sssssssssss9s–––se+
PCG Research
11-September-2025
Market Updates:
Emerging Markets Global Markets
Indices Close % Chg.
US Market
BSE SENSEX 81425.15 0.40%
S&P CNX Nifty 24973.10 0.42%
US stock market ended mixed on Wednesday, with the S&P 500 and Nasdaq notching
Shanghai 3819.43 0.19%
Bovespa (Brazil) 142348.70 0.52% record-high closes, after cooler-than-expected inflation data supported expectations the US
Merval Index 1825228.00 5.60% Federal Reserve will cut interest rates next week. The Dow Jones Industrial Average
declined 0.48% to 45,490.92, while the S&P 500 rose 0.30% to end at 6,532.04. The Nasdaq
closed 0.03% higher at 21,886.06.
Asian Markets
Nikkei 225 44255.40 0.95%
Hang Seng 25965.40 -0.90% European Markets
Strait Times 4347.71 0.03%
European stocks closed slightly lower on Wednesday as investors assessed the latest trade
U. S. Markets
Jones 45490.92 -0.48% news, corporate earnings and inflation data. The pan-European Stoxx 600 index ended the
Nasdaq 21886.06 0.03% session down 0.05%. Germany’s DAX slipped 0.39% while France’s CAC 40 was 0.15%
S&P 500 6532.04 0.30%
higher, even with the country facing widespread protests as its new prime minister was sworn
European Markets in.
CAC 40 7761.32 0.15%
DAX 23632.95 -0.36% Asian Market
FTSE 9225.39 -0.19%
Asian markets traded mixed on Thursday, following similar overnight moves on Wall Street.
Indian Indices
Japan’s Nikkei 225 rallied 0.73%, while the Topix index rose 0.09%. South Korea’s Kospi
Indices Close % Chg.
SENSEX Index 81425.15 0.40% rose 0.67%, and the Kosdaq gained 0.2%. Hong Kong’s Hang Seng Index futures indicated
NIFTY Index 24973.10 0.42%
spbsmip Index 46080.22 0.84% a lower opening.
spbssip Index 53406.26 0.72%
BSE100 Index 26171.76 0.51% Gift Nifty
BSE200 Index 11329.87 0.53%
BSE500 Index 36235.46 0.56% Gift Nifty was trading around 25,088 level, a premium of nearly 16 points from the Nifty
CNX100 Index 25596.95 0.42%
CNXMCAP Index 57999.55 0.93%
futures’ previous close, indicating a mildly positive start for the Indian stock market indices.
CNX500 Index 23074.15 0.54%
BSEAUTO Index 59905.12 -1.21%
BANKEX Index 60998.97 0.68%
BSETCD Index 61786.71 -0.22%
BSETCG Index 68366.25 1.88%
spbscgip Index 20901.57 0.58%
spbshlip Index 51805.71 0.56%
spbsitip Index 35570.22 2.48%
BSEMETL Index 32406.07 0.25%
BSEOIL Index 25933.57 0.38%
BSEPOWR Index 6591.15 0.67%
BSETPSU Index 18962.27 1.29%
BSEREAL Index 6868.45 1.15%
BSETECK Index 17366.37 1.59%
CNXBANK Index 54536.00 0.59%
CNXIT Index 36183.80 2.63%
FII & DII Activity on BSE & NSE (Crs.)
10/09/25 Buy Sell Net
FII Cash* 12604 12719 -116
DII Cash* 16277 11272 5004
* Provisional Figures, Source – NSE
Stocks To Watch
• Reliance Industries: The company incorporates “Reliance Intelligence”, a wholly owned subsidiary of the
Bullion /Crude Close % Chg.
Company.
Gold s -0.06%
• Rajoo Engineers: The company has executed a definitive agreement to acquire a manufacturing company
Silver 41.13 -0.11%
that produces machines for various industries.
Brent Crude* 67.51 0.03%
63.67 0.00% • Dr Reddy's Labs: The company will acquire Johnson & Johnson's Stugeron portfolio for $50.5 million or
WTI Crude *
Rs 445 crore to foray into anti-vertigo segment.
• Muthoot Capital: The company has successfully redeemed its commercial paper by making a payment
of Rs 10 crore to the beneficiaries.
ADR Prices ($) Close % Chg. • Optiemus Infracom: The company's Board of Directors has approved a further investment of Rs 7.69
HDFC Bank 35.22 0.63 crore in its wholly-owned subsidiary, Optiemus Electronics.
ICICI Bank 31.65 -0.47
• Shipping Corp. Of India: The company has taken physical delivery of a secondhand very large gas carrier
Infosys Tech. 16.98 -0.18
Dr. Reddys 14.58 0.00 of 54,534 MT DWT capacity – "SHIVALIK” (47,058 GT).
Wipro 2.81 1.44 • Sasken Technologies: The company informs that Chief Technology Officer Girish BVS has resigned.
• Premier Explosives: The company has received an order worth Rs 7.83 crore from the Ministry of Defence
for the procurement of Counter Measures.
• Torrent Pharmaceuticals: The company has signed an agreement to subscribe to a 26% equity stake in
Torrent Urja 27. This investment is for setting up a captive hybrid solar and wind power project in Gujarat.
• Bank of Baroda: The bank has revised marginal cost of funds based lending rate cuts overnight by 10
basis points, to 7.85%, effective Sept. 12.
• 63 Moons Technologies : The company's arm 63sats cybertech raises Rs 180 crore via private placement.
• Keystone Realtors: The company's Board of Directors has approved a plan to raise up to Rs 375 crore
by issuing non-convertible debentures. The NCDs, with a face value of Rs 1 lakh each, will be issued on
a private placement basis.
• Hindustan Foods: The company to propose a merger of Avalon Cosmetics and Vanity Case India into the
company.
• Highway Infrastructure: The company has secured a Rs 69.77 crore contract from the National Highways
Authority of India for the operation of the Muzaina Hetim toll plaza in Uttar Pradesh. The company has
been awarded a Rs 18.96 crore contract from the National Highways Authority of India to collect user
fees and maintain toilet blocks at a new toll plaza on the Delhi-Vadodara Greenfield Expressway.
• Acme Solar Holdings: The company updates that no information has been received from the government
regarding revocation of clean energy projects.
• Rolex Rings: The company revises record date for stock split to Oct. 4.
• Swelect Energy Systems: The company appoints Arulkumar Shanmugasundaram as CEO & MD.
• Muthoot Finance: The company has infused additional equity into its subsidiary, Muthoot Homefin by
subscribing to and being allotted 2.6 crore equity shares.
• Tega Industries: The company has entered into a term sheet with Apollo Management Singapore and
AIP MC Holdings to acquire a 100% stake in Molycop through a newly formed consortium for enterprise
value of $1.48 billion. The company is also to consider raising funds via QIP, preferential allotment, or
other means.
• GOCL Corp: The company becomes eligible to participate in future Coal India and other PSU tenders.
• Rainbow Childrens Medicare: The company has opened a new, 100-bed hospital in Rajahmundry, Andhra
Pradesh, bringing its total bed capacity to 2,285. The project, costing approximately Rs 60 crore, was
funded through internal accruals.
• Shyam Metalics: The company has entered the crash barrier manufacturing segment, beginning
production at its Giridih facility and planning a new Rs 50 crore plant in Sambalpur with a capacity of
60,000 MTPA to achieve an 8-10% market share.
• Astral: The company has approved the acquisition of the remaining 20% equity shares of its subsidiary,
Astral Coatings, for Rs 75 crore.
• MedPlus Health: The company's arm Optival health has received a seven-day drug license suspension
order from the Drugs Control Administration. The company estimates a potential revenue loss of
approximately Rs 1.21 lakh.
• Sterling and Wilson Renewable Energy: The company’s arm Sterling and Wilson Solar has filed a litigation
with the American Arbitration Association against Array Technologies seeking approximately $10 million.
• Jyothy Labs : The company has received Bangladeshi Taka 3.01 crore from Kallol Enterprise as the sale
consideration for its entire 75% equity stake in Jyothy Kallol Bangladesh.
• Bajaj Finserv: Bajaj Allianz General Insurance reported a gross direct premium underwritten at Rs 2,063.2 crore for August. Its gross direct premium
underwritten for the period up to August 2025, was at Rs 9,335.6 crore.
• AYM Syntex: The company incorporates wholly-owned arm Innovative Yarns LLC in the US.
• Jupiter Wagons: The company’s arm Jupiter Tatravagonka Railwheel Factory has received a Letter of Acceptance from the Ministry of Railways,
Railway Board, for an order worth approximately Rs 113 crore to supply 9,000 LHB axles.
• Gujarat Gas: The Ministry of Corporate Affairs has approved a composite scheme of arrangement and amalgamation involving Gujarat State
Petroleum Corp, Gujarat State Petronet, GSPC Energy, and Gujarat Gas.
• Five-Star Business Financee: The shareholders of the company have approved the issuance of non-convertible debentures worth up to Rs 4,000
crore through private placement.
• Indian Metals & Ferro Alloys: The company has cancelled its previous Power Purchase and Shareholder agreements with JSW Green Energy One
and Seven and has entered into new agreements with JSW Renew Energy Twelve to supply 70 MW of hybrid renewable power.
• Veranda Learning Solutions: The company has completed the acquisition of the remaining 24% equity stake in its subsidiary, Veranda XL Learning
Solutions, for a combination of cash and a share swap, making VXL a wholly-owned subsidiary.
• Adani Ports and Special Economic Zone: The company through its subsidiary Mandhata Build Estate, has completed the acquisition of a 100% stake
in Dependencia Logistics for a cash consideration of Rs 37.77 crore.
• Insolation Energy: The company’s arm Insolation Green Energy incorporates three wholly-owned subsidiaries.
• Lloyds Enterprises: The company approves allotment of 25.4 crore shares on rights basis to eligible shareholders worth Rs 992 crore.
• Deepak Fertilizers and Petrochemicals Corp: The company signs a pact to acquire 26% stake in Murli Solar Energy for solar power captive
consumption. The company also signs a pact to acquire 26% stake in Sunsure Solar Park Fifty One for wind power captive consumption.
• SMS Pharmaceuticals: The company has approved the allotment of 50 lakh new equity shares following the conversion of an equal number of
warrants. The conversion, which has increased the company's paid-up share capital from Rs 8.86 crore to Rs 9.36 crore.
• Ugro Capital: The Board of Directors has approved the allotment of unlisted commercial papers worth Rs 25 crore.
• Eicher Motors: The Company’s arm VE Commercial has announced that it will pass on the full benefit of the recent GST reduction to its customers.
The GST on Company’s diesel, CNG, and LNG trucks and buses has been reduced from 28% to 18%.
• Mazagon Dock Shipbuilders: The company updates that negotiations between the company and the Indian Navy have commenced regarding the
Submarine Project-P75(I).
• Vesuvius India: The company updates that Chief Financial Officer Rohit Baheti has tendered his resignation from the services.
• Mahindra Holidays & Resorts: The company updates that Tanvi Choksi has tendered her resignation from the position of Chief Human Resources
Officer of the Company.
• Rail Vikas Nigam: The company has secured a Rs 169.48 crore domestic order from West Central Railway for the design, supply, erection, testing,
and commissioning of a 220/132kV/2X'25 kV Scott connected Traction Sub.
DISCLAIMER
The information and opinions contained herein have been compiled or arrived at based on the information obtained in good faith from sources believed to be reliable. Such information
has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy completeness or correctness.
This document is for information purposes only. This report is based on information that we consider reliable; we do not represent that it is accurate or complete and one should exercise
due caution while acting on it. Description of any company(ies) or its/their securities mentioned herein are not complete and this document is not and should not be construed as an offer
or solicitation of an offer to buy or sell any securities or other financial instruments. Past performance is not a guide for future performance, future returns are not guaranteed and a loss
of original capital may occur. All opinions, projections and estimates constitute the judgment of the author as on the date of the report and these, plus any other information contained in
the report, are subject to change without notice. Prices and availability of financial instruments are also subject to change without notice. This report is intended for distribution to
institutional investors.
This report is not directed to or sintended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity that is a citizen or resident or located in any
locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject to SSSIL or
its affiliates to any registration or licensing requirement within such jurisdiction. If this report is inadvertently sent or has reached any individual in such country, especially USA, the same
may be ignored and brought to the attention of the sender. Neither this document nor any copy of it may be taken or transmitted into the United States (to U.S. persons), Canada, or Japan
or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. Any unauthorized use, duplication, redistribution or
disclosure of this report including, but not limited to, redistribution by electronic mail, posting of the report on a website or page, and/or providing to a third party a link, is prohibited by
law and will result in prosecution. The information contained in the report is intended solely for the recipient and may not be further distributed by the recipient to any third party.
SSSIL generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies
that the analysts cover. Additionally, SSSIL generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies
that they cover. Our salespeople, traders, and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that
are contrary to the opinions expressed herein. Our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed
herein. The views expressed in this research report reflect the personal views of the analyst(s) about the subject securities or issues and no part of the compensation of the research
analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The compensation of the analyst who
prepared this document is determined exclusively by SSSIL; however, compensation may relate to the revenues of the Systematix Group as a whole, of which investment banking, sales
and trading are a part. Research analysts and sales persons of SSSIL may provide important inputs to its affiliated company(ies).
Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations which could have an adverse effect on their value or price or the income derived
from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk. SSSIL, its directors, analysts or
employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on the basis of this report
including but not restricted to fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc.
SSSIL and its affiliates, officers, directors, and employees subject to the information given in the disclosures may: (a) from time to time, have long or short positions in, and buy or sell, the
securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation (financial interest) or
act as a market maker in the financial instruments of the company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential material
conflict of interest with respect to any recommendation and related information and opinions. The views expressed are those of the analyst and the company may or may not subscribe to
the views expressed therein.
SSSIL, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness,
merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall SSSIL, any of its affiliates or any third party
involved in, or related to, computing or compiling the information have any liability for any damages of any kind. The company accepts no liability whatsoever for the actions of third
parties. The report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the report refers to website material of the company, the company has
not reviewed the linked site. Accessing such website or following such link through the report or the website of the company shall be at your own risk and the company shall have no
liability arising out of, or in connection with, any such referenced website.
SSSIL will not be liable for any delay or any other interruption which may occur in presenting the data due to any technical glitch to present the data. In no event shall SSSIL be liable for
any damages, including without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data presented by SSSIL
through this presentation.
SSSIL or any of its other group companies or associates will not be responsible for any decisions taken on the basis of this report. Investors are advised to consult their investment and
tax consultants before taking any investment decisions based on this report.
Systematix Shares and Stocks (India) Limited:
Registered and Corporate address: The Capital, A-wing, No. 603 – 606, 6th Floor, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051
CIN - U65993MH1995PLC268414 | BSE SEBI Reg. No.: INZ000171134 (Member Code: 182) | NSE SEBI Reg. No.: INZ000171134 (Member Code: 11327) | MCX SEBI Reg. No.: INZ000171134
(Member Code: 56625) | NCDEX SEBI Reg. No.: INZ000171134 (Member Code: 1281) | Depository Participant SEBI Reg. No.: IN-DP-480-2020 (DP Id: 34600) | PMS SEBI Reg. No.:
INP000002692 | Research Analyst SEBI Reg. No.: INH200000840 | Investment Advisor SEBI Reg. No. INA000010414 | AMFI : ARN - 64917
