After briefly entering bullish territory, Moneylife’s Market Breadth Indicators have now slipped back into neutral, signalling a renewed loss of momentum. The number of stocks trading above their 20-, 50-, and 200-day Exponential Moving Average (EMAs ) 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 primary narrative this week revolves around the sharp increase in geopolitical uncertainty impacting India's key export sectors, even as a significant global trade concession was offered by China. The potential re-introduction of protectionist measures by the US has introduced immediate volatility into the pharmaceuticals and information technology (IT) industries. The announcement of a 100% tariff on branded and patented drugs, effective 1 October 2025, caused an immediate dip in Indian pharma stocks, with major players experiencing declines of up to 5%. While Indian exports are dominated by generics, which are currently excluded, the threat is material, given that the US is the single largest market, accounting for approximately 35% of India's total pharma exports, valued at US$10bn (billion) in FY24-25. According to analysts, exposure is concentrated: Dr. Reddy's derives 47% of its earnings from the US market and Sun Pharma faces risk to US$2.1bn-US$2.3bn of its FY25-26 earnings.
This trade uncertainty is closely mirrored in the IT sector, where signals to tighten the H-1B visa programme drove a sharp fall in the Nifty IT index over the week by 7.86%. Mid-tier firms were the hardest hit, with Persistent Systems weekly fall of over 10%. Although the clarification that a new US$100,000 fee applies only to fresh petitions eased initial fears, the reliance on labour mobility remains a structural vulnerability.
In a related geopolitical development, China's announcement that it will no longer seek ‘special and differential treatment’ for developing countries in future WTO (World Trade Organization) negotiations acts as a subtle counter-balance, signalling a tentative move towards global trade normalisation amidst rising bilateral frictions.
India’s capital markets are currently defined by a liquidity paradox: a frenetic pace of public issuance reflecting retail bullishness, set against highly cautious corporate investment and foreign investor selectivity. September has emerged as the busiest month for initial public offerings (IPOs) since January 1997, with 25 mainboard offerings hitting the market, largely comprising small-cap deals with an average deal size of approximately Rs530 crore. The healthcare and pharmaceuticals sector alone is poised to raise an estimated Rs13,000 crore from about 15 planned listings over the next nine months. Yet, this domestic exuberance is not universally shared. Foreign portfolio investors (FPIs) adopted a risk-off stance, offloading a net Rs16,737 crore across 15 sectors in the first half of September. Outflows were particularly sharp in consumer services, IT and power (each over Rs2,000 crore), while defensive value buying saw Rs1,634 crore flow back into the domestically focused financial services sector. The deeper economic dichotomy is evident in corporate balance sheets. Non-finance companies have amassed a record cash hoard of Rs7.4 lakh crore (equivalent of US$890bn) and deployed a record Rs3.8 lakh crore into mutual funds (MFs) in FY24-25. This deployment, a 152% rise in non-equity MF schemes since FY18-19, suggests a priority on capital preservation rather than expansion, supported by capacity utilisation data remaining at 75.5% as of March 2025. Conversely, retail investors drove a surge in Fund of Funds (FoFs), with inflows reaching Rs28,067 crore between April and August 2024, nearly 3x the total seen in FY23-24, drawn by tax efficiency and diversification benefits.
The domestic economy exhibits resilient external performance; yet, its internal efficiency is hampered by persistent regulatory friction. The automotive industry is increasingly consolidating its role as a global compact vehicle manufacturing hub. Passenger vehicle (PV) exports surged by 8.5% year-on-year (y-o-y) between April and August, successfully offsetting an equivalent 8.5% slowdown in domestic sales, driven largely by demand for India-made compact cars in markets across Japan, West Asia and Africa.
The private sector dynamism is struggling against the State's slow judicial machinery. The efficacy of the IBC (Insolvency and Bankruptcy Code) framework is being undermined by a critical shortage of NCLT (national company law tribunal) benches, a failure flagged by the department of financial services (DFS). The backlog of pending insolvency cases reached 6,988 as of March 2025, pushing the average resolution time to approximately 440 days, significantly beyond the statutory 330-day limit. This delay is a structural impediment, increasing the risk of asset value erosion and diminishing creditor recovery rates, thus exerting a frictional drag on the ease of doing business as well as investor confidence.
Insurance Regulatory Authority of India (IRDAI) flagged excessive commission and distribution costs in the insurance sector, urging insurers to improve efficiency and policy-holder value. In response, insurers are exploring a TER-style commission cap, akin to MFs, and plan to submit a detailed proposal soon. They’ve also proposed transparency reforms, including commission disclosures in policy documents, signalling a shift toward cost rationalisation and consumer-centric practices.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Cochin Shipyard inked a strategic memorandum of understanding (MoU) with HD Korea Shipbuilding & Offshore Engineering to advance India’s shipbuilding capabilities under the AatmaNirbhar Bharat. Cochin Shipyard will utilise its 310-metre dry dock to build Suezmax tankers, container ships and Capesize bulk carriers, with a capacity of six vessels annually. To scale operations, it plans a Rs3,700 crore block fabrication facility in Kochi, spanning 80 acres, expected to create 2,000 direct jobs and catalyse employment across logistics, micro, small and medium enterprises (MSMEs) and allied sectors—marking a transformative leap in India’s maritime manufacturing ecosystem. The collaboration will also explore new business areas, greenfield shipyards and skill development, while supporting India’s long-term visions—Maritime India Vision (MIV) 2030 and Maritime AmritKaal Vision (MAKV) 2047—to position the country as a global shipbuilding hub. In addition, it signed another MoU with Guidance (government of Tamil Nadu), for a greenfield shipyard project worth Rs15,000 crore.
Birlasoft claimed that recent US H-1B visa changes will not materially impact its operations, citing robust global delivery capabilities and diversified talent sourcing. It is proactively enhancing deployment resilience and reiterated its commitment to uninterrupted client service, while continuing to monitor regulatory developments. Happiest Minds downplayed the impact of the US H-1B visa fee hike, citing its ‘H-1B Outlier Advantage’—just six visa-based deployments across calendar year (CY)24–CY25. With 94% of staff in India and 95% of revenue from offshore delivery, its low visa dependency and expertise-driven deployment strategy ensure operational resilience. Sonata Software stated that the US$100,000 H-1B visa fee hike will have minimal operational impact, given its low visa utilisation and unaffected existing deployments. It emphasised client service continuity, backed by strategic investments in workforce planning, local hiring and near-shore delivery centres, reinforcing its modernisation engineering-led resilience against regulatory shifts.
Edelweiss Financial Services launched aRs600 crore public non-convertible debenture (NCD) issue, offering secured redeemable debentures across 10 series with tenures from 24 to 120 months and yields ranging from 9.00% to 10.25%. The NCDs will be listed on BSE, with Trust Investment Advisors, Nuvama Wealth and Tipsons as lead managers—reinforcing Edelweiss’s diversified financial footprint across 257 offices and 9.7mn (million) customers
Swan Defence (formerly Reliance Naval) signed an exclusive MoU with Royal IHC and Alar Infrastructure to co-develop and retrofit offshore construction, pipe-laying and support vessels at its Pipavav shipyard in Gujarat.
L&T and BEL formed a strategic consortium to jointly bid for India’s advanced medium combat aircraft (AMCA) programme, responding to the Aeronautical Development Agency’s expression of interest (EoI ) in the coming weeks. The partnership blends L&T’s aerospace and defence platform capabilities with BEL’s electronics and systems expertise, aiming to accelerate development of India’s fifth-generation fighter jet under the indigenous defence manufacturing push.
Piccadily Agro secured an interim injunction against Radico Khaitan, blocking the use of the ‘KASHMYR’ vodka mark which it claims mimics its registered ‘CASHMERE’ and ‘CASHMIR’ trademarks. The district court of Karnal’s order restrains Radico and affiliates from manufacturing, selling, or promoting under the disputed mark until final adjudication.
Newgen Software’s UK subsidiary signed a €4.22mn master service agreement with TCS NV, Belgium, to deliver a cloud-based enterprise records management platform over a five-year horizon. The deal underscores Newgen’s cross-border enterprise automation capabilities and reinforces its global expansion strategy, with the transaction executed on a fully arms-length basis, independent of promoter influence.
Glenmark, via its subsidiary GSSA, has secured exclusive global rights (ex-China, US, EU, Japan and select regions) to develop and commercialise TrastuzumabRezetecan (SHR-A1811), a next-gen HER2-targeting ADC from Hengrui Pharma. The deal includes an US$18mn upfront payment, with milestone payouts up to US$1.093bn and royalties on net sales, marking a significant expansion of Glenmark’s oncology pipeline.
Afcom Holdings partnered with AISATS to boost freighter operations at the upcoming Noida International Airport, positioning it as north India’s premier cargo gateway. The move complements Delhi and Mumbai hubs, giving Afcom strategic access to India’s largest air cargo market and expanding its global freighter footprint.
ONGC took interim control of the CB-OS/2 offshore block on India’s west coast, after the government denied PSC extension to the Vedanta–ONGC–Tata Petrodyne consortium. The block, producing 3,400 barrels/day of oil and 340,000SCMD (standard cubic metres per day) of gas, will remain under ONGC’s stewardship to ensure uninterrupted output and energy security until reassignment.
Coforge Limited claimed that recent US H-1B visa changes pose minimal impact, citing a steady decline in reliance on new filings—just 65 petitions in FY24-25, with 63 approvals. With the US contributing 53% of revenue and a 34,187-strong workforce. Another company, Sasken Technologies, clarified that the new US$100,000 H-1B visa fee will not impact its operations, citing its offshore-centric delivery model and India-based workforce.
NBCC signed an MoU with HUDCO for PMC contracts worth Rs117 crore, spanning Ghaziabad, Panchkula, Ahmedabad and New Delhi. Projects include commercial and residential developments, with the largest being Rs63.36 crore block construction at HUDCO’s Ahmedabad office. All contracts are standard, non-related-party awards.
VIP Clothing partnered with Lulu Malls nationwide to expand its retail footprint, showcasing its full portfolio—VIP, Frenchie, Frenchie X, and Yuva Series. The move boosts brand accessibility, offering men’s innerwear and lifestyle products in a premium shopping environment across India.
Baazar Style Retail opened three new Style Baazar stores in Bakrahat (West Bengal), Mashrakh and Daryapur (Bihar) on 22 September 2025. With these additions, its pan-India store count now stands at 247, reinforcing its tier-2 and tier-3 retail expansion strategy.
Jio Payments Bank launched ‘Savings Pro’, an industry-first feature that auto-invests idle funds into overnight mutual fund growth plans via the JioFinance app. Users can set a threshold from Rs5,000, invest up to Rs1.5 lakh/day, and customers can instantly redeem up to 90% of their investments maximum up to Rs50,000 instantly.
Veefin Group entered Sri Lanka via a strategic partnership with IWS Holdings, aiming to digitise the country’s financial services with its modular working capital technology platform.
Paisalo Digital’s promoter entity, Equilibrated Venture Cflow, has released 2.4 crore pledged shares worth Rs151.89 crore, easing 5.67% of total share capital from encumbrance. Post-release, it retains 19.67% ownership, with 9.02% still pledged, signalling partial deleveraging and improved promoter confidence.
JK Lakshmi Cement ramped up its production capacity to 18MTPA (metric tonnes per annum), commissioning a 135,000TPA (tonnes per annum) grinding unit in Surat and completing de-bottlenecking at Jaykaypuram (Sirohi).
Alkem Laboratories launched Pertuza (420mg/14mL), a pertuzumab bio-similar for HER2-positive breast cancer, offering a cost-effective, indigenously developed alternative to the innovator drug. Validated through phase-3 trials for efficacy and safety, Pertuza aims to broaden access to life-saving therapy via Alkem’s regulatory-compliant manufacturing and robust oncology distribution network.
Maithan Alloys indefinitely suspended operations at its Byrnihat unit in Meghalaya citing adverse market conditions and surging power costs. The move, disclosed under the Securities and Exchange Board of India (SEBI) Regulation 30, follows prior closure warnings and highlights the cost pressures facing alloy producers in energy-intensive regions.
Marksans Pharma’s UK arm, Relonchem, has received MHRA approval for Moxonidine 200mcg and 400mcg tablets, reinforcing its footprint in the UK cardiovascular segment. The move expands its hypertension portfolio, backed by global regulatory credentials across India, USA and UK, and a diversified pipeline spanning CVS, CNS, anti-diabetic and gastroenterology therapies.
HEG Limited approved a Rs210-crore unsecured loan to associate firm Bhilwara Energy Limited (BEL), carrying 9% annual interest with bullet repayment after one year. The transaction, though a related-party deal, is on an arm’s length basis, with no security pledged and no outstanding dues. It aligns with HEG’s strategy to scale its energy portfolio, especially as BEL moves toward amalgamation post-graphite demerger.
CarTrade Tech’s platforms CarWale and BikeWale hit a record single-day traffic high, with a 74% surge vs last Navratri and 60% above August 2025 averages. The spike reflects festive demand uplift and improved affordability post-GST (goods and services tax) rate cut, signalling strong consumer intent in India’s digital auto marketplace.
Natco Pharma’s board green-lit an in-principle evaluation to demerge its agro business, aiming to unlock value in its core pharma segment and enable operational autonomy for both verticals.
OptiemusInfracom signed a binding joint venture (JV) term-sheet with Nothing Electronics, targeting local manufacturing of Nothing and CMF products in India. The duo plans to invest over US$100mn over three years, generating 1,800+ jobs and positioning India as a global production and export hub for the London-based tech brand. This move bolsters Optiemus’s electronics manufacturing footprint and aligns with India’s Make in India and PLI ambitions in consumer tech.
Sterlite Technologies (STL) deepened its UK partnership with Netomnia via a multi-year deal to supply end-to-end FTTH solutions, including advanced fibre cables and connectivity systems.
MapmyIndia’s Mappls app become India’s first to offer artificial intelligence (AI)-powered live traffic signal timers, toll distance tracking and annual toll pass savings, enhancing driving efficiency and cost transparency. In partnership with Bangalore traffic police and Arcadis, it now integrates 125+ smart signals, showing real-time countdowns up to 500mtr (metres) ahead—a breakthrough in urban traffic predictability.
Lupin received tentative US food and drug administration (US FDA) approval for its HIV treatment generic—Bictegravir, Emtricitabine and TenofovirAlafenamide tablets—bioequivalent to Gilead’s blockbuster Biktarvy®. According to IQVIA MAT July 2025 data, the reference drug Biktarvy® had estimated annual sales of US$16.2bn in the US.
Orders
KPI Green Energy secured a Rs3,200-crore sanction from State Bank of India (SBI) to part-finance its 250MW (megawatt) solar and 370MW hybrid (solar + wind) projects in Gujarat, adding over 1GWp (gigawatt peak) to its independent power producer (IPP) portfolio.
Maharashtra Seamless secured a Rs256-crore order from a domestic oil & gas player for seamless pipe supply, to be executed over the next two quarters.
ACME Solar clarified its lowest bidder status for the Morena Solar Park (solar-plus-storage) project under RUMSL’s e-reverse auction, but emphasised that the letter of award (LoA) is still pending. It views bidding and provisional selection as routine business activity, with formal disclosure to follow LoA acceptance and power purchase agreement (PPA) execution, aligning with regulatory norms.
SEPC Limited won a Rs442.8-crore engineering-procurement-construction (EPC) contract for the Jamaniyan–Kakrait Gangajal lift irrigation scheme in Kaimur district (Bihar) under the Pragati Yatra initiative. The 24-month project will bolster agricultural water access, support farmers and drive socio-economic growth through improved irrigation infrastructure.
KNR Constructions secured a Rs459.08-crore EPC contract in Telangana for building multi-level flyovers and grade separators at Khajaguda and IIIT junctions, plus key road widening works from Cyberabad CP to Gachibowli and Anjaiah Nagar to Ramky Tower. The project, awarded on a turnkey basis, carries a 24-month execution timeline, reinforcing KNR’s urban infrastructure credentials.
Hindustan Construction Company (HCC) bagged Rs2,565.81 crore worth of contracts under phase-I of the Patna Metro Rail Project, covering 10.67km of underground tunnelling and six metro stations. Key works include shield tunnels, cut-and-cover segments, ramps at Mithapur and Rukanpura and stations at Vikas Bhawan, Vidyut Bhawan, Patna Station, Rukanpura, Raja Bazar and Patna Zoo.
Investment/ Acquisition / Stake Sale
Poly Medicure announced a Rs324-crore acquisition of Medistream SA, including Citieffe SRL and its subsidiaries in US and Mexico, marking a strategic leap into the global orthopaedic trauma and extremities market. Citieffe’s €17.3mn revenue and 15% y-o-y growth underscore its strength across 25+ countries, with direct operations in Italy, US and Mexico.
Top gainers and losers of the major indices for the week are given in the table below:
