Moneylife’s market breadth indicators began the week in neutral territory before slipping into emerging strength, where they remained for the rest of the week. The movement has been flattish, reflecting a market that is struggling to build conviction, despite headline resilience. The trends of the major indices in the course of the week's trading are given in the table below
News
Glenmark Pharmaceuticals Inc, USA has launched Lacosamide injection USP, 200mg/20mL (10mg/mL), single dose vials, bio-equivalent to Vimpat® injection (UCB Inc, NDA 022254). According to IQVIA MAT April 2026 data, Vimpat® injection recorded annual US sales of about US$15.2mn (million). This launch strengthens Glenmark’s injectable portfolio in US and supports its strategy to meet evolving neurology treatment needs.
Texmaco Rail & Engineering announced a restructured joint venture (JV) with Touax Rail India Ltd and newly inducted partner Trinity Rail Global Inc (subsidiary of Trinity Industries, Inc), formalised through an amended and restated JV agreement on 2 June 2026. Texmaco’s stake in Touax Texmaco Railcar Leasing Pvt Ltd (TTRL) reduces from 50% to 34%, while Trinity Rail enters with a 32% stake, alongside Touax. TTRL will act as a global railcar leasing platform, targeting India’s ₹3 lakh crore freight rail ecosystem.
JBM Auto reinforced its leadership in India’s electric bus market, capturing a 49% market share in May 2026, according to Vahaan portal data. It registered 157 electric buses, the highest in the industry for the month. Market share surged from 33% in April to 49% in May, reflecting strong execution and rising adoption of JBM’s electric mobility solutions.
Rajesh Exports’ story is now at the centre of one of India’s most extraordinary regulatory allegations. Over five financial years, the Bengaluru-based gold jewellery company reported ₹15.15 lakh crore in consolidated revenues — a figure larger than the annual GDP of most countries. According to the Securities and Exchnage Board of India (SEBI), however, 99.8% of this top-line was fabricated, pointing to what the regulator describes as “a coordinated pattern of financial misrepresentation, concealment and regulatory noncompliance extending across multiple financial years.”
Godrej Properties (GPL) acquired a 23.2-acre residential land parcel in the DMIC integrated township (Greater Noida), through an e-auction conducted by DMIC Integrated Industrial Township Greater Noida Limited. The development is projected to generate revenue potential exceeding ₹7,000 crore, with plans to launch a premium residential group housing project offering varied apartment configurations. Strategically located within the 750-acre DMIC township, the site benefits from smart plug and play infrastructure, robust connectivity via the Eastern Peripheral Expressway, Noida Greater Noida Expressway and proximity to the upcoming Noida International Airport at Jewar.
Minda Corporation reported a fire incident at its Noida manufacturing facility. The company confirmed that no casualties or injuries occurred, with emergency response procedures promptly activated and the situation brought under control by local fire authorities. Minda is now working closely with local and state authorities to restore normalcy, while the cause of the fire remains under investigation.
Wockhardt achieved US food and drug administration (US FDA) approval for ZAYNICH™ (cefepime + zidebactam), its novel intravenous antibiotic for adult patients with complicated urinary tract infections (cUTI), including pyelonephritis. This marks the first new chemical entity (NCE) fully developed and commercialised by an Indian pharma company to receive US FDA approval — a milestone in India’s innovation journey. ZAYNICH™ combines a 4th‑generation cephalosporin (cefepime) with zidebactam, synergistically targeting multiple penicillin-binding proteins to deliver potent bactericidal activity against multidrug-resistant Gram-negative bacteria.
Adani Green Energy Limited (AGEL) successfully operationalised a 50MW (megawatt) solar project at Khavda (Gujarat), further strengthening its renewable energy (RE) portfolio. With this commissioning, AGEL’s total operational renewable generation capacity has reached 19,835.8MW, consolidating its position as India’s largest RE player. In addition, the company now operates a battery energy storage system (BESS) capacity of 3,366MWh (megawatt-hour), underscoring its integrated approach to renewable generation and storage.
Hyundai Motor India reported that a fire at the Irrungattukottai facility of its supplier Mobis India Ltd may cause a temporary disruption in production operations. The incident occurred in late-afternoon, with the company confirming that no fatalities were reported. Mobis India supplies audio components and other automotive parts to Hyundai, making this disruption potentially significant for the auto-maker’s supply chain. Both Hyundai and Mobis teams are working together to assess the extent of damage and restore normalcy, while investigations into the cause of the fire are underway.
Enforcement directorate (ED) conducted search operations against Vedanta group on 2 June 2026, under the Foreign Exchange Management Act (FEMA). Officials confirmed that the searches were underway at the time of reporting, but no further details regarding the locations searched or the nature of alleged violations were disclosed. ED has not yet issued a detailed statement on its findings and Vedanta group has also not provided an immediate response.
TACC Limited, a wholly-owned subsidiary of HEG, entered into an MoU (memorandum of understanding) with the Institute for Functional Intelligent Materials (IFIM) at NUS, establishing a framework for long-term collaboration in advanced materials science and nanotechnology. The partnership combines TACC’s industrial and commercialisation capabilities with NUS I FIM’s globally recognised scientific research expertise, aiming to accelerate the development, validation and commercialisation of next-generation technologies. Focus areas include graphene applications and other functional nano-materials.
Hindustan Unilever (HUL) inaugurated the Unilever Fragrance Hub (UFH) in Mumbai, marking a pivotal step in its global innovation strategy. The Mumbai hub is the third globally after the UK and US, and is part of Unilever’s €100mn investment programme to strengthen in-house, digitally-enabled fragrance creation capabilities. Located at the IIT Bombay campus, the facility integrates consumer insights, advanced science and artificial intelligence (AI)-driven innovation to accelerate product development and enhance consumer experiences.
Anant Rajsigned a ₹25,000-crore MoU with the Haryana Enterprises Promotion Centre to develop data centre and cloud services in Haryana, marking one of the largest private digital infrastructure commitments in the state.
Firstsource Solutions reported major efficiency gains following its partnership with AppliedAI, moving from pilot to production deployments in healthcare and education. The collaboration, initiated in November 2025, has delivered processing time reductions of over 95% and boosted throughput up to tenfold. Real world applications include healthcare provider data management and education admissions, where the AI-driven solutions have transitioned from theoretical commitments to measurable outcomes.
Varroc Engineering announced strategic cooperation with Suzhou Tolyy Optronics to supply and localise next-generation digital cockpit and display solutions for global vehicle platforms. The partnership is structured to leverage Tolyy’s advanced display technologies and engineering support, while Varroc will oversee integration, validation and manufacturing processes. This collaboration is designed to strengthen Varroc’s offerings across passenger and commercial vehicle platforms, aligning with the industry’s shift toward digital cockpit innovation and automotive display localisation.
Granules India announced that its US subsidiary, Granules Pharmaceuticals Inc (GPI), Chantilly (Virginia), has received the establishment inspection report (EIR) from the US FDA, with a voluntary action indicated (VAI) classification. The inspection, conducted between 30 March and 3 April 2026, resulted in four Form-483 observations. The VAI outcome indicates that, while issues were noted, they are not significant enough to warrant regulatory action and the facility remains compliant for ongoing operations.
Natco Pharma, along with alliance partner Lupin, has received US FDA approval for Natco’s abbreviated new drug application (ANDA) for Eribulin Mesylate injection, 1mg/2mL (0.5mg/mL) single dose vials. The product is bio-equivalent to Halaven® (Eisai Inc), indicated for metastatic breast cancer in adults who have received at least two prior chemotherapeutic regimens Unresectable or metastatic liposarcoma in patients previously treated with anthracycline containing regimens. According to IQVIA MAT April 2026 data, Halaven® had annual US sales of US$43.7mn.
Bliss GVS Pharma announced that its manufacturing facility in Vevoor Village (Palghar, Maharashtra) has been confirmed to comply with WHO (World Health Organization) good manufacturing practices (GMP) standards, following the receipt of an inspection closure report from WHO, Geneva.
John Cockerill India secured a major contract from JSW Vijayanagar Metallics Ltd for a cold rolled non oriented (CRNO) electrical steel project. Together with its subsidiary John Cockerill Metal International SA (JCMI), the scope includes design, engineering, supply, erection supervision and commissioning of two annealing & coating lines (ACL 1 & ACL 2) and one annealing & pickling line (APL). The total contract value is estimated to be between ₹1,250 crore and ₹1,300 crore.
Alkem Laboratories become the first company in India to launch semaglutide in single-shot pre-filled syringes, priced from ₹350, aiming to make therapy more affordable and convenient for patients. It has secured drugs controller general of India (DCGI) approval to manufacture and market this format for type-2 diabetes mellitus and obesity, as an adjunct to diet and exercise. This marks a significant expansion of Alkem’s portfolio, which already includes semaglutide injection pens introduced in March 2026.
Black Box and AIONOS have announced a strategic alliance to accelerate enterprise AI transformation, combining Black Box’s digital infrastructure expertise with AIONOS’s applied AI platforms. The partnership will be spearheaded globally by CP Gurnani and Sanjeev Verma, focusing on driving digital impact across enterprises and hyperscalers. Together, the companies aim to help organisations build, deploy and manage AI solutions with embedded security and resilience, integrating infrastructure with domain-led AI capabilities.
Wipro announced that its step-down subsidiary, Wipro IT Services, LLC, will acquire an additional 20% stake in Aggne Global Inc, with the transaction expected to close by 5 June 2026. This builds on Wipro’s earlier acquisition of a 60% stake in Aggne Global IT Services Pvt Ltd and Aggne Global Inc, completed on 14 February 2024 and disclosed the following day.
Infosys expanded its strategic collaboration with DNB Bank ASA, Norway’s largest bank, to modernise financial crime (FinCrime) operations through the deployment of the NICE Actimize X Sight Enterprise platform. This initiative represents a major step in DNB’s digital transformation journey, replacing fragmented legacy systems with a unified, intelligence-driven cloud native platform.
Gujarat Fluorochemicals (GFCL) has incorporated a new step-down subsidiary, GFCL EV New Age Materials SAOC, in Oman as a closed joint stock company for manufacturing and trading of battery chemicals, aligning with GFCL’s strategy to expand in the EV materials sector. It is incorporated by GFCL EV Products Ltd, a material subsidiary of GFCL.
Ramco Cements received a favourable order from the original authority which has dropped the disputed excise duty of ₹1.60 crore related to levy on bagged cement based on maximum retail price (MRP). The dispute, disclosed earlier on 14 August 2023, is now fully resolved. Ramco has confirmed that no other similar excise duty disputes remain pending with statutory authorities.
Asian Energy Services has been empanelled by Oil India Ltd (OIL) to provide on-land 2D and 3D seismic data acquisition services across OIL’s onshore acreages in India. Empanelment valid for three years, covering multiple categories including large-scale seismic surveys.
Bajaj Electricals has announced its entry into the ‘Cables’ category under its lighting solutions segment, marking a strategic diversification move. Operations in this new product line will commence shortly, with the investment scale to be determined based on market opportunities, operational needs and business requirements.
Orders
Bharat Heavy Electricals Ltd (BHEL) has received a notification of award (NOA) from Meja Urja Nigam Pvt Ltd (MUNPL) for the engineering-procurement-construction (EPC) package of the 3×800MW Meja supercritical thermal power project (stage-2) in Prayagraj (Uttar Pradesh). The contract value exceeds ₹21,000 crore (ex-GST) and is, awarded via international competitive bidding. The scope includes full EPC responsibility design, engineering, manufacturing, supply, construction, erection, testing and commissioning.
Hindustan Construction Company Ltd (HCC) has won a ₹127-crore contract from Wangchhu Hydroelectric Power Ltd (WHPL), Bhutan, for diversion tunnels, hydro-mechanical gates and cofferdams, scheduled for completion in nine months.
Bajel Projects secured a ‘Mega’ EPC order for a 400/220/33kV (kilovolt) GIS sub-station in Mumbai, awarded by a data centre client. The scope covers design, engineering, procurement, supply, erection, testing, commissioning and performance testing, with commercial value classified between ₹300 crore–₹400 crore (inclusive of GST) under Bajel’s policy.
Power Mech Projects announced a ₹266.26-crore order from Adani Infrastructure Management Services, part of the Adani group, for operations & maintenance (O&M) services at the 2×300MW thermal power plant in Butibori (Maharashtra). The contract adopts a key performance indicator (KPI)-based service model, ensuring performance linked delivery standards. It spans 60 months, commencing 1 July 2026 and concluding 30 June 2031.
DEE Development Engineers secured new contracts worth ₹206.55 crore (ex-GST) from a public sector Maharatna EPC conglomerate in India’s power sector, according to its Exchange filing. The order involves the manufacturing and supply of critical piping assemblies, including the main steam package and hot reheat system, which are essential components for thermal power projects. The customer’s name has not been disclosed, due to commercial confidentiality.
Transrail Lighting announced fresh orders worth ₹575 crore across its key business segments, reinforcing its order-book and growth outlook. The inflow is led by power transmission & distribution (T&D) projects, including a marquee 500kV High-Voltage Direct Current (HVDC) transmission line contract, alongside product supply orders from international markets, a specialised civil construction project and pole supply contracts.
Suprajit Engineering’s GCM Division (formerly SCD) has reported strong contract wins in May 2026 following its strategic restructuring. The division secured new contracts worth US$12mn annually, with a lifetime value of US$75mn, across its plants in Matamoros (Mexico), Morocco, China and India. Notably, Suprajit clinched its largest ever EV cable contract from a North American auto major, valued at US$5.25mn/year and US$37mn lifetime, for the Matamoros facility. Additional wins include a US$2mn/year contract (US$12mn lifetime) from a European luxury OEM, a US$1.2mn/year contract (US$6mn lifetime) from a Japanese OEM and further orders from a leading Chinese EV manufacturer alongside new customers.
HG Infra Engineering’s wholly-owned subsidiary, HG Varanasi Kolkata PKG 10 Highway Pvt Ltd, has received the appointed date of 30 May 2026 from NHAI for a major Bharatmala pariyojana project. The contract, valued at ₹1,303.11 crore, involves constructing a six lane Greenfield highway spanning 35.6km from Deoria village to Donoreshan village in Jharkhand. The project will be executed on a hybrid annuity mode (HAM) basis, with completion targeted within 730 days.
Balu Forge Industries secured a defence contract to supply 30,000 units of 152mm artillery shells to a leading Indian energetics firm, with deliveries beginning in June 2026. The order carries scalability potential to exceed 100,000 shells and the agreement also integrates additional ammunition variants into the production pipeline, enabling the company to comprehensively address evolving artillery requirements.
Kalpataru Projects International (KPIL) (-0.25%) announced fresh order wins worth ₹2,002 crore, secured along with its international subsidiaries. The contracts span power transmission & distribution (T&D) projects in overseas markets, buildings & factories (B&F) projects in India and a Railways project in India.
Capacit’e Infraprojects been awarded a ₹589 crore civil contract (ex-GST) by Ten X Realty East Ltd, a subsidiary of Raymond Realty Ltd, for the project ‘The Address’ by GS – Wadala at Shastri Nagar (Wadala, Sion east, Mumbai). The scope covers civil core and shell works, received via a letter of intent (LOI) in the normal course of business. It clarified that this is part of its ordinary civil contracting operations, with no related-party transactions involved, as neither promoters nor group companies hold an interest in the issuing entity.
Anant Raj signed a ₹25,000-crore MoU with the Haryana Enterprises Promotion Centre to develop data centre and cloud services in Haryana, marking one of the largest private digital infrastructure commitments in the state.
Mergers/Acquisitions / Fund-raise / Stake Sale
Cupid announced the acquisition of 2.1mn equity shares through open market purchases, raising the promoter group’s holding to 46.24% of the company’s equity. Mr Halwasiya’s stake increased from 445,525,475 shares (33.13%) to 447,625,475 shares (33.29%), now consolidated at 46.24%, strengthening control and signalling confidence in the company’s trajectory.
Ceigall India announced the sale of its step-down subsidiary, Ceigall Malout Abohar Sadhuwali Highways Pvt Ltd (CMASH), to Neo Infra Income Opportunity Fund, managed by Neo Alternative Asset Managers Pvt Ltd, via a share purchase agreement (SPA) signed on 3 June 2026 for monetisation of a road infrastructure asset to strengthen capital allocation strategy and unlock value from operational projects, valued at approximately ₹177 crore (incl. cash surplus), subject to customary adjustments.
Marksans Pharma signed a definitive agreement to acquire 100% of QliniQ BV, a Netherlands-based pharmaceuticals company with established sales, marketing, and distribution operations in the Dutch healthcare market. The acquisition strengthens Marksans’ presence in regulated European markets and advances its forward-integration strategy by enabling direct market access within the European Union (EU). QliniQ’s portfolio spans women’s health, dermatology, respiratory care and other specialty categories. For FY24-25 (ended 31 December 2025), QliniQ reported €9.35mn revenue and €1.01mn net profit, underscoring its niche positioning and providing Marksans with a platform to expand in the European specialty pharma segment.
Tega Industries, in collaboration with Apollo Funds, has successfully completed the US$1.5bn (billion) acquisition of Molycop, a leading global supplier to the mining industry. The acquisition significantly enhances Tega’s product portfolio and market offering, enabling it to deliver greater value to customers worldwide.
Godawari Power & Ispat Ltd (GPIL) has increased its investment in its wholly-owned subsidiary Godawari New Energy Pvt Ltd (GNEPL) to ₹450 crore, following the allotment of 10 crore equity shares of ₹10 each (₹100 crore) on a rights basis on 4 June 2026. The funds will support capex and working capital for the establishment of a 20GWh (gigawatt-hour) BESS plant (phase-1). This marks a significant step in GPIL’s expansion into BESS, reinforcing its long-term strategy to diversify beyond steel into clean energy infrastructure.
Top gainers and losers of the major indices for the week are given in the table below:
