This week, Moneylife’s Market Breadth Indicators moved into emerging strength territory. This marks a subtle but notable change in market tone, as a growing number of stocks begin to trade above their 20-, 50- and 200-day EMAs (exponenential moving averages). While not yet indicative of full-fledged bullish conviction, the move suggests improving internal breadth and early signs of renewed participation across segments, after a prolonged consolidation phase.
The country's economic narrative is gaining renewed momentum, a sentiment recently affirmed by Fitch Ratings which elevated its forecast for India’s gross domestic product (GDP) growth in FY25-26 to 6.9%, up from 6.5%. This revision credits recent goods and services tax (GST) reforms with boosting consumption, a crucial driver of the domestic economy. Simultaneously, India is expanding its geopolitical options, considering a free trade agreement with the Moscow-led Eurasian Economic Union (EAEU). This pivot towards the bloc, which includes Armenia, Belarus, Kazakhstan and Kyrgyzstan, is evidenced by a sharp rise in bilateral trade with Russia in FY25-26, where exports grew 20.2% to Rs63,800 crore and imports climbed 33.6% to Rs2,85,000 crore. However, this strategic expansion is not without risk, as highlighted by Adani Ports & Logistics’ decision to bar vessels sanctioned by US, UK and the European Union (EU). This move aligns the private port operator with global sanction regimes, but underscores the intricate diplomatic and commercial trade-offs in an increasingly fragmented world.
The global monetary policy landscape is shifting, with the US at its epicentre. A sharp downward revision of US job gains by 911,000 positions between April 2024 and March 2025 has provided a clear signal of a cooling labour market. This fresh data point, combined with other weakening macroeconomic indicators, has strengthened the case for a swifter policy pivot by the Federal Reserve (the Fed). Futures markets are now almost fully pricing in a 25bps (basis points) rate cut at the upcoming September Federal Open Market Committee (FOMC) meeting, a move that would reduce the dollar’s yield advantage. The ripple effect is already being felt, with gold near record highs and Asian equities firming, as capital inflows are drawn toward higher-risk, higher-return emerging markets such as India.
This week’s developments illustrate how regulatory policy and consumer behaviour are creating opportunities as well as challenges for key sectors. The GST reforms, praised by Fitch, are a central catalyst, boosting the festive season’s advertising expenditure (AdEx) by an incremental Rs5,400 crore. This surge is buoying auto-makers, like Maruti Suzuki and Tata Motors, which, buoyed by strong bookings and the new GST framework, have raised their sales targets for FY25-26 by 5%–7%. However, the tax structure is not a panacea; fertiliser manufacturers continue to struggle with a mounting backlog of unused input tax credit (ITC), with the GST regime's structural imbalance straining their balance sheets.
In another regulatory tug-of-war, India’s telecom sector is facing a new layer of uncertainty as Bharti Airtel and Vodafone Idea weigh legal action against the department of telecommunications (DoT) over a fresh demand for adjusted gross revenue (AGR) dues totalling Rs9,545 crore. Meanwhile, the sector’s regulator, the telecom regulatory authority of India (TRAI), has raised concerns over affordability, questioning the discontinuation of low-cost prepaid plans by Jio and Airtel.
India's aspirations for technological self-reliance are taking shape, powered by targeted policy interventions. The electronics manufacturing scheme (ECMS) has successfully drawn over 150 investment proposals worth Rs19,000 crore, primarily from smaller firms, which signals a push for the formalisation and growth of the electronics supply chain. This effort builds on a foundation of significant success, with India’s electronics manufacturing output projected to have quadrupled over the past decade to Rs8.47 lakh crore in 2024–25. The government is now applying these lessons to the semiconductor industry, supported by a Rs22,190-crore incentive programme and Rs1.53 lakh crore in planned investment.
In the IT services sector, there is a distinct strategic shift as top firms, including Infosys and Tata Consultancy Services (TCS), have reduced their reliance on H1B visas by an average of 46% over five years, opting for greater onshore hiring and proximity to clients. Simultaneously, supply-chain vulnerabilities persist, as India’s auto sector continues to face delays in securing critical rare-earth magnets from China, forcing it to explore riskier alternative sources in Myanmar.
Investor behaviour this week presents a complex picture. Retail inflows into equity mutual fund schemes fell for the third consecutive month, dropping 21% to Rs6,606 crore in August, even as contributions via systematic investment plans (SIP) remained robust above Rs28,000 crore. This dichotomy suggests that, while new market entrants may be more cautious, existing investors are maintaining long-term commitments. Meanwhile, a more sophisticated class of investors is looking abroad: high net-worth individuals (HNIs) and family offices increased their overseas allocations by 70% in the June quarter to Rs1,346 crore, driven by a quest for diversification and stronger returns. The overall slowing of retail enthusiasm is also evident in the moderation of new demat account additions which dipped to 2.48mn (million) in August, down from 2.98mn in July, reflecting market volatility and a shift from speculative entry to sustained engagement.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Tata Communications partnered with Cisco to integrate its MOVE eSIM platform into Cisco’s Internet of Things (IoT) Control Center, enhancing global device connectivity across 200+ countries. This enables enterprises to manage multiple SIM-providers and networks with greater speed, control and flexibility. The collaboration supports over 270mn IoT SIMs across 32,000+ businesses.
NBCC signed a memorandum of understanding (MoU) with Nagpur Metropolitan Region Development Authority (NMRDA) to develop the 1,710-acre ‘Naveen Nagpur’ business district, with 1,000 acres allocated for core development and 710 acres reserved for future expansion. Envisioned as an international business & finance centre (IBFC), the project will be executed in three phases over 15 years and feature plug-and-play infrastructure including underground utility tunnels, district cooling systems and automated waste collection.
DEE Development Engineers commissioned an additional 15,000MT (metric tonnes) of manufacturing capacity at its Anjar facility in Kutch (Gujarat) doubling its total installed capacity to 30,000MTPA (metric tonnes per annum). Backed by a Rs1,335-crore order-book from marquee clients across oil & gas, power, chemicals and process industries, the expansion positions DEE for accelerated revenue growth and enhanced operational scale.
The Supreme Court reassigned a high-profile public interest litigation (PIL) against Vedanta (-2.49%) group companies to a new bench after justice K Vinod Chandran recused himself from the case. The PIL, filed by advocate Shakti Bhatia, cites the Viceroy Research report’s allegations of financial manipulation, price rigging and regulatory violations involving Vedanta Ltd, Hindustan Zinc Ltd (HZL) and Vedanta Resources. The report accuses Vedanta of diverting funds via inflated dividends and brand fees, failing to disclose related-party transactions and posing systemic risks to creditors. The petitioner has called for investigations by the Securites and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the ministry of corporate affairs (MCA), arguing that regulatory inaction could harm minority shareholders and public trust. The matter will now proceed before a different bench, with market observers and policy-makers watching closely.
ACME Solar placed a 2GWh (gigawatt-hour) battery energy storage system (BESS) order with Chuzhou Lishen, facilitated by POSCO International and China FAW group. The systems will be delivered in phases over six to 10 months and deployed across FDRE and stand-alone BESS projects, scheduled for commissioning within 12–18 months.
Dr Reddy’s Laboratories confirmed that the US food and drug administration (US FDA) completed a good manufacturing practice (GMP) inspection at its active pharmaceutical ingredient (API) Mirfield facility in West Yorkshire, UK, from 1- 5 September 2025. The inspection resulted in a Form 483 with seven observations which the company has committed to addressing within the prescribed timeline.
Adani Power and Bhutan’s Druk Green Power Corporation signed key agreements to jointly develop the 570MW (megawatt) Wangchhu hydroelectric project under a build-own-operate-transfer (BOOT) model, with an investment of Rs6,000 crore. Construction is expected to begin in early-2026, targeting completion within five years, and will help meet Bhutan’s winter energy demand while exporting surplus power to India.
HEG announced that LNJ Bhilwara group, an associate company acquired Statkraft’s 49% stake in Malana Power Company, making Bhilwara Energy the sole owner of two key Himachal Pradesh hydropower assets—Malana (86MW) and Allain Duhangan (192MW). The move aligns with Statkraft’s global strategy to exit India and refocus on scalable markets.
Bajaj Auto will reduce prices by up to Rs20,000 on motorcycles and Rs24,000 on three-wheelers starting 22nd September, fully passing on the GST cut benefit. The move aligns with the government’s revised 18% GST slab for sub-350cc bikes and all three-wheelers, boosting affordability ahead of the festive season.
Tata Power and Tata Passenger Electric Mobility launched Mumbai’s first large-scale electric vehicle (EV) charging hub near terminal-2 of the city’s airport, featuring eight fast DC chargers and 16 bays. Powered entirely by renewable energy, the mega charger serves private EVs, fleets and travellers across the Andheri–BKC–south Mumbai corridor.
Dabur’s NewU partnered with Unicommerce to unify its online and offline retail operations, enabling real-time inventory sync and seamless order fulfilment across 120+ stores and digital platforms.
Sun Pharma’s Halol facility was classified as ‘Official Action Indicated’ (OAI) by the US FDA after its June 2025 inspection, signalling significant CGMP non-compliance. The site remains under import alert, blocking US-bound shipments except exempted products needed during drug shortages. This status suggests potential regulatory action, unless corrective measures are implemented.
HAL signed a landmark SSLV( Small Satellite Launch Vehicle) technology transfer agreement with Indian Space Research Organisation(ISRO), NewSpace India Limited (NSIL) and Indian National Space Promotion and Authorisation Centre( IN-SPACe) marking its formal entry into end-to-end space launch services. Over the next two years, HAL will absorb and indigenise the SSLV technology, followed by a 10-year production phase to meet domestic and global demand. The pact empowers HAL to build, own and operate SSLVs, positioning it as a key player in India’s small satellite launch ecosystem.
Laxmi Organic Industries signed a five-year global sourcing agreement with Hitachi Energy to supply eco-efficient gas for SF6-free high-voltage switchgear, committing Rs75 crore in capital expenditure (capex). The deal spans domestic and international operations, positioning Laxmi Organic as a key player in sustainable electrical materials.
Veranda Learning demerged its commerce vertical into a new entity, JK Shah Commerce Education Limited, under its ‘Veranda 2.0’ strategy to sharpen focus on finance and accounting test prep, including Certified Public Accountant, and Chartered Financial Analyst courses. Ahead of the spin-off, it acquired the remaining 24% in Veranda XL Learning Solutions, consolidating brands like JK Shah Classes, BB Virtuals, Navkar Digital Institute, Tapasya College of Commerce and Logic School of Management under one independent platform.
Gautam Adani’s efforts to settle US fraud and bribery charges have stalled, with talks losing momentum amid heightened US-India tensions over trade, Russian oil and regional conflicts. US prosecutors continue to pursue a criminal case tied to an alleged US$250mnmillion bribery scheme, alongside a parallel Securities Exchange Commission (SEC) civil suit, leaving the Adani group facing a prolonged regulatory overhang that hampers overseas deals and financing.
SpiceJet settled with Carlyle Aviation Partners, unlocking US$89.5mnmillion in liquidity—US$79.6mn in cash maintenance reserves and US$9.9mn in credits to offset lease dues. The pact restructures US$121.18mn in lease obligations via a US$50mn equity issuance, with any share-sale proceeds above that threshold partly offsetting future lease payments. The deal is positioned as a key step in SpiceJet’s balance sheet repair and ongoing restructuring drive.
Orders
ACME Venus Urja, a subsidiary of ACME Solar Holdings, secured Rs3,892 crore in 19-year project financing from State Bank of India (SBI) for a 400MW firm and dispatchable renewable energy project in Barmer (Rajasthan). Contracted with National Hydroelectric Power Corporation Limited (NHPC)at Rs4.64/unit, the solar-plus-BESS facility will deliver steady, dispatch-able green power, marking SBI’s first funding in ACME’s FDRE portfolio and the company’s largest loan from the Bank to date.
Kalpataru Projects International (KPIL), along with its overseas subsidiaries, bagged Rs2,720 crore in new engineering-procurement-construction (EPC) orders across power transmission & distribution (T&D) projects in India and abroad, and buildings & factories (B&F) contracts domestically. With these wins, FY25-26 order intake has reached Rs12,620 crore, bolstering KPIL’s pipeline across core verticals and reinforcing its presence in domestic T&D and repeat B&F mandates from private developers.
Prostarm Info Systems bagged Rs158.68 crore contract from the Maharashtra home department to supply, install, commission and maintain Crime and Criminal Tracking Network and Systems (CCTNS) IT infrastructure across police establishments. Part of the national e-governance plan, the project will enhance integrated policing capabilities, marking a major public-sector tech milestone for the power and IT solutions-provider.
Vikram Solar secured a 336MW order from L&T Construction to supply advanced Hypersol G12R modules for Gujarat’s Khavda Renewable Energy Park. These N-type modules offer high bifaciality and low degradation, improving system efficiency and lowering energy costs. Deliveries are scheduled from November 2025 to March 2026.
SPML Infra, in joint venture (JV) with JWIL Infra, has won a Rs1,438-crore water infrastructure project under the Jal Jeevan Mission in Rajasthan. The project will benefit over 1.5mn residents across Dholpur and Saipau blocks, with extensive pipeline, reservoir and treatment plant development. SPML holds a 51% lead share in the contract.
HFCL Limited secured export orders worth US$40.65mn (Rs358.38 crore) through its overseas subsidiary for supplying customised optical fibre cables. The contracts, awarded by international clients, are scheduled for execution by April 2026.
Sterling and Wilson Renewable Energy (SWREL) (+0.30%) received a Rs415-crore letter of intent (LoI) from a private independent power producer (IPP) for a 300MW AC/ 420MWp DC solar photovoltaic (PV) project in Rajasthan. The contract includes BOS(balance of system) EPC scope and a 220/33kV (kilovolt) pooling substation, marking SWREL’s first private IPP win this fiscal.
RailTel secured a Rs18.56-crore contract from IRCTC to provide comprehensive cyber security intelligence services over a three-year period. The project includes annual payments, a 5% performance bank guarantee and is scheduled for execution until 30 September 2028.
Waaree Renewable Technologies received a Rs1,252.43 crore EPC contract from Waaree Forever Energies for an 870MWac /1218 MWp solar project. The scope includes substation and transmission infrastructure, plus two years of operations and maintenance (O&M), with execution targeted for FY26–27.
MTAR Technologies secured a US$43.87mn (Rs386 crore) clean energy order from Bloom Energy, reinforcing its leadership in the fuel cell segment. The phased execution includes Rs205 crore by March 2026 and Rs181 crore by June 2026, supporting MTAR’s FY25-26 growth guidance. This win builds on MTAR’s export-oriented manufacturing strength and long-term original equipment manufacturer (OEM) partnerships in the clean energy space.
Rajesh Power Services (RPSL) secured a Rs143.11-crore turnkey contract from DGVCL to convert 11/22kV high-tension (HT) networks to underground cables across Valsad and Surat rural zones. The 18-month project, awarded under the system improvement scheme, aims to modernise Gujarat’s power infrastructure and enhance distribution reliability. With no promoter group involvement or related-party ties, the deal reinforces RPSL’s execution credibility and governance standards
Premier Explosives secured a Rs7.83-crore order from the ministry of defence for advanced counter measures, with delivery slated over the next 12 months. This adds to Premier’s Rs989 crore order-book, 87% of which is defence-linked, supporting strong revenue visibility through FY25-26.
Investment/ Acquisition / Stake Stale
Cupid Limited signed a term-sheet to acquire a strategic stake in Mansam, a Saudi Arabian luxury fragrance brand, via a fund managed by GII Investment Management. The move marks Cupid’s entry into the Middle Eastern lifestyle segment, tapping into rising demand for premium fragrances. Mansam, founded in 2022, aims to build a global footprint in high-end perfumery.
Natco Pharma offered ZAR 75 per share to acquire minority-held shares in Adcock Ingram, valuing the deal at ZAR 4bn (billion) (US$228mn). If approved on 9 October 2025, Adcock will be delisted from the JSE by 11th November, with Natco holding 35.75% and Bidvest retaining the rest. The move gives Natco a strategic foothold in Africa’s pharma market, leveraging Adcock’s leadership in over-the-counter (OTC) and hospital-care segments.
Top gainers and losers of the major indices for the week are given in the table below:
