Indian equity indices closed lower on Friday, with the NIFTY settling at 25,178.65, down 317.90 points (-1.25%). The Sensex fell 961.42 points (-1.17%) to 81,287.19.
The trends of the major indices in the course of the week's trading are given in the table below:
News
IDFC First Bank disclosed a ₹590-crore fraud at its Chandigarh branch involving unauthorised activities in government accounts. The incident, revealed on 21 February 2026, comes at a sensitive time for the lender already navigating stress from a microfinance downcycle. The fraud amount exceeds the Bank’s Q3FY25-26 net profit of ₹503 crore and represents nearly 40% of its FY24-25 full-year profit, raising concerns over governance and internal controls.
LTIMindtree signed a seven-year, US$100mn (million) strategic agreement with a Europe-based MedTech company specialising in hearing solutions. The deal covers end-to-end product development and long-term support across flagship hearing brands and private labels.
Hindustan Aeronautics Limited (HAL) issued a clarification regarding recent media reports on the LCA Tejas fighter aircraft, confirming that no crash occurred. The company described the event as a minor technical issue on the ground, emphasising that the aircraft remains safe and continues to hold one of the world’s strongest safety records among contemporary fighter jets.
Adani Power’s subsidiary, Moxie Power Generation Ltd (MPGL), has received a letter of award (LoA) from Tamil Nadu Power Distribution Corporation Limited (TNPDCL) to supply 558MW (megawatt) (net) of power for five years, starting at a tariff of ₹5.910/unit. With this, both units of MPGL’s 1,200MW Tuticorin plant are now fully backed by power purchase agreements (PPAs), ensuring capacity utilisation and operational stability. Following the award, over 95% of Adani Power’s 18.15GW (gigawatt) capacity is secured under medium- to long-term contracts, reducing merchant market exposure and enhancing revenue predictability.
IDFC First Bank informed exchanges that it has paid out ₹583 crore (principal + interest) to the Haryana government departments on 24 February 2026, even as investigations into the fraud remain ongoing. The Bank emphasised that the move reflects its customer-first principles and commitment to professional, principle-based resolution, choosing not to delay payment, despite the probe. Government departments have acknowledged and appreciated the timely resolution.
Centum Electronics received a ₹66 crore phase 1 order (₹78 crore gross inclusive of goods and services tax--GST) from HAL for the design and development of AESA radar systems for the utility helicopter–maritime (UH M) platform. The radar will enable multi-target maritime detection, classification and tracking, enhancing surveillance and operational effectiveness. On successful completion, the programme will move to phase-2 serial production, with an indicative value of ₹500 crore (₹590 crore gross including GST) over five years.
Himadri Speciality Chemical commenced commercial operations of its expanded speciality carbon black line with a capacity of 70,000MTPA (metric tonnes per annum) at its Mahistikry facility, Hooghly (West Bengal). This brownfield expansion lifts total carbon black capacity to 250,000MTPA, of which 130,000MTPA is dedicated to speciality carbon black, making Mahistikry the largest single-site speciality carbon black facility globally.
Solar stocks, like Waaree Energies Premier Energies and Vikram Solar, slid this week after the US commerce department announced steep solar import duties after concluding that India unfairly subsidised domestic solar PV (photovoltaic) module manufacturing, undercutting US-made products. Indonesia (86%–143%) and Laos (81%), were also targeted. Imports from India, Indonesia and Laos accounted for 57% of US solar module imports in H1FY2025, seen as a bypass route for Chinese firms facing US barriers. India has been a primary beneficiary of this supply-chain shift, with solar exports to the US reaching US$792.6mn in 2024, a nine-fold jump from 2022 levels. Waaree Energies clarified that the duties apply only to India-made solar cells, not to panels assembled in India using imported cells. Since US duties are based on the origin of solar cells, many Indian manufacturers import cells from low-duty countries and assemble panels domestically, limiting the impact.
IndusInd Bank has gone live with its next generation UPI processing platform, UPI 6.0, developed by Mindgate Solutions. Built on a hyper scalable, cloud-ready, resilient architecture, the platform makes IndusInd the first private sector bank to deploy next-gen UPI for issuer and acquirer services on the cloud. The upgrade delivers 30% faster recovery time (RTO), up to 75% higher scalability headroom, sub-second response times, near-zero technical declines and seamless disaster recovery within minutes, ensuring uninterrupted, high performance digital payment experiences.
NATCO Pharma clarified to the exchanges that its Semaglutide approval and partnership with Eris Lifesciences is part of the ordinary course of business and does not have a material impact on operations. It reiterated that it had already disclosed receiving Central Drugs Standard Control Organisation (CDSCO) approval for Semaglutide in India and is working with multiple marketing partners to launch the product in March 2026.
Cholamandalam Investment and Finance Company Limited has strongly denied media reports suggesting that executive chairman Vellayan Subbiah is set to exit the company as part of a Murugappa family settlement. The clarification comes after a news article published by Moneycontrol on 26 February2026, claimed that Vellayan Subbiah would step down from Cholamandalam Investment and Finance Company.
LTM, formerly known as LTIMindtree, announced collaboration with NVIDIA to support the central board of direct taxes (CBDT) in modernising India’s national tax analytics platform under the Insight-2.0 initiative. The seven-year mandate is focused on strengthening India’s tax administration framework by leveraging scalable artificial intelligence (AI) and advanced analytics capabilities.
Glenmark Pharmaceuticals Inc, the US arm of Glenmark Pharmaceuticals Ltd, has announced the upcoming launch of sodium phosphates injection USP in the United States, with distribution scheduled to begin in April 2026. The injectable product will be available in three single-dose vial strengths: 15mM (Millimolar) P/5mL (Millilitre), 45mM P/15mL and 150mM P/50mL (3mM P/mL).
Aurobindo Pharma informed the stock exchanges that the United States Food and Drug Administration (US FDA) has completed an inspection at one of its subsidiary’s manufacturing facilities in Telangana, concluding with four observations. The inspection was carried out at unit-1, a formulation manufacturing facility operated by Eugia Pharma Specialities Ltd, a wholly-owned subsidiary of Aurobindo Pharma. The facility is located in Kolthur Village (Shameerpet Mandal, Ranga Reddy district, Telangana). The US FDA conducted the inspection from 16th February to 27 February 2026.
Orders
DEE Development Engineers announced domestic and international orders worth over ₹173 crore, spanning piping solutions, HRSG piping systems, fittings and flanges. The contracts have been awarded to the parent company and its material subsidiary, strengthening its execution pipeline.
Olectra Greentech secured a major order worth ₹1,800 crore tied to 1,085 electric buses, following two LoAs awarded to Evey Trans Pvt Ltd by Telangana state road transport corporation (TGSRTC). Deliveries will span 20 months, covering 1,025 non-AC 12‑metre buses and 60 AC 12‑metre buses. The contract, awarded under a gross cost contract (GCC/OPEX) model for 12 years, includes full bus supply and maintenance by Olectra throughout the tenure.
Patel Engineering was declared L1-bidder by Himachal Pradesh Power Corporation Ltd (HPPCL) for package‑1 of the Renuka Ji dam project, valued at ₹910.08 crore. The project, located in Sirmaur (Himachal Pradesh), is scheduled for completion within 30 months and aims to enhance water storage, supply reliability and hydropower generation. Scope includes construction of three diversion tunnels, inlet/outlet portals, and around 6km (kilometres) of access roads to support logistics and operations.
Rail Vikas Nigam Limited (RVNL) received a letter of acceptance (LOA) from Central Railway for a traction infrastructure project on the Daund-Solapur section, valued at ₹270.22 crore (including taxes). The scope covers design, supply, erection, testing and commissioning of a 220/132/55kV (kilovolt) traction substation, sectioning posts (SPs), and sub-sectioning posts (SSPs) under the 2×25kV system with Scott connected transformers, executed on an engineering-procurement-construction (EPC) mode. The project, awarded by a domestic entity, carries a 24-month execution timeline.
KEC International part of the RPG group, has secured orders worth ₹1,002 crore across its transmission & distribution (T&D) and cables & conductors businesses. The wins include 220/132kV transmission lines, sub-stations and EHV cabling in India, a 400kV transmission line overseas and supply contracts for towers, hardware and poles in the Americas. Its cables & conductors division also bagged supply contracts in domestic and international markets, reinforcing steady traction and strengthening KEC’s power infrastructure order-book.
Larsen & Toubro (L&T) announced that its power transmission & distribution (PT&D) vertical has secured major EPC orders in India worth up to ₹10,000 crore. The scope includes the design, supply and construction of two 220kV gas insulated sub-stations in the Durgapur-Raniganj-Asansol industrial belt of West Bengal.
Quality Power Electrical Equipments Limited secured multiple domestic purchase orders worth approximately ₹146 crore (including taxes) for the supply of 800kV coil products and High voltage direct current (HVDC) reactors.
Rail vikas nigam limited (RVNL) has secured three major LOAs from national mineral development corporation (NMDC) for the construction of residential towers and associated infrastructure in Bacheli (Chhattisgarh).
Dynacons Systems & Solutions Ltd secured a significant private cloud contract worth ₹108.88 crore from Punjab & Sind Bank for a period of five years, further strengthening its position in enterprise-grade cloud infrastructure solutions for large institutions in India.
Capacit’eInfraprojects Limited received an LoI from TenX Realty Limited, acting on behalf of Raymond Limited, for a total contract value of approximately ₹537.00 crore, excluding GST.
Kirloskar Brothers Limited (KBL) secured a significant domestic contract worth ₹214 crore from Adani Power Limited and its subsidiaries for the supply of advanced pump packages for multiple thermal power projects across India. The order covers projects located in Madhya Pradesh, Assam, Chhattisgarh and Bihar, further strengthening KBL’s presence in the power sector.
Drug Approvals
Alembic Pharmaceuticals received final US FDA approval for its abbreviated new drug application (ANDA) of Efinaconazole topical solution, 10%, a bio-similar to Jublia® marketed by Bausch Health. The product treats onychomycosis of toenails caused by Trichophyton rubrum and T mentagrophytes, two common fungal pathogens. With an estimated US$500mn US market size (IQVIA, December 2025) and Alembic’s Paragraph-IV certification, the approval strengthens its US generics portfolio.
Caplin Steriles received final US FDA approval for its ANDA of sodium phosphates injection USP in multiple strengths — 15mM P/5mL, 45mM P/15mL, and 150mM P/50mL single dose vials. The product is a generic equivalent of Hospira’s RLD (NDA 018892) and is indicated as a source of phosphorus, primarily used to prevent or treat hypo-phosphatemia and in parenteral nutrition formulations.
Indoco Remedies received final US FDA approval for its ANDA of Brivaracetam Oral Solution, 10mg/mL, strengthening its regulated markets portfolio. The drug, an antiepileptic (AED), is indicated for the treatment of partial-onset (focal) seizures in patients aged one month and older.
Alembic Pharmaceuticals Limited (Alembic) received final approval from (US FDA for its ANDA for Lamotrigine orally disintegrating tablets USP in strengths of 25mg, 50mg, 100mg and 200mg.
Lupin Limited (Lupin) received the establishment inspection report (EIR) from the US FDA for its manufacturing facility in Goa (India). The inspection concluded with a voluntary action indicated (VAI) classification, marking a positive regulatory development for the pharmaceuticals major.
Investment/ Acquisition / Stake Stale
Eris Lifesciences entered into a strategic partnership with Natco Pharma Limited to commercialise semaglutide in India, marking a significant push into the fast-growing diabetes and metabolic care segment. Natco recently received approval to manufacture generic semaglutide, paving the way for a launch in March 2026. The collaboration combines Eris’ strong commercial presence in diabetology with Natco’s manufacturing and regulatory expertise, positioning both companies to capture rising demand for GLP‑1 therapies in India.
Balkrishna Industries commissioned the first phase of its Bhuj facility expansion, adding 800 tyres per day capacity with an investment of ₹750 crore funded via internal accruals. This follows earlier approvals of ₹1,300 crore (August 2024) for off-road tyres and ₹3,500 crore (May 2025) for expanded facilities covering carbon black, power plant, CV tyres, rubber tracks, and PCR tyres.
Shilpa Medicare, through its subsidiary Shilpa Biologicals Pvt Ltd, has entered into a strategic licensing agreement with SteinCares to commercialise a bio-similar across Latin America. Under the deal, SteinCares will hold exclusive rights to register, distribute, and commercialize the product region-wide, while Shilpa Biologicals will complete development and manage long-term manufacturing from its Dharwad biologics facility. The partnership combines Shilpa’s biologics expertise and integrated manufacturing with SteinCares’ regulatory and market access network, enabling faster registration and broader reach of affordable biologic therapies in emerging markets.
Vedanta approved the issuance of unsecured, rated, listed, redeemable non-convertible debentures (NCDs) aggregating ₹3,000 crore on a private placement basis. The proposed debentures will be listed on BSE Limited, with details on tenure, coupon, payment schedule and redemption to be specified in the disclosure document.
Wardwizard Innovations & Mobility disclosed that Blacksoil Capital Pvt Ltd invoked a pledge over 2,72,926 equity shares held by promoter entities to secure a loan against securities facility. Promoter Yatin Sanjay Gupte held 2,72,11,314 shares (9.05% stake), of which 2,55,91,890 shares (8.51%) were already encumbered. Following the invocation, 34,91,890 shares (1.16%) reflect changes in the encumbrance structure, as per the exchange filing.
NTPC, along with MAHAGENCO, has completed the acquisition of Sinnar Thermal Power Ltd under the resolution plan approved by the national company law tribunal (NCLT). Sinnar Thermal Power operates a coal-based thermal plant of 5×270MW (1,350MW) located at Sinnar (Nasik, Maharashtra). With this transaction, NTPC group’s total installed capacity rises to 88,132MW, while its commercial capacity now stands at 87,052MW, as per the disclosure.
Bandhan Bank informed exchanges that the Reserve Bank of India (RBI) has granted approval to SBI Mutual Fund to acquire an aggregate holding of up to 9.99% of the paid-up share capital or voting rights in the Bank.
Balu Forge Industries Ltd entered into a memorandum of understanding (MoU) for the supply of empty shells from its greenfield manufacturing campus in Belgaum (Karnataka). The development marks the next phase in the company’s expansion into the defence consumables segment following its on-boarding onto the NATO supply chain and the commercialisation of its empty shell production line.
Abbott announced a strategic collaboration with Novo Nordisk India to commercialise Extensior® for people living with type-2 diabetes, marking a significant step toward expanding access to advanced diabetes treatment across India. The partnership combines Novo Nordisk’s scientific leadership in GLP-1 therapies with Abbott’s strong distribution network, enabling broader reach beyond regions currently served by Novo Nordisk.
Top gainers and losers of the major indices for the week are given in the table below:
