Stocks in news: Swiggy, M&M, REC, Adani Power and Bajaj Finserv

Indian benchmark indices closed lower on Monday, September 7, marking the first trading session of the week, with the Sensex and Nifty 50 extending their losing streak to four consecutive weeks. Investor sentiment remained subdued amid a fresh escalation in the US-Iran conflict, which pushed oil prices higher, along with other factors.

The Sensex fell 383 points, or 0.50%, to close at 76,133, while the Nifty 50 declined 119 points, or 0.55%, to end at 23,779.

Technically, the Nifty remained weak as it traded below the rising channel, indicating sustained selling pressure. The index was also consolidating below the falling 50-day EMA, pointing to a strengthening bearish trend.


According to Rupak De, senior technical analyst at LKP Securities, the momentum indicator RSI is falling deeper into the bearish zone, further confirming weak momentum. In the near term, weakness is likely to continue, with the index potentially declining towards 23,700-23,620. Resistance on the higher side is placed at 23,900.

Against this backdrop, shares of Swiggy, Mahindra & Mahindra, REC, Adani Power, Bajaj Finserv and several other companies are likely to remain in focus on Tuesday following key corporate developments.

Swiggy

Swiggy Networks, a wholly owned subsidiary of online food ordering and quick-commerce platform Swiggy, will sell its entire stake in Lynks Logistics to Singapore-based Trustroot Internet for about $52.4 million.

The transaction involves 166,534 Series R compulsorily convertible preference shares and is expected to close by October 22, subject to agreed conditions. Following completion, Lynks Logistics will cease to be part of the Swiggy group.

Mahindra & Mahindra

Mahindra & Mahindra has retained its leadership position in the domestic tractor market, with an estimated 44.9% share by volume in the first quarter of FY27. This compares with a 43.6% share in FY26 and 43.3% in FY25.

The company's tractor portfolio comprises the Mahindra, Swaraj, Trakstar and OJA brands, according to a company filing.

REC

REC has issued India's first pilot issue of tokenised corporate bonds under the Securities and Exchange Board of India's Regulatory Sandbox Framework.

The pilot issue was sized at around Rs 500 crore, comprising a base issue of around Rs 100 crore and a green-shoe option of around Rs 400 crore. Bidding was conducted on the Electronic Bidding Platform of the National Stock Exchange of India.

The issue received bids worth around Rs 796 crore, translating into an oversubscription of nearly eight times. REC accepted around Rs 500 crore at a coupon rate of 7.30% per annum for a tenor of one year and nine months.

Adani Power

Adani Power has received a Letter of Intent to acquire GVK Energy after the company's Committee of Creditors approved its resolution plan under the insolvency process.

GVK Energy owns a 330 MW hydroelectric project in Uttarakhand through its subsidiary, Alaknanda Hydro Power Company.

GE Vernova T&D India

GE Vernova T&D India has emerged as the L1 bidder for a Power Grid Corporation of India project to design and establish a 6,000 MW, ±800 kV HVDC LCC terminal station for evacuating renewable power from Barmer II to South Kalamb.

The project will be executed over multiple years.

Mankind Pharma

Mankind Pharma said its subsidiary Bharat Serums and Vaccines (BSVL) has received shareholder approval for voluntary liquidation. The move remains subject to approval from BSVL's creditors under the applicable provisions of the Insolvency and Bankruptcy Code and voluntary liquidation regulations.

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Neuland Laboratories

Neuland Laboratories has approved a capital expenditure of Rs 126 crore to acquire around 134 acres of land at Auro Industrial City in Kakinada, Andhra Pradesh, for future expansion. The company also has a right of first refusal to purchase an additional contiguous 66-acre parcel, which could take its total land holding at the location to around 200 acres.

The investment will be funded internal accruals.

Asian Energy Services

Asian Energy Services said its holding and amalgamating company, Oilmax Energy Pvt Ltd, has received a Letter of Intent from the Arunachal Pradesh government for a composite licence for the Pakro Vanadium and Graphite Block.

The block spans 155.46 hectares in Pakke Kessang district. The company clarified that the LoI has been awarded to Oilmax Energy and not directly to Asian Energy Services.

Bajaj Finserv

Bajaj Finserv said its subsidiaries, Bajaj General Insurance Limited and Bajaj Life Insurance Limited, have submitted their respective business updates to the Insurance Regulatory and Development Authority of India (IRDAI) and the General and Life Insurance Councils, as applicable. Bajaj General Insurance reported gross direct premium of Rs 2,291 crore, up 11% year-on-year. Bajaj Life Insurance reported new business premium of Rs 1,954 crore, up 32% year-on-year.

Shiprocket

Shiprocket reported a net loss of Rs 13.7 crore in the first quarter, narrowing from Rs 18 crore a year earlier.

Revenue rose 33.8% year-on-year to Rs 592 crore from Rs 442 crore, while the EBITDA loss narrowed to Rs 21 crore from Rs 26 crore. This was the company's first quarterly result following its listing on August 19.

Remsons Industries

Remsons Industries said the cut-off date for determining voting rights for its 54th Annual General Meeting and eligibility for dividend payment for the financial year ended March 31, 2026, if declared at the ensuing AGM, has been fixed as Wednesday, September 23, 2026.

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