Stocks in news: Tata Steel, KPI Green Energy, NLC India, Poonawalla Fincorp and Cummins India

Indian equity benchmarks extended their decline on Tuesday, with the NSE Nifty 50 and BSE Sensex falling to fresh six-month lows as the market remained under pressure following the sharp sell-off in the previous session.

The Nifty 50 declined 64.05 points, or 0.28%, to close at 22,716.20. The index slipped to its 200-week moving average, currently around 22,600. According to Rupak De, senior technical analyst at LKP Securities, a decisive break below this level could lead to a sharper correction.

Against this backdrop, shares of Tata Steel, KPI Green Energy, NLC India, Poonawalla Fincorp, Cummins India, and several other companies are likely to remain in focus on Wednesday following a series of corporate developments.

Tata Steel

Tata Steel said on Tuesday, September 29, that it had received a favourable order from the Income Tax Appellate Tribunal (ITAT) for financial year 2009.

The order allows the company’s claim for deduction of interest expenditure and reduces its tax exposure in the matter by around Rs 427 crore, to Rs 1,259 crore.

Separately, Tata Steel said it had acquired 393.52 crore equity shares of its overseas subsidiary, T Steel Holdings Pte. Ltd, for $340 million, or approximately Rs 3,260.32 crore. The investment is part of the company’s additional funding plan.

Poonawalla Fincorp

Poonawalla Fincorp said it is sending an intimation to debenture holders in connection with 1,00,000 secured, rated, listed, redeemable, partly paid non-convertible debentures (NCDs) with a face value of Rs 1,00,000 each and a paid-up value of Rs 1,000 per NCD.

The NCDs, aggregating to Rs 10 crore, carry ISIN INE511C07961 and are scheduled for redemption on November 2, 2026. The record date for the redemption has been fixed as October 16, 2026.

Cummins India

Cummins India said it has received an order from the Assessment Unit of the Income Tax Department imposing a penalty of Rs 95.26 lakh under Section 270A of the Income Tax Act, 1961, for assessment year 2018-19.

The company said it is evaluating appropriate legal remedies, including filing an appeal before the appellate authority.

Samvardhana Motherson International

Japan Credit Rating Agency Ltd has upgraded the rating outlook of Samvardhana Motherson International from ‘Stable’ to ‘Positive’.

The agency has assigned an ‘A’ rating with a ‘Positive’ outlook to the company’s foreign currency long-term issuer rating.

KPI Green Energy

KPI Green Energy has received a work order worth approximately Rs 2,025 crore, including taxes and GST, from NACOF Oorja Private Ltd. The order covers turnkey engineering, procurement and construction (EPC) work for a 500 MW/550 MWp solar photovoltaic power project in Rajasthan. KPI Green Energy will undertake the design, procurement and construction of the project.

JSW Cement

The boards of JSW Cement and its listed subsidiary, Shiva Cement, have approved a scheme of arrangement involving the amalgamation of Shiva Cement with and into JSW Cement.

Arisinfra Solutions

Arisinfra Solutions has secured a service order from Transcon Bellaviu Private Ltd, a special purpose vehicle of Transcon Group. The order covers Design as a Service (DaaS) services for the Transcon UNO residential apartment project in Kalina, Mumbai.

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STL Networks

Gurugram-based STL Networks has emerged as the lowest bidder for a Rs 249.8-crore contract floated by RailTel Corporation of India.

The contract is for the deployment of cloud infrastructure at RailTel’s data centre and disaster recovery site.

NLC India

NLC India said its board has approved the formation of a 50:50 joint venture with National Aluminium Company (NALCO) to develop a 1,080 MW thermal captive power plant.

The project will be developed in Angul, Odisha, with NLC India and NALCO each holding an equal stake in the joint venture.

Tube Investments of India

Tube Investments of India will invest Rs 250 crore in its subsidiary, TI Clean Mobility.

The investment will be made through the subscription to Series C Compulsorily Convertible Preference Shares (CCPS) and will be used to expand the company’s electric vehicle business.

Ramco Cements

Ramco Cements has increased its clinker capacity to 5.62 MTPA from 4.61 MTPA.

Its cement grinding capacity has also risen to 4.38 MTPA from 3.65 MTPA. The capacity expansion has been achieved through debottlenecking.

Prestige Estates Projects

Prestige Estates Projects has completed two residential projects in Hyderabad.

The projects have delivered a total of 1,047 homes, adding to the company’s residential sales and delivery activity.

Hitech Corporation

Hitech Corporation said it has received a Letter of Offer dated September 29, 2026, issued under Regulation 16 of the SEBI Delisting Regulations by Kreo Capital Private Limited, the manager to the delisting offer.

The offer has been made on behalf of Geetanjali Trading and Investments Private Limited, an acquirer and member of the promoter group, along with the promoters and other members of the promoter group.

KSB

KSB Limited has received a significant export order from Dangote Projects Free Zone Enterprise for the supply of boiler feed pump packages.

The order covers around 18 boiler feed pump packages and is valued at $12.4 million, or approximately Rs 118 crore.

Ganesh Benzoplast

Ganesh Benzoplast said it has signed definitive agreements with Cisternina Logistics Private Limited (CLPL), a bulk liquid and gas storage and logistics platform that will be majority-owned by funds managed and advised by KKR.

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Graphite India

Graphite India said an initial decision has been issued in the anti-dumping duty case involving its graphite electrode products in the US. The US government has determined a dumping margin of 12.22% on the company’s electrodes. Further proceedings in the matter will follow.

Endurance Technologies

A subsidiary of Endurance Technologies has acquired a 32% stake in two companies belonging to the Stoferle Group.

The transaction was valued at approximately €18 million. Following the acquisition, the subsidiary now holds the entire shareholding in both companies.

Power Mech Projects

Power Mech Projects has received a Rs 549.37-crore order from Moxie Power Generation, a company of the Adani Group. Under the contract, Power Mech Projects will undertake the complete operation and maintenance (O&M) of the 2x600 MW Tuticorin Thermal Power Plant in Tamil Nadu.

Race Eco Chain

Race Eco Chain said its material subsidiary, Ganesha Recycling Chain Private Limited, has approved the allotment of 1,02,000 equity shares through subscription to a rights issue. Following the allotment, Race Eco Chain’s stake in the subsidiary will remain unchanged at 51%.

Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here