GIFT Nifty Opening Update
GIFT Nifty opened today at 22,819.00. It is down -20.50 points (-0.09%) from yesterday’s close of 22,830.00- so the trend is negative.
The Indian stock market is expected to commence on a muted note on Wednesday, September 30, as GIFT Nifty was trading over 50 points lower than Tuesday’s Nifty futures closing level. On Tuesday, the Nifty 50 concluded the session at 22,716.20, reflecting a decline of 64.05 points, or 0.28%, while the BSE Sensex finished at 72,529.07, decreasing by 242.65 points, or 0.33%.
Indian stock market investors are expected to monitor various companies on Wednesday, September 30, following a sequence of significant business updates, encompassing order wins, fundraising initiatives, strategic decisions, and project advancements. KPI Green, Tata Steel, Inox Green, Urban Company, and Poonwalla Fincorp are among the shares that will attract attention on Wednesday.
Stocks to Monitor:
- KPI Green – The company has obtained a work order valued at approximately Rs 2,025 crore, inclusive of taxes and GST, from NACOF Oorja Pvt Ltd. The contract encompasses comprehensive engineering, procurement, and construction responsibilities for a solar photovoltaic project with a capacity of 500 MW/550 MWp located in Rajasthan, addressing all aspects of the project’s design, procurement, and construction processes.
- Tata Steel announced on Tuesday that the Income Tax Appellate Tribunal had rendered a favourable decision for FY2009. The ruling permits the company to assert a deduction for interest expenses, thereby decreasing its tax liability in this instance by approximately Rs 427 crore to Rs 1,259 crore.
- Inox Green – The issue, which was open from 24 September 2026 to 29 September 2026, has been completed. The Operations Committee of IGESL’s Board of Directors has sanctioned the allocation of 1,81,10,473 equity shares to 20 qualified institutional buyers. The shares were allotted at an issue price of Rs 165.65 per share, which encompasses a premium of Rs 155.65. This was at a 5% discount to the floor price of Rs 174.36 per share. The issue raised a total of Rs 300 crore through the allotment.
- Urban Company has received a show-cause notice from the Excise & Taxation Officer of State Tax regarding alleged incorrect claims of input tax credit and short payment of tax for the financial year 2022-23. The notice encompasses a tax demand amounting to Rs 1.67 crore, alongside interest totalling Rs 1.21 crore for the financial years spanning from 2022-23 to 2025-26, in addition to a penalty of Rs 16.74 lakh. The total amount demanded from the company, inclusive of tax, interest, and penalty, stands at Rs 3.05 crore.
- Poonwalla Fincorp announced that it has communicated with debenture holders concerning the issuance of 1 lakh secured, rated, listed, redeemable, and partly paid non-convertible debentures. Each NCD possesses a face value of Rs 1 lakh and a paid-up value of Rs 1,000.
- NLC India, NALCO – NLC India announced that its board has sanctioned the establishment of a joint venture with National Aluminium Company on a 50:50 basis to construct a 1,080 MW thermal captive power plant in Angul, Odisha. Both companies will possess an equal share in the proposed joint venture.
- Punjab & Sind Bank – The state-owned lender announced that its board has sanctioned plans to secure funding in foreign currency via the creation of a Medium-Term Note program, with a ceiling of $1 billion.
- Ganesh Benzoplast has entered into definitive agreements with Cisternina Logistics, a bulk liquid and gas storage and logistics platform that is predominantly owned by funds managed and advised by KKR. As part of the agreement, GBL will divest its liquid storage tank operations at terminals located in Jawaharlal Nehru Port, Goa Port, and Cochin Port, in addition to its equity interest in ILSL Rail Logistics, which is set to manage the rail logistics operations at Daund.
- Power Mech Projects has secured a Rs 549.37-crore order from Moxie Power Generation, a subsidiary of the Adani Group. Under the contract, the company will deliver comprehensive operation and maintenance services for the 2×600 MW Tuticorin Thermal Power Plant located in Tamil Nadu.
