Moneylife’s market breadth indicators maintained their position of neutral strength territory this week. The trends of the major indices in the course of the week's trading are given in the table below:
News
Insurance regulatory and development authority of India (IRDAI) released a consultation paper proposing lower commission caps across health, motor, life and credit-linked insurance products, tighter expenses of management limits for insurers and measures to curb mis-selling and compulsory bundling, which triggered a sharp market reaction as shares of PB Fintech (Policybazaar parent) and Turtlemint declined significantly on 24 September 2026, amid concerns over reduced distributor earnings. T proposals remaining open for public feedback until 25 October 2026.
Fortis Healthcare’s promoter shareholder Northern TK Venture Pte Ltd filed an appeal with the Tokyo High Court against the Tokyo District Court’s 10 September 2026 judgement in its dispute with Daiichi Sankyo. The dispute had affected mandatory tender offer approvals related to IHH Healthcare’s acquisition of Fortis.
Balaji Amines commenced commercial production at its acetonitrile plant in Solapur (Maharashtra), after increasing capacity to 1,440TPA (tonnes per month) from 24 September 2026. The expansion was part of the company’s ongoing production and modernisation programme.
GR Infraprojects filed a writ petition with the Madhya Pradesh High Court, Indore, challenging a goods and services tax (GST) department show-cause notice issued under the Central GST and Madhya Pradech GST Acts. The company said no pending litigation involved its key managerial persons (KMPs), promoter or controlling entities in the matter.
Adani Power received national company law tribunal (NCLT) Mumbai bench approval for the amalgamation of Vidarbha Industries Power into the company. The scheme had an appointed date of 1 April 2025 and remained subject to completion of procedural requirements before becoming effective.
Kalpataru Projects International’s step-down subsidiary, LinjemontageiGrästorp, commenced trading on Nasdaq Stockholm after an initial public offer (IPO) of 14,311,620 existing shares at SEK46 each. The issue valued Linjemontage at about SEK2.36bn (billion), with an over-allotment option potentially taking the offering to 16,458,363 shares.
Persistent Systems received the Databricks Brickbuilder Specialisation for BFSI, strengthening its capabilities in data and artificial intelligence (AI) solutions for financial institutions. The company highlighted applications across risk management, fraud detection, customer intelligence and governed GenAI solutions.
A recent media report on Oracle Financial Services Software highlighted stress on US$18bn of loans linked to parent Oracle’s Project Jupiter data-centre campus in New Mexico.
Ellenbarrie Industrial Gases commissioned a 325TPD (tonnes per day) air separation unit at Jai Balaji Industries’ Durgapur facility on 25 September 2026. The plant was set up under a 15-year onsite industrial gas supply agreement, with a take-or-pay structure providing recurring revenue.
Ashiana Housing management announced plans to invest ₹1,000 crore in FY26-27 towards land acquisition for housing and senior-living projects.
E2E Networks appointed Anand Ganapathy as chief revenue officer and senior management personnel with immediate effect. Mr Ganapathy brought over 27 years of experience in enterprise technology sales and revenue leadership, including senior roles at IBM, Dell Technologies and VMware.
Pine Labs partnered with Google Cloud to develop agentic commerce solutions for Indian merchants, including SMBs. The collaboration was set to use Google Cloud’s AI infrastructure and Pine Labs’ payment platform to support AI-driven product discovery, automated transactions and compliant digital commerce.
US Section 232 of pharmaceuticals tariffs was positive for Indian drug-makers. India was among 19 jurisdictions eligible for a 0% tariff rate on specialty drug classes.
Alkem Laboratories chief finance officer (CFO) and KMP Nitin Agrawal resigned to pursue new professional opportunities, with his last working day set for 30 September 2026. The company had not disclosed details of a successor.
Maruti Suzuki commissioned a 300kW (kilowatt) green hydrogen electrolyser plant at its Manesar facility as a pilot project to blend green hydrogen with natural gas for manufacturing processes. The company planned to use learnings from the pilot to expand green hydrogen adoption across its Haryana and Gujarat facilities.
Senores Pharmaceuticals responded to an NSE (National Stock Exchange) query on increased trading volumes, stating that it remained compliant with SEBI (Securities and Exchange Board of India) regulations and had no undisclosed or price-sensitive information requiring disclosure. The company also said there was no pending corporate action or announcement behind the recent trading activity.
Tega Industries said its indirect subsidiary, Moly-Cop Canada, received a favourable finding from the Canadian international trade tribunal in an inquiry into forged grinding media from China. The tribunal found that dumping and subsidising had not caused actual injury to the Canadian industry, while Canada was to collect anti-dumping and countervailing duties against the threat of injury.
Aditya Vision opened two new showrooms in Uttar Pradesh, taking its total store count to 212. The new outlets were opened in Sitapur and Lakhimpur Kheri as the company expanded its retail presence in the state.
Cohance Lifesciences completed a US food and drug administration (US FDA) inspection at its active pharmaceutical ingredient (API) facility in Jaggaiahpet (Andhra Pradesh) which resulted in five observations through a Form FDA 483. The company initiated corrective and preventive actions and said it would submit its response within the stipulated timeline.
Bharti Airtel received a ₹1.03 lakh penalty notice from the department of telecommunications (DoT) over alleged subscriber verification lapses identified during a July 2026 audit. The company decided not to challenge the notice and agreed to pay the penalty, with the financial impact limited to the fine.
OptiemusInfracom hit the upper circuit after the company announced a binding term sheet with Nothing Electronics to establish a joint venture (JV) for commercialising and selling CMF products, including mobile phones and sub-assemblies; Optiemus planned to acquire a 51.1% stake in the proposed JV, which was intended to build end-to-end smartphone research & development (R&D) and manufacturing capabilities in India. OptiemusInfracom increased its corporate guarantee to ₹100 crore from ₹50.07 crore for credit facilities availed or to be availed by its wholly-owned subsidiary Optiemus Electronics from IndusInd Bank. The guarantee was to be provided on an arm’s-length basis and would be treated as a contingent liability Transrail Lighting announced completion of phase-1 of its brownfield expansion at the Silvassa conductor manufacturing facility, raising capacity 70% from 24,000km (kilometres)/annum to 40,800km/annum.
Marine Electricals entered into a head of terms agreement with Maritime 3 group to develop and manufacture India’s first indigenous AIS base station with VDES (very high frequency data exchange system) technology. The partnership covered system engineering, prototyping, testing, validation and subsequent manufacturing for maritime communication applications.
Hikal commenced commercial production at its new cGMP (current good manufacturing practices) personal-care manufacturing facility in Panoli (Gujarat). The facility began producing personal-care products, with an initial focus on skincare and second-generation UV (ultra-violet) filters, marking the company’s entry into the beauty and personal-care segment.
Sterling and Wilson Renewable Energy received a CGST demand of around ₹27.72 crore, comprising an alleged tax shortfall of ₹13.86 crore and an equal penalty, plus applicable interest, for the November 2020-November 2021 period. The company was evaluating the order, while a substantial portion of the demand was covered under an indemnity agreement with promoters.
Syrma SGS Technology subsidiary, Syrma Johri MedTech, inaugurated a 120,000sqft (square feet) medical plastics and precision moulding facility in Jodhpur (Rajasthan). The facility covered injection moulding, extrusion, blow moulding and tooling for precision medical components and specialised tubing.
Stylam Industries commenced commercial production at its new Manak Tabra-2 laminate plant in Panchkula (Haryana). The ₹300 crore facility was funded through internal accruals and added 52.5mn (million) square meters of annual capacity, equivalent to 60,000TPA (tonnes per annum).
Embassy Developments signed an MoU (memorandum of understanding) for the sale of an entire residential tower at Embassy Terrazza in Juhu (Mumbai), for ₹711 crore to Dinesh Thakkar, founder, chairman and managing director of Angel One. The G+7 tower had a RERA (real estate regulatory authority) carpet area of 63,000sqft.
Man Industries (India) secured ₹600 crore in pipe supply orders from domestic and international clients, with the unexecuted order book at approximately ₹4,100 crore.
Pearl Global Industries followed the announcement of commissioning a new manufacturing facility in Bangladesh with 7mn pieces annual capacity, raising total installed capacity to around 108mn pieces.
Engineers India sought a waiver of ₹5.31 lakh in fines imposed by the National Stock Exchange (NSE) and the Bomaby Stock Exchange (BSE) for non-compliance with SEBI’s Regulation 17(1) on board composition for the quarter ended March 2026. The company said director appointments were controlled by the government and had requested Ministry of Petroleum and Natural Gas (MoPNG) to fill the vacancies, while the Exchanges said waiver consideration would follow after full compliance.
Kellton Tech Solutions addressed an NSE notice over delayed submission of its shareholding pattern under SEBI Regulation 31(1). The board reviewed the lapse and noted corrective measures, including tighter compliance monitoring and timely availability of required information.
JSW group entered electric commercial mobility with the launch of AMPSTAR, covering electric buses and trucks along with charging, financing, operations and after-sales support. Vehicles were to be manufactured at JSW’s 90-acre electric vehicle (EV) facility in AURIC, Chhatrapati Sambhajinagar, with an annual capacity of 15,000 vehicles.
Garware Hi-Tech Films signed an MoU with Lubrizol to jointly develop and manufacture advanced thermoplastic polyurethane-based film solutions in India. Skipper secured fresh orders worth ₹797 crore for power transmission & distribution (T&D) projects in India and overseas. The order inflow included transmission tower and monopole supplies for Australia and a domestic 765kV (kilovolt) transmission line project.
Cyient DLM renamed its US-based step-down subsidiary, Altek Electronics Inc, to Cyient DLM Electronics Inc. The company said the change was limited to branding, with no impact on ownership, operations, assets, liabilities, contracts or legal status.
Glenmark Pharmaceuticals received the establishment inspection report (ERI) from the US FDA for its Goa formulations facility, with the site classified as voluntary action indicated. The FDA inspection was conducted from 22nd June to 30 June 2026.
Intellect Design Arena expanded its partnership with Sri Lanka’s Cargills Bank which adopted Intellect’s Composable eMACH.ai core banking architecture. The platform was set to cover core banking, lending, trade finance and treasury operations as part of the Bank’s digital transformation.
Biocon received UK Medicines and Healthcare products Regulatory Agency (MHRA) approval for the new fill-finish unit for Semglee at its insulin manufacturing facility in Malaysia. The approval followed European Medicines Agency (EMA) clearance for the same line in July and supported insulin product supplies to the UK market.
Orders
Engineers India (EIL) secured a contract worth over US$450mn for a greenfield refinery and petrochemicals plant in Kenya for the Dangote group. EIL was appointed as the project management consultant and Engineering, Procurement, and Construction Management consultant for the project, which was planned around a 700,000bpd (barrels per day) refinery and petrochemicals facility.
Sterling and Wilson Renewable Energy secured domestic and international orders worth over ₹985 crore, including a 534.3MWp (megawatt-peak)solar project in Rajasthan and two battery energy storage system (BESS) projects totalling 616MWh (megawatt-hour) in South Africa. The Rajasthan order involved a balance of system package, while the South African projects marked repeat business from an existing developer relationship.
Oswal Pumps received a ₹297.50 crore order, including GST, from Telangana Renewable Energy Development Corporation for the design, supply, installation and commissioning of rooftop solar photovoltaic (PV) plants across 9,937 government schools in Telangana. The project had an aggregate capacity of 46,705kW and was to be completed within 180 days.
DilipBuildcon emerged as the L-1 bidder for a ₹1,265 crore, excluding GST, intra-state transmission project in Maharashtra. The 400KV Gas-Insulated Switchgear (GIS) Solapur/Paranda switching station was to be developed under a build-operate-own-transfer (BOOT) model, with construction and commissioning targeted within 24 months.
Tega Industries after its wholly-owned subsidiary Tega McNally Minerals secured a ₹126-crore contract from Kalpataru Projects International.
Pace Digitek rose after its material subsidiary, Lineage Power, received a ₹488.46 crore letter of award (LoA) from NTPC GE Power Services for the supply, commissioning and maintenance of 5.015MWh BESS containers. The contract included a 12-year comprehensive maintenance period.
GK Energy received a LoA from Maharashtra State Electricity Distribution Company Limited for developing a 150 MW/300MWh BESS project in Maharashtra under a viability-gap funding model. The project was expected to generate annual revenue of ₹42.84 crore, excluding GST, over a 15-year period from commercial operations and was to be commissioned within 18 months of signing the Battery Energy Storage Purchase Agreement.
Diamond Power Infrastructure received orders worth ₹116.49 crore from Polite Powertech for supplying around 655km of 11kV XLPE (Cross-Linked Polyethylene) power cables for underground distribution projects in Gujarat. Of the total, ₹79.83 crore of orders remained provisional pending the engineering-procurement-construction (EPC) contractor receiving the LoA from the end utility.
Skipper secured fresh orders worth ₹797 crore for power T&D projects in India and overseas. The order inflow included transmission tower and monopole supplies for Australia and a domestic 765kV transmission line project.
Pine Labs planned to deploy 1mn sound-boxes across India as part of its investment in digital payments infrastructure. The devices were designed to provide real-time payment confirmations along with remote management and software update capabilities.
JSW Energy’s wholly-owned subsidiary, JSW Thermal Energy, entered into a contract with Toshiba JSW Power Systems for two 800MW turbine generators for phase-2 of the Salboni thermal project in West Bengal. The order completed equipment procurement for the full 3,200MW project across four 800MW units.
Welspun Corp’s US subsidiary, Welspun Tubular, secured High-Frequency Induction Welded (HFIW) pipe order worth about US$412.5mn, or around ₹4,000 crore, for supply from its upgraded Little Rock facility. The order took the company’s global order-book to a record US$4.7bn, or approximately ₹45,000 crore.
Investment/ Acquisition / Stake Stale /Join Venture
Waaree Energies approved a draft scheme to merge Indosolar with itself, subject to regulatory, shareholder and creditor approvals. The merger was aimed at consolidating cell and module manufacturing, reducing compliance duplication and improving capital utilisation, with shareholders of Indosolar set to receive one Waaree share for every 11 Indosolar shares.
Cochin Shipyard (CSL) signed an agreement to acquire 23% stake in Netherlands-based Conoship International Holding for €2.30mn. The acquisition was expected to expand CSL’s presence in European maritime markets and support collaboration in ship design and alternative-fuel solutions.
Ramkrishna Forgings converted 34 lakh warrants into equity shares following receipt of ₹149.94 crore from promoter Chaitanya Jalan. The conversion increased the company’s paid-up equity share capital to ₹37.11 crore, with the newly issued shares ranking pari passu with existing shares.
Aimtron Electronics approved a preferential issue of up to 12,24,265 equity shares at ₹1,674.47 per share, aggregating ₹205 crore. The proceeds were proposed for acquisitions, working capital and general corporate purposes, subject to shareholder approval at the 22nd October extraordinary general meeting (EGM).
Dr Lal PathLabs approved the acquisition of 70% stake in SN Gene lab for up to ₹168 crore in cash, along with a performance-linked earn-out capped at ₹31.5 crore. The acquisition was expected to be completed by 30 November 2026, after which SN Gene would become a subsidiary.
TD Power Systems allotted 12.5 lakh equity shares at ₹600 per share on a preferential basis, aggregating ₹75 crore. The shares were allotted to Nikhil Kumar and Mohib Khericha following shareholder approval and in-principle approvals from BSE and NSE.
RR Kabel approved the acquisition of Usha Martin Cables’ optical fibre and related cable business from Usha Martin for ₹77 crore through a slump sale. UM Cables had reported FY25-26 turnover of ₹78.19 crore, with completion expected within 60 days of executing the business transfer agreement.
Kalpataru Projects International secured new orders worth around ₹2,025 crore across power T&D, buildings & factories and oil & gas businesses. The company’s FY26-27 year-to-date order intake stood at ₹13,219 crore, with an additional pipeline of over ₹12,000 crore.
Clean Max Enviro Energy Solutions appointed Vipin Balan as head-projects and approved the sale of 26% stakes in three wholly-owned subsidiaries to Strata Geosystems, Goodluck India and Nuvoco Vistas. The transactions were expected to be completed by 31 December 2026.
IIFL Finance allotted secured, listed and rated non-convertible debentures (NCDs) worth ₹130 crore through private placement. The debentures carried a 9.25% annual coupon, had a two-year tenor and were secured by a first-ranking pari-passu charge over specified loan receivables and current assets.
Lloyds Metals and Energy approved the allotment of 1,41,969 shares under its ESOP (employee stock option plan) 2017 and authorised NCD issuances of up to ₹600 crore and ₹950 crore. The company also planned to invest ₹140 crore and ₹50 crore to expand Direct Reduced Iron capacities at Ghugus and Konsari, taking total DRI capacity beyond 900,000MTPA.
DilipBuildcon agreed to divest its stake in 10 solar SPVs to Alpha Alternatives, involving a project cost of around ₹6,263 crore and an enterprise value of about ₹6,829 crore. The 1,363MW portfolio across Madhya Pradesh was part of the company’s asset-light strategy and was expected to commence operations by September 2027.
Indian Oil Corporation approved an investment of ₹2,448.70 crore for the 424.65km Kochi-Kanyakumari-Thoothukudi natural gas pipeline. The project was designed with a capacity of 6.84MMSCMD (million metric standard cubic meters per day), including 1.71MMSCMD of common carrier capacity.
Euro Pratik Sales approved the acquisition of a controlling 56% stake in Fabwood Solutions LLP for ₹42.70 crore, including ₹8.40 crore capital infusion. The deal was expected to expand its presence in south India and strengthen its product portfolio in engineered wood and surface decorative solutions.
Prime Focus backed Brahma AI raised US$150mn through a preferred share issue led by Multiples Alternate Asset Management which invested US$100mn. The company also secured an additional US$100mn of investor interest to fund R&D, global expansion and its enterprise audiovisual AI platform.
Minda Corporation approved issuance of NCDs worth up to ₹500 crore through private placement and the incorporation of a wholly-owned subsidiary in China with an investment of up to US$1mn. The board also authorised the sale of its 29.5% investment in EVQ Point Solutions through Spark Minda Green Mobility Systems.
AXISCADES Technologies allotted 20,000 secured, redeemable NCDs of ₹1 lakh each through private placement, aggregating ₹200 crore. The NCDs were unrated and unlisted and were issued under terms approved by the board.
Himadri Speciality Chemical, through its subsidiary Trancemarine, divested 34% of its stake in Sturdy Niketan while retaining 65%, leaving the entity as a subsidiary. The transaction was expected to be completed within 10 days and was part of the company’s asset portfolio optimisation.
Motilal Oswal Financial Services approved issuance of secured, rated and listed NCDs worth up to ₹900 crore through private placement. The bonds would have a tenure of three years and 26 days and would be secured by a first-ranking pari passu charge over eligible receivables.
Balrampur Chini Mills received a ₹75 crore grant from BIRAC under the government’s BioE3 initiative to establish a 100 Tonnes Per Annum Polylactic Acid co-polymer R&D facility in Uttar Pradesh. The facility was intended to develop specialised PLA grades and generate process data for scaling up commercial manufacturing.
Natco Pharma approved a ₹1,279.36 crore rights issue of 1,70,58,082 equity shares at ₹750 per share. The issue was structured in a 2:21 ratio, with the record date set for 1st October and the issue scheduled from 12 October to 22 October 2026.
Top gainers and losers of the major indices for the week are given in the table below:
