stood at ₹4,811 crore, up 13.2% y-o-y, highlighting improved operational leverage and margin discipline.
Sangam (India) reported Q4FY25-26 revenue of ₹883.92 crore, up 20.4% y-o-y from ₹734.30 crore. PAT surged to ₹32.88 crore, compared to ₹9.52 crore in Q4FY24-25, marking an impressive 245% y-o-y growth.
Havells India posted Q4FY25-26 revenue of ₹6,705.20 crore, up 2.5% y-o-y from ₹6,543.56 crore. PAT stood at ₹723.39 crore.
Aditya Birla Sun Life AMC posted Q4FY25-26 revenue of ₹458.2 crore, up 6.8% y-o-y from ₹428.8 crore. Net profit fell 18% y-o-y to ₹187.1 crore, despite earnings before interest, taxes, depreciation and amortisation (EBITDA) rising 9.2% to ₹266.4 crore with margins improving to 58.1%.
Tips Music delivered a strong Q4FY25-26 performance with net profit rising 92.9% y-o-y to ₹59.1 crore versus ₹30.6 crore last year. Revenue from operations grew 32.5% y-o-y to ₹103.9 crore, compared to ₹78.5 crore in Q4FY24-25.
Wendt India Ltd reported a weak Q4FY25-26 with net profit down 40.3% y-o-y to ₹7.46 crore versus ₹12.47 crore last year. Revenue from operations fell 18% y-o-y to ₹57.83 crore, compared to ₹70.49 crore in the prior period.
Adani Green Energy Ltd reported a strong Q4FY25-26 with net profit up 72.6% y-o-y to ₹397 crore versus ₹230 crore last year. Revenue from operations rose 14% y-o-y to ₹3,502 crore, compared to ₹3,073 crore in Q4FY24-25. Growth was driven by steady power generation and capacity additions.
Atul posted a strong Q4FY25-26 with net profit up 66% y-o-y to ₹210 crore versus ₹127 crore. Revenue rose 15% y-o-y to ₹1,670 crore, supported by demand across segments. EBITDA climbed 25.7% to ₹280 crore, margin expanding to 17% versus 15.4%, aided by cost efficiencies. Higher other income (₹90 crore) and employee provision reversal (₹24.38 crore) added incremental gains, lifting profitability; shares rose 2.3% to ₹6,881.50 post-results.
Choice International reported a strong Q4FY25-26 with revenue up 18.6% y-o-y to ₹306 crore versus ₹253 crore last year. Consolidated net profit rose 26.7% y-o-y to ₹67.8 crore, compared to ₹53.5 crore in Q4FY24-25. The results highlight broad-based growth in top-line and profitability.
The decline reflects soft demand and margin compression impacting performance.
Top gainers and losers of the major indices for the week are given in the table below:
