⚡ RUPIE SPEAK
VOICE OF THE MARKET · SEPT 17, 2026
NO NOISE · ONLY WISDOM
🔴 MARKET PULSE · FIIs net sellers in equities at ₹587.81 crore and debt at ₹3,479.88 crore (Sept 17 data). 6 IPOs listed today — LCC Projects, Steamhouse, Karamtara, Rentomojo, Manipal Payment, ARC India. Key events: US Fed decision aftermath, oil trajectory, rupee movement.
📋 STOCK WISE NEWS
1BMW Ventures₹72.94 CR ORDERS
Secured two purchase orders worth Rs 72.94 crore inclusive of all taxes from Tata Projects for supply of TMT Steel FE-550D Grade for 3X800MW USCTPP-ADANI Project. Orders to be executed and delivered within 8 weeks from date of purchase order.
RUPIE SPEAK: Two orders worth Rs 73 crore from Tata Projects is a significant win. 8-week execution gives quick revenue recognition. TMT steel demand from infrastructure projects remains strong.
2Desco InfratechDenEB MoU
Entered Memorandum of Understanding (MoU) with DenEB Air Gases for long-term strategic collaboration to identify, pursue, bid, secure and execute EPC projects relating to LNG, LCNG and CNG infrastructure. Combines commercial, technical and EPC execution capabilities of both parties.
RUPIE SPEAK: MoU for gas infrastructure EPC projects. LNG/CNG is a growing segment as India expands gas usage. Watch for actual order wins.
3Suratwwala Business Group₹69 CR LoI
Subsidiary Suratwwala Natural Energy Resource secured Letter of Intent worth Rs 69 crore (excluding GST) from M/s Shree Tatyasaheb Kore Warana SSK for EPC contract. For design, supply, construction, installation, testing, commissioning and O&M of 20MW (AC)/28.1 MW (DC) Solar Power Plant in Kolhapur, Sangli District (Maharashtra). O&M cost: Rs 50 lakh/year. Minimum Guaranteed Generation: 42.0048 MUs/year. To be completed in 4 months.
RUPIE SPEAK: Rs 69 crore solar EPC order is substantial. 4-month execution is aggressive. Solar EPC continues to see strong order flow.
4RailTel Corporation of India₹63.15 CR LoI
Received Letter of Intent from Prasar Bharti (Broadcasting Corporation of India), Director General, Doordashan for additional features/services on existing WAVES OTT Platform. Estimated order size: Rs 63.15 crore (including tax). To be executed by February 11, 2029.
RUPIE SPEAK: Long-duration government contract for OTT platform. Recurring revenue visibility till 2029. PSU order book continues to grow.
5LCC ProjectsIPO LISTING 31%
Debuted at Rs 191.90 on BSE, up 31.44% from issue price of Rs 146.00. Currently trading at Rs 172.75, up 18.32% from issue price. Touched high of Rs 191.90 and low of Rs 172.75. IPO subscribed 49.57 times. Issue price: Rs 146 per share (upper end of Rs 139-146 band).
RUPIE SPEAK: 31% listing premium and 49x subscription — strong debut. Infrastructure/construction sector is in favour. Watch for post-listing performance.
6Candour TechtexDEFENCE MoU
Entered MoU with Ratanmoti Texfab (India), Kolhapur, for coating and lamination of fabrics for Indian Defence Industry. Processed fabrics to be supplied to Aerial Delivery Research and Development Establishment (ADRDE), DRDO, Agra. Marks entry into specialised coated and laminated textile materials for defence applications.
RUPIE SPEAK: Defence supply chain entry via DRDO/ADRDE. Specialised technical textiles for defence is a high-barrier, high-margin segment.
7Steamhouse IndiaIPO LISTING 15%
Debuted at Rs 93.00 on BSE, up 14.81% from issue price of Rs 81.00. Currently trading at Rs 98.31, up 21.37% from issue price. Touched high of Rs 99.90 and low of Rs 91.51. IPO subscribed 32.07 times. Issue price: Rs 81 per share (upper end of Rs 77-81 band).
RUPIE SPEAK: 15% listing premium, now up 21%. 32x subscription shows decent demand. Small-cap IPO with solid listing gains.
8Manipal Payment and Identity SolutionsIPO LISTING -2%
Debuted at Rs 332.00 on BSE, down 2.06% from issue price of Rs 339.00. Currently trading at Rs 326.55, down 3.67% from issue price. Touched high of Rs 340.05 and low of Rs 320.80. IPO subscribed only 1.42 times. Issue price: Rs 339 per share (upper end of Rs 322-339 band).
RUPIE SPEAK: Weak listing — 2% discount. Low subscription (1.42x) reflected muted demand. Payment/identity solutions sector sentiment is cautious.
9Fortis HealthcareDELHI HOSPITAL PACT
Signed definitive agreements with Seth Sunder Lal Jain Charitable Eye Hospital (SLJ Society) to provide healthcare services to a 400+ bedded super specialty hospital at Ashok Vihar, New Delhi. Expected to commence operations in 3-4 years. FHTL gets long-term exclusive rights to provide specified inpatient healthcare services and specialized equipment (Cath Lab, LINAC, PET-CT, Surgical Robot). HSA has committed term of 29 years. FHTL will also provide loan to Society in phased manner over 3-4 years.
RUPIE SPEAK: 29-year healthcare services agreement — long-term revenue visibility. Asset-light model: Fortis provides services, SLJ owns the hospital. Delhi NCR expansion continues.
10Asset Reconstruction Company (India)IPO FLAT
Made flat debut at issue price of Rs 139.00 on BSE. Currently trading at Rs 137.10, down 1.37% from issue price. Touched high of Rs 140.95 and low of Rs 132.40. IPO subscribed 20.10 times. Issue price: Rs 139 per share (upper end of Rs 132-139 band).
RUPIE SPEAK: Flat listing despite 20x subscription. ARC India is a large player but market gave muted response. Watch for post-listing stability.
11Praveg₹12.99 CR LoA
Received Letter of Acceptance worth Rs 12.99 crore plus applicable GST from Tourism Corporation of Gujarat (TCGL) for event infrastructure and operations at Statue of Unity Area, Gujarat. Assignment covers development, erection, furnishing, operation and maintenance for 13 days (October 20 to November 1, 2026). Includes temporary structures, furniture, electrical arrangements, manpower deployment, housekeeping and allied support.
RUPIE SPEAK: Short-duration event infrastructure contract. Rs 13 crore for 13 days is decent. Reinforces Praveg's event management capabilities.
12Karamtara EngineeringIPO LISTING 26%
Debuted at Rs 320.00 on BSE, up 25.98% from issue price of Rs 254.00. Currently trading at Rs 351.95, up 38.56% from issue price. Touched high of Rs 351.95 and low of Rs 320.00. IPO subscribed 66.01 times. Issue price: Rs 254 per share (upper end of Rs 241-254 band).
RUPIE SPEAK: 26% listing premium and now up 38%. 66x subscription — massive demand. Engineering sector IPO continues to deliver strong returns.
13NHC FoodsACQUISITIONS
Approved investments to acquire controlling stakes in two food and beverage companies — up to 88% in Lotmor Brands and up to 80% in Walya's Beverages. Consideration may be paid in cash or through issue of NHC Foods equity shares at Rs 6.50 per share. Lotmor Brands recorded turnover of Rs 2.60 crore in FY24; Walya's Beverages recorded Rs 0.71 crore in FY24. Expected to strengthen procurement and distribution capabilities.
RUPIE SPEAK: Two acquisitions to expand F&B portfolio. Both targets are small but add capabilities. Watch for integration and revenue synergies.
14Suryoday Small Finance BankTIER II BONDS
Planning to raise funds by way of issuance of Non-Convertible Debentures (Tier II Bonds) on private placement basis. Board meeting to be held on September 21, 2026 to consider and approve the same.
RUPIE SPEAK: Tier II bond issuance for capital adequacy. Small finance banks need regular capital infusion for growth. Watch for amount and pricing.
15Anupam Rasayan India₹160 CR NCDs
Planning to raise funds up to Rs 160 crore through issuance of Secured Rated Unlisted Redeemable Non-Convertible Debentures (NCDs) on private placement basis. Board meeting scheduled for September 19, 2026 to consider and approve the same.
RUPIE SPEAK: Rs 160 crore fundraise for specialty chemicals expansion. NCD issuance at competitive rates could fund capex.
16RentomojoIPO LISTING 19%
Debuted at Rs 480.00 on BSE, up 18.81% from issue price of Rs 404.00. Currently trading at Rs 511.50, up 26.61% from issue price. Touched high of Rs 526.00 and low of Rs 480.00. IPO subscribed 72.89 times. Issue price: Rs 404 per share (upper end of Rs 384-404 band).
RUPIE SPEAK: 19% listing premium, now up 27%. 73x subscription — strong demand for subscription economy. Rentomojo is a unique business model.
17Parag Milk FoodsBRAND REVAMP
Premium farm-to-home dairy brand Pride of Cows unveiled completely revamped brand identity — younger, more dynamic and contemporary. Developed in partnership with Pollinate. Transformation goes beyond new logo — creating a contemporary brand world around nourishment, wellbeing, nature and intentional living. Brings together global creative expertise across typography, illustration, motion and sound.
RUPIE SPEAK: Brand refresh for premium dairy segment. Pride of Cows is a high-margin, aspirational brand. Revamp could boost visibility and premium positioning.
18LT Foods49% STAKE BUY
Entered Share Purchase Agreement with Kameda Seika Co. for acquisition of its entire 49% equity stake in Kameda LT Foods (India). Upon completion, LT Foods' shareholding in KLT will increase from 51% to 100%; KLT will become wholly owned subsidiary. Cost of acquisition: Rs 1.12 crore for 2,80,26,726 equity shares representing 49% of equity share capital.
RUPIE SPEAK: Buyout of JV partner at a low cost. KLT becomes wholly owned — simplifies structure and gives full control over India operations.
19Rainbow Children's MedicareNEW HOSPITAL
Commenced operations of the 50-bed women's and children's hospital at Guntur, Andhra Pradesh. Expected to strengthen presence in Andhra Pradesh, expand access to specialised women and children's healthcare services, and support long-term growth strategy.
RUPIE SPEAK: New hospital in Guntur expands Andhra Pradesh footprint. Paediatric and women's healthcare is a high-demand, specialised segment.
20Gujarat Themis Biosyn₹585 CR NCDs
Raised Rs 585 crore through allotment of Non-Convertible Debentures (NCDs) on private placement basis. Proceeds to be used for investing in wholly owned subsidiary in Japan to finance acquisition of MicroBiopharm Japan Co. and general corporate purpose. Committee of Board approved on September 16, 2026.
RUPIE SPEAK: Rs 585 crore fundraise for Japan acquisition. MicroBiopharm acquisition is a strategic move — expands fermentation-based API capabilities.
21RIR Power ElectronicsSiC FACILITY
Completed erection and installation of state-of-the-art Silicon Carbide (SiC) Epitaxial Wafer Manufacturing Reactors at SiC semiconductor facility in Bhubaneswar, Odisha. Marks significant step in establishing India's first vertically integrated SiC semiconductor production facility. Facility expected to commence commercial production upon completion of remaining statutory formalities. Part of planned Rs 618 crore investment towards vertically integrated SiC semiconductor manufacturing ecosystem. Will manufacture high-power MOSFETs, diodes and modules.
RUPIE SPEAK: India's first SiC epitaxial wafer facility — a strategic milestone for semiconductor manufacturing. SiC is critical for EV, renewables, and power electronics. High-growth theme.
22Tata MotorsCV PRICE HIKE
Will increase prices across commercial vehicle range by up to 1% from October 1, 2026. Price revision varies by model and variant; aimed at offsetting impact of rising commodity prices and other input costs. Second price hike by Tata Motors in CV segment this year — earlier increased by up to 1.5% from April 1, 2026.
RUPIE SPEAK: Price hike to protect margins from input cost inflation. Industry-wide trend — Maruti, Hyundai, and others have also raised prices. Margin accretive if demand holds.
23Muthoot Capital Services₹150 CR NCDs
Received approval to raise up to Rs 150 crore through allotment of NCDs on private placement basis. Allotted 15,000 senior, secured, rated, listed, redeemable, taxable, transferable NCDs at face value Rs 1,00,000 each. Coupon rate: 9.25% per annum. Deemed date of allotment: September 23, 2026; maturity: September 22, 2028.
RUPIE SPEAK: Rs 150 crore fundraise at 9.25% — likely for lending growth. Muthoot Capital is expanding its vehicle finance book.
24Arix EnergixUAE SUB
Incorporated wholly owned subsidiary in United Arab Emirates (UAE) named Arix Metals Trading FZCO, effective September 15, 2026. Incorporation will result in geographic market expansion in UAE.
RUPIE SPEAK: UAE subsidiary for metals trading. Middle East expansion could open new market opportunities.
25Precision Wires IndiaTRIAL PRODUCTION
Commenced some trial production of Copper Cathodes at its Copper Refining/Recycling Plant located at Zaroli, Gujarat. Trials of some important equipment still underway. Commercial production expected to start shortly in Q3 FY 2026-27, subject to receipt of final regulatory approvals, sanctions and permissions.
RUPIE SPEAK: Copper cathode trial production begins. Backward integration into copper refining could improve margins. Watch for commercial production in Q3.
26Desco Infratech₹58.61 LAKH LoI
Received Letter of Intent from Sabarmati Gas (Joint Venture of GSPC & BPCL) for laying, installation, testing and commissioning of 4" Dia. Steel Gas Pipeline in Aravalli GA, Gujarat for Steel Pipeline connectivity of Balaji Wafers. Order value: Rs 58.61 lakh inclusive of GST.
RUPIE SPEAK: Small LoI but second gas infrastructure order today. Desco is building expertise in city gas distribution EPC. Watch for larger order wins.
27Tata MotorsCV PRICE HIKE
All set to increase prices by up to 1% on range of commercial vehicles, effective from October 01, 2026. Revision being taken to offset rise in commodity and other input costs. Increase will differ depending on model and variant.
RUPIE SPEAK: Same news as #22 — CV price hike up to 1% from Oct 1. Margin protection move. Watch for volume response.
28Yatharth Hospital₹3,150 CR ADVENT
Entered definitive agreement with Advent International, a leading global private equity investor. Advent will invest Rs 3,150 crore of primary capital in the company. Upon completion, Advent expected to acquire significant minority stake of 24.9% in the company. Transaction subject to customary closing conditions.
RUPIE SPEAK: Massive Rs 3,150 crore investment from Advent — strong validation of Yatharth's healthcare model. PE backing at 24.9% stake could accelerate expansion.
29FII/DII DataNET SELLERS
FIIs as per Thursday's data were net sellers in both equity and debt segments. In equity: gross buying Rs 15,021.67 crore vs gross selling Rs 15,609.48 crore — net sellers of Rs 587.81 crore. In debt: gross purchase Rs 1,452.49 crore vs gross sales Rs 4,932.37 crore — net sellers of Rs 3,479.88 crore. In hybrid segment: net buyers of Rs 24.05 crore.
RUPIE SPEAK: FIIs continue selling — both equity and debt. Debt outflows are particularly heavy at Rs 3,480 crore. Rising US yields are pulling money out of emerging markets.
📌 IPO Listings: LCC Projects (31%), Steamhouse (15%), Karamtara (26%), Rentomojo (19%), Manipal Payment (-2%), ARC India (Flat)📌 FIIs net sellers: Equity ₹587.81 Cr, Debt ₹3,479.88 Cr📌 US Fed Decision Aftermath📌 Brent Crude Above $107
⚠️ SEBI REGULATORY DISCLAIMER — EDUCATIONAL & INFORMATIONAL ONLYThis publication is solely for informational and educational use. It does NOT constitute investment advice, a research report, or a solicitation to buy/sell securities. The author/publisher is NOT a SEBI-registered Research Analyst. All data sourced from publicly available exchange filings, NSE/BSE official websites, and brokerage updates as of 17 September 2026 (provisional).
Investments in securities are subject to market risks. Past performance is not indicative of future results. Readers are strongly advised to consult a SEBI-registered investment adviser before making any financial decisions.
📞 SEBI SCORES Helpline: 1800 266 7575 | sebi.gov.in
Investments in securities are subject to market risks. Past performance is not indicative of future results. Readers are strongly advised to consult a SEBI-registered investment adviser before making any financial decisions.
📞 SEBI SCORES Helpline: 1800 266 7575 | sebi.gov.in