< -5%

One Mobikwik

Megri Soft

BLS E-Services

-5% to -3%

DC Infotech

Swiggy

AGS Transac

One 97 Comm

Just Dial

IRCTC

Eternal

Infibeam Avenue

FSN E-Com (Nyka

-3% to 0%

Citizen Info

BlackBuck

INFIBPP

Net Avenue Tech

0% to 3%

Euphoria Info

Matrimony.com

3% to 5%

Let's catch up on the latest news from the stock market. From significant investments to major deals, order wins, appointments, and acquisitions, here’s a quick look at which stocks will be in focus in today's trade:

Stocks to Watch

Lupin Ltd: Lupin Limited has received tentative U.S. FDA approval for its generic version of Bictegravir, Emtricitabine, and Tenofovir Alafenamide Tablets 50 mg/200 mg/25 mg, to be manufactured at its Nagpur facility in India. The drug is used to treat HIV in adults and children weighing at least 25 kg.

Polycab India: Promoter entities expected to offload up to 0.81% of the company’s equity through a block deal. Herein, the estimated offer size is Rs 887.6 crore.

Glenmark Pharma: Glenmark Specialty SA, a subsidiary of Glenmark Pharma has entered into an exclusive licensing deal with Hengrui Pharma for a new HER2-targeting cancer drug called Trastuzumab Rezetecan. Under the deal, Glenmark will pay $18 million upfront, plus future payments of up to $1.09 billion and royalties on drug sales.

Newgen Software Technologies: Newgen Software Technologies (UK) Limited, a wholly owned subsidiary of the Newgen Software Technologies has signed a five-year master services agreement with TCS NV, Belgium. The deal includes cloud hosting, software licensing, and implementation services. This is a purely commercial transaction.

AWL Agri Business Ltd: The company signed a two-year MoU with the Solvent Extractors’ Association of India (SEA) and Solidaridad Regional Expertise Centre (SREC) on September 24, 2025, to lead the National Mustard Model Farm Initiative.

Capricorn Systems Global Solutions: The company announced on September 24, 2025, the initiation of a new business line in trading, supply, and distribution of agricultural commodities (rice, wheat, pulses, oilseeds, food products) and other commodities (coal, granite).

SEPC Ltd: It announced it has secured a Rs 75.19 crore purchase order from Gefos Solutions Private Limited for supplying construction materials across four residential infrastructure projects in India. The non-related-party contract, expected to be completed in 8-9 months, bolsters the company's order book amid surging demand for urban housing developments.

Waaree Energies Limited: Domestic solar module manufacturer Waaree Energies Limited has invested Rs 300 crore in its subsidiary Waaree Energy Storage Solutions Private Limited (WESSPL). The investment was made through a rights issue.

Tata Steel: The company has invested Rs 4,054.66 crore in its overseas unit, T Steel Holdings Pte. Ltd. (TSHP), acquiring 457.7 crore shares. TSHP remains a wholly-owned subsidiary of the Tata Group company.

Swan Defence and Heavy Industries Limited (SDHI): ndia's premier shipbuilding and heavy fabrication firm, has inked an exclusive Memorandum of Understanding (MoU) with Dutch offshore oil and gas vessel specialist Royal IHC, alongside Indian representative Alar Infrastructure. The partnership will leverage combined expertise to design, build, and retrofit vessels including offshore construction, pipe-laying, and multi-purpose support types at SDHI's Pipavav Port shipyard in Gujarat.

Indian Hotels: The company announced that it has signed an agreement to open a new Taj hotel in Visakhapatnam, Andhra Pradesh, featuring 310 rooms to expand its luxury footprint.

YES Bank: The Bank has reported that Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has increased its shareholding in the lender. Herein, SMBC has raised its stake by an additional 4.22%.

Bulk Deals

AAA Technologies: NOVA Global Opportunities Fund PCC – Touchstone bought 2.21 lakh shares (1.73%) at Rs 81.49 per share. Seller: Promoter Anjay Ratanlal Agarwal.

Ganesh Infraworld: BNP Paribas Financial Markets bought 2.50 lakh shares at Rs 227.5 per share.

Paradeep Phosphates: Promoter Zuari Maroc Phosphates bought 97.50 lakh shares (1.2%) at Rs 182.06 per share.

Regaal Resources: VPK Global Ventures Fund – Scheme 1 sold 7.00 lakh shares at Rs 96.25 per share.

Kesoram Industries: Axis Bank sold 20.66 lakh shares (0.67%) at Rs 5.96 per share.

Block Deals

Akzo Nobel India: Multiple block deals occurred. Buyers include Nippon India Mutual Fund (8.15 lakh shares, 1.79%), WF Asian Smaller Companies Fund Ltd (5.28 lakh shares, 1.16%), Goldman Sachs Funds – Goldman Sachs India Equity Portfolio (4.50 lakh shares, 0.99%), Aditya Birla Sun Life Mutual Fund (45,986 shares, 0.10%), Bandhan Mutual Fund (29,928 shares). Sell-offs were by Promoter Imperial Chemical Industries Limited (22.77 lakh shares, 5%).

Coffee Day Enterprises: AHIH Resorts and Retreat Private Limited bought 88.28 lakh shares at Rs 44.45 each; CEO Malavika Hegde sold 88.28 lakh shares (4.18%) at Rs 44.45 each.

Mainboard Listing 

Ivalue Infosolutions: The IPO has been fully subscribed, with the retail portion subscribed 1.28 times, the Non-Institutional Investors (NII) portion booked 1.26 times, and Qualified Institutional Buyers (QIBs) portion receiving 3.18 times bids.

SME Listing

JD Cables: The issue size is Rs 95.99 crore (Rs 84.41 crore fresh issue + Rs 11.58 crore offer for sale) with a price band of Rs 144 – Rs 152 per share. It specializes in manufacturing high-quality cables and conductors for the power transmission and distribution sector.

Stocks Trade Ex-Dividend

Adtech Systems Ltd
Evans Electric Ltd

Stocks in F&amp;O ban

HFCL
RBL Bank
Sammaan Capital

Ownership, Material Conflicts of Interest and Disciplinary History

MCD is a wholly owned subsidiary of Network 18 Media & Investments Ltd ("Network18"), in which Independent Media Trust (IMT) holds 56.89% stake. Reliance Industries Limited ("RIL") is the sole beneficiary of IMT. Network18 and RIL and their subsidiaries, joint ventures and associates can be considered as associates of MCD.

Details of Associate

Receipt of Compensation

Third-Party Compensation

Employment History

Market-Making Activities

Use of Artificial Intelligence

Stocks to Watch Today: Glenmark Pharma, Tata Steel, Newgen Software Tech, Regal Resources, Kesoram Industries in focus on 25 September

Let's catch up on the latest news from the stock market. From significant investments to major deals, order wins, appointments, and acquisitions, here’s a quick look at which stocks will be in focus in today's trade:

Stocks to Watch

Lupin Ltd: Lupin Limited has received tentative U.S. FDA approval for its generic version of Bictegravir, Emtricitabine, and Tenofovir Alafenamide Tablets 50 mg/200 mg/25 mg, to be manufactured at its Nagpur facility in India. The drug is used to treat HIV in adults and children weighing at least 25 kg.

Polycab India: Promoter entities expected to offload up to 0.81% of the company’s equity through a block deal. Herein, the estimated offer size is Rs 887.6 crore.

Glenmark Pharma: Glenmark Specialty SA, a subsidiary of Glenmark Pharma has entered into an exclusive licensing deal with Hengrui Pharma for a new HER2-targeting cancer drug called Trastuzumab Rezetecan. Under the deal, Glenmark will pay $18 million upfront, plus future payments of up to $1.09 billion and royalties on drug sales.

Newgen Software Technologies: Newgen Software Technologies (UK) Limited, a wholly owned subsidiary of the Newgen Software Technologies has signed a five-year master services agreement with TCS NV, Belgium. The deal includes cloud hosting, software licensing, and implementation services. This is a purely commercial transaction.

AWL Agri Business Ltd: The company signed a two-year MoU with the Solvent Extractors’ Association of India (SEA) and Solidaridad Regional Expertise Centre (SREC) on September 24, 2025, to lead the National Mustard Model Farm Initiative.

Capricorn Systems Global Solutions: The company announced on September 24, 2025, the initiation of a new business line in trading, supply, and distribution of agricultural commodities (rice, wheat, pulses, oilseeds, food products) and other commodities (coal, granite).

SEPC Ltd: It announced it has secured a Rs 75.19 crore purchase order from Gefos Solutions Private Limited for supplying construction materials across four residential infrastructure projects in India. The non-related-party contract, expected to be completed in 8-9 months, bolsters the company's order book amid surging demand for urban housing developments.

Waaree Energies Limited: Domestic solar module manufacturer Waaree Energies Limited has invested Rs 300 crore in its subsidiary Waaree Energy Storage Solutions Private Limited (WESSPL). The investment was made through a rights issue.

Tata Steel: The company has invested Rs 4,054.66 crore in its overseas unit, T Steel Holdings Pte. Ltd. (TSHP), acquiring 457.7 crore shares. TSHP remains a wholly-owned subsidiary of the Tata Group company.

Swan Defence and Heavy Industries Limited (SDHI): ndia's premier shipbuilding and heavy fabrication firm, has inked an exclusive Memorandum of Understanding (MoU) with Dutch offshore oil and gas vessel specialist Royal IHC, alongside Indian representative Alar Infrastructure. The partnership will leverage combined expertise to design, build, and retrofit vessels including offshore construction, pipe-laying, and multi-purpose support types at SDHI's Pipavav Port shipyard in Gujarat.

Indian Hotels: The company announced that it has signed an agreement to open a new Taj hotel in Visakhapatnam, Andhra Pradesh, featuring 310 rooms to expand its luxury footprint.

YES Bank: The Bank has reported that Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has increased its shareholding in the lender. Herein, SMBC has raised its stake by an additional 4.22%.

Bulk Deals

AAA Technologies: NOVA Global Opportunities Fund PCC – Touchstone bought 2.21 lakh shares (1.73%) at Rs 81.49 per share. Seller: Promoter Anjay Ratanlal Agarwal.

Ganesh Infraworld: BNP Paribas Financial Markets bought 2.50 lakh shares at Rs 227.5 per share.

Paradeep Phosphates: Promoter Zuari Maroc Phosphates bought 97.50 lakh shares (1.2%) at Rs 182.06 per share.

Regaal Resources: VPK Global Ventures Fund – Scheme 1 sold 7.00 lakh shares at Rs 96.25 per share.

Kesoram Industries: Axis Bank sold 20.66 lakh shares (0.67%) at Rs 5.96 per share.

Block Deals

Akzo Nobel India: Multiple block deals occurred. Buyers include Nippon India Mutual Fund (8.15 lakh shares, 1.79%), WF Asian Smaller Companies Fund Ltd (5.28 lakh shares, 1.16%), Goldman Sachs Funds – Goldman Sachs India Equity Portfolio (4.50 lakh shares, 0.99%), Aditya Birla Sun Life Mutual Fund (45,986 shares, 0.10%), Bandhan Mutual Fund (29,928 shares). Sell-offs were by Promoter Imperial Chemical Industries Limited (22.77 lakh shares, 5%).

Coffee Day Enterprises: AHIH Resorts and Retreat Private Limited bought 88.28 lakh shares at Rs 44.45 each; CEO Malavika Hegde sold 88.28 lakh shares (4.18%) at Rs 44.45 each.

Mainboard Listing 

Ivalue Infosolutions: The IPO has been fully subscribed, with the retail portion subscribed 1.28 times, the Non-Institutional Investors (NII) portion booked 1.26 times, and Qualified Institutional Buyers (QIBs) portion receiving 3.18 times bids.

SME Listing

JD Cables: The issue size is Rs 95.99 crore (Rs 84.41 crore fresh issue + Rs 11.58 crore offer for sale) with a price band of Rs 144 – Rs 152 per share. It specializes in manufacturing high-quality cables and conductors for the power transmission and distribution sector.

Stocks Trade Ex-Dividend

Adtech Systems Ltd
Evans Electric Ltd

Stocks in F&amp;amp;O ban

HFCL
RBL Bank
Sammaan Capital

Shares of home appliances and cookware company Bajaj Electricals are higher by over 7 percent on acquiring the intellectual property rights of the Morphy Richards brand for India and neighbouring markets from Glen Electric for Rs 146 crore.

The brand rights of Morphy Richards - part of Irish international electrical appliances group Glen Dimplex - will be valid for India, Nepal, Bhutan, Bangladesh, the Maldives and Sri Lanka.

"The Board of Directors of the company, at its meeting held on September 23, 2025 has given its consent to a proposal for the acquisition of the ‘Morphy Richards’ brand and related intellectual property rights... from Glen Electric Limited (part of the Glen Dimplex Group, Ireland), the owner of the MR Brand/Business IP, for a consideration of Rs 146 crore," the company said. This deal is exclusive of any taxes or duties payable in the territory for the transaction and will be subject definitive agreements between the parties and regulatory approvals.

<a href="https://www.moneycontrol.com/india/stockpricequote/domestic-appliances/bajajelectricals/BE">Bajaj Electricals</a> sells premium range of kitchen appliances and has a presence in the female grooming segment with products such as hair straightener, hair dryer, etc. The appliances company has a mix of legacy and new-age brands including Nex, Morphy Richards and Nirlep, and is targetting consumer preferences across design and price segments.

The products from Morphy Richards had recorded strong growth in FY25, supported by broad-based channel growth across e-commerce and modern format retail. "The Consumer Products business registered revenue growth of 5.6 percent on the back of good demand for Morphy Richards brand and domestic appliances such as air coolers," Bajaj Electricals said in the annual report. During the last fiscal, the Morphy Richards business registered a robust 24 percent growth with 'consistent positive performance' in both offline and online channels.

The consumer appliances major is pitching Morphy Richards to drive growth through 'expansion and greater market penetration', focusing on premium and lifestyle appliances targetting the lifestyle-driven consumers.

The company has chalked out a plan to predominantly invest on new product development, and had approved a budget of about around Rs 140 crore in March 2025, along with plans for a new factory. In the short term, Bajaj Electricals said it has lined up 'continued investment' in new product launches in an 'ever-changing market'.

"Bajaj Electricals is enhancing its go-to-market strategy by focusing on high-growth channels like e-commerce, including quick commerce and modern trade, while also solidifying its traditional trade channels," the company said in its annual report.

During the June quarter, the company saw 'unexpected disruptions' following a premature onset of monsoon, which had cut the summer short and impacted the consumer demand.

Bajaj Electricals shares rally 7 percent on acquiring Morphy Richards' brand rights in India for Rs 146 crore

Shares of home appliances and cookware company Bajaj Electricals are higher by over 7 percent on acquiring the intellectual property rights of the Morphy Richards brand for India and neighbouring markets from Glen Electric for Rs 146 crore.

The brand rights of Morphy Richards - part of Irish international electrical appliances group Glen Dimplex - will be valid for India, Nepal, Bhutan, Bangladesh, the Maldives and Sri Lanka.

&quot;The Board of Directors of the company, at its meeting held on September 23, 2025 has given its consent to a proposal for the acquisition of the ‘Morphy Richards’ brand and related intellectual property rights... from Glen Electric Limited (part of the Glen Dimplex Group, Ireland), the owner of the MR Brand/Business IP, for a consideration of Rs 146 crore,&quot; the company said. This deal is exclusive of any taxes or duties payable in the territory for the transaction and will be subject definitive agreements between the parties and regulatory approvals.

Bajaj Electricals sells premium range of kitchen appliances and has a presence in the female grooming segment with products such as hair straightener, hair dryer, etc. The appliances company has a mix of legacy and new-age brands including Nex, Morphy Richards and Nirlep, and is targetting consumer preferences across design and price segments.

The products from Morphy Richards had recorded strong growth in FY25, supported by broad-based channel growth across e-commerce and modern format retail. &quot;The Consumer Products business registered revenue growth of 5.6 percent on the back of good demand for Morphy Richards brand and domestic appliances such as air coolers,&quot; Bajaj Electricals said in the annual report. During the last fiscal, the Morphy Richards business registered a robust 24 percent growth with 'consistent positive performance' in both offline and online channels.

The consumer appliances major is pitching Morphy Richards to drive growth through 'expansion and greater market penetration', focusing on premium and lifestyle appliances targetting the lifestyle-driven consumers.

The company has chalked out a plan to predominantly invest on new product development, and had approved a budget of about around Rs 140 crore in March 2025, along with plans for a new factory. In the short term, Bajaj Electricals said it has lined up 'continued investment' in new product launches in an 'ever-changing market'.

&quot;Bajaj Electricals is enhancing its go-to-market strategy by focusing on high-growth channels like e-commerce, including quick commerce and modern trade, while also solidifying its traditional trade channels,&quot; the company said in its annual report.

During the June quarter, the company saw 'unexpected disruptions' following a premature onset of monsoon, which had cut the summer short and impacted the consumer demand.

The shares of Indian PSU banks jumped in trade on September 24, pushing the Nifty PSU Bank higher up to emerge as one of the top sectoral gainers. This comes after a report said that the Indian government is considering to increase the foreign investment limit in these banks.

The <a href="https://www.moneycontrol.com/indian-indices/nifty-psu-bank-43.html">Nifty PSU Bank</a> index was up around half a percent, as seen at 11 am, bucking the overall downtrend in the market today. Earlier during the day, the index had risen around 1.6 percent to 7,567.

Top PSU bank gainers:

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-public-sector/indianbank/IB04">Indian Bank</a> shares were the top gainers, rising nearly 3 percent, while <a href="https://www.moneycontrol.com/india/stockpricequote/banks-public-sector/canarabank/CB06">Canara Bank</a> shares were up nearly 2 percent.

Indian Overseas Bank (IOB), <a href="https://www.moneycontrol.com/india/stockpricequote/banks-public-sector/bankbaroda/BOB">Bank of Baroda</a> (BoB) and Bank of India shares were up nearly 1 percent, while Punjab &amp; Sindh Bank (PSB), Central Bank of India, UCO Bank and State Bank of India (<a href="https://www.moneycontrol.com/india/stockpricequote/banks-public-sector/statebankindia/SBI">SBI</a>) shares were trading in the green with marginal gains.

Dodging the trend, Union Bank of India, Punjab National Bank (<a href="https://www.moneycontrol.com/india/stockpricequote/banks-public-sector/punjabnationalbank/PNB05">PNB</a>) and Bank of Maharashtra shares were trading in the red.

Govt considering to increase foreign investment limit in PSU banks: Report

The Indian government is considering to increase the foreign investment limit in public sector banks (PSBs) from the current 20 percent, the Economic Times reported citing people familiar with the matter. This comes as the Centre aims to transform these PSBs into institutions that can raise capital easily, the report added.

The government however doesn't plan to reduce its stake below the 51 percent mark, ensuring the 'public' character of these banks remains intact, the report further said, citing a senior government official. It added that the government is examining how the shareholding and voting structure of PSBs can be relaxed without compromising their essential character and decision-making capabilities of their respective boards.

Moneycontrol couldn't independently verify the report.

Govt's stake divestment plans in 5 PSU banks:

The government is progressing with its stake divestment plans through the Offer for Sale (OFS) route in five PSU banks. Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Central Bank of India and Punjab and Sind Bank have been shortlisted for partial disinvestment in the coming months.

Earlier this month, M Nagaraju, Secretary (FS), Ministry of Finance, said that <a href="https://www.moneycontrol.com/news/business/no-proposal-to-cut-govt-stake-below-51-to-remain-majority-shareholder-says-m-nagaraju-secretary-fs-13551598.html">most banks are very healthy now</a>, posting record profits last financial year and having a low non-performing assets (NPA) ratios. Nagaraju is hopeful that PSU banks will report a record profit in the current financial year too.

“There is no proposal to cut government stakes in PSU banks below 51%. We want to be the majority shareholder,” Nagaraju said at CNBC TV18's Banking Transformation Summit 3rd edition.

India considering to increase foreign holdings in PSU banks, says report; stocks surge up to 3%

The shares of Indian PSU banks jumped in trade on September 24, pushing the Nifty PSU Bank higher up to emerge as one of the top sectoral gainers. This comes after a report said that the Indian government is considering to increase the foreign investment limit in these banks.

The Nifty PSU Bank index was up around half a percent, as seen at 11 am, bucking the overall downtrend in the market today. Earlier during the day, the index had risen around 1.6 percent to 7,567.

Top PSU bank gainers:

Indian Bank shares were the top gainers, rising nearly 3 percent, while Canara Bank shares were up nearly 2 percent.

Indian Overseas Bank (IOB), Bank of Baroda (BoB) and Bank of India shares were up nearly 1 percent, while Punjab &amp;amp; Sindh Bank (PSB), Central Bank of India, UCO Bank and State Bank of India (SBI) shares were trading in the green with marginal gains.

Dodging the trend, Union Bank of India, Punjab National Bank (PNB) and Bank of Maharashtra shares were trading in the red.

Govt considering to increase foreign investment limit in PSU banks: Report

The Indian government is considering to increase the foreign investment limit in public sector banks (PSBs) from the current 20 percent, the Economic Times reported citing people familiar with the matter. This comes as the Centre aims to transform these PSBs into institutions that can raise capital easily, the report added.

The government however doesn't plan to reduce its stake below the 51 percent mark, ensuring the 'public' character of these banks remains intact, the report further said, citing a senior government official. It added that the government is examining how the shareholding and voting structure of PSBs can be relaxed without compromising their essential character and decision-making capabilities of their respective boards.

Moneycontrol couldn't independently verify the report.

Govt's stake divestment plans in 5 PSU banks:

The government is progressing with its stake divestment plans through the Offer for Sale (OFS) route in five PSU banks. Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Central Bank of India and Punjab and Sind Bank have been shortlisted for partial disinvestment in the coming months.

Earlier this month, M Nagaraju, Secretary (FS), Ministry of Finance, said that most banks are very healthy now, posting record profits last financial year and having a low non-performing assets (NPA) ratios. Nagaraju is hopeful that PSU banks will report a record profit in the current financial year too.

“There is no proposal to cut government stakes in PSU banks below 51%. We want to be the majority shareholder,” Nagaraju said at CNBC TV18's Banking Transformation Summit 3rd edition.

Auto stocks came under selling pressure on Wednesday as investors booked profits after the recent rally, dragging the Nifty Auto index down by around 1 percent. The index had closed 0.6 percent higher in the previous session on expectations of improved margins during the festive season.

Auto shares had rallied in recent weeks after cuts in goods and services tax rates. Analysts also <a href="https://www.moneycontrol.com/news/business/markets/auto-shares-in-the-fast-lane-on-festive-demand-maruti-hits-52-week-high-on-goldman-sachs-buy-call-13569052.html" target="_blank">turned positive on the segment expecting higher sales volumes</a>, as most automakers passed on the tax benefits to customers.

Bharat Forge in the Nifty auto index led the decline, slipping about 3 percent. Shares of <a href="https://www.moneycontrol.com/india/stockpricequote/auto-lcvshcvs/tatamotors/TM03">Tata Motors</a>, Hero MotoCorp and Bajaj Auto fell up to 2 percent.

Tata Motors-owned Jaguar Land Rover has extended the closure of its factories until October 1 following a cyber attack earlier this month. The production halt is estimated to have led to a loss of around 30,000 units, according to ICICI Direct Research.

<a href="https://www.moneycontrol.com/india/stockpricequote/auto-lcvshcvs/ashokleyland/AL">Ashok Leyland</a> dropped 2.6 percent after Goldman Sachs downgraded the stock to "neutral" from "buy", citing limited upside following sharp gains since mid-August.

Tata Motors had earlier said its dealers retailed about 10,000 passenger vehicles on the first day of Navratri and recorded over 25,000 customer enquiries nationwide. Maruti Suzuki reported retail sales of around 30,000 units and Hyundai around 11,000 dealer billings on Monday, the latter marking its highest single-day sales in five years.

Robust festive demand had lifted sentiment in the previous session, with the Nifty Auto index rising nearly 1.5 percent intraday on September 23.

However, selling pressure was seen on Wednesday in line with headline indices amid sustained foreign fund outflows and global concerns, including proposed changes in the US H-1B visa system.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

A financial journalist with over 10 years of experience, specialising in tracking stock market movements and fundamental developments that impact investors and the broader economy. A keen observer of global financial markets, I regularly engage with leading market voices to write stories. At Moneycontrol, I focus on decoding market trends, policy shifts and economic changes, driven by a constant passion to learn, analyse, and share knowledge with my readers.

Auto shares fall from record highs on profit booking; Ashok Leyland, Tata Motors decline up to 3%

Auto stocks came under selling pressure on Wednesday as investors booked profits after the recent rally, dragging the Nifty Auto index down by around 1 percent. The index had closed 0.6 percent higher in the previous session on expectations of improved margins during the festive season.

Auto shares had rallied in recent weeks after cuts in goods and services tax rates. Analysts also turned positive on the segment expecting higher sales volumes, as most automakers passed on the tax benefits to customers.

Bharat Forge in the Nifty auto index led the decline, slipping about 3 percent. Shares of Tata Motors, Hero MotoCorp and Bajaj Auto fell up to 2 percent.

Tata Motors-owned Jaguar Land Rover has extended the closure of its factories until October 1 following a cyber attack earlier this month. The production halt is estimated to have led to a loss of around 30,000 units, according to ICICI Direct Research.

Ashok Leyland dropped 2.6 percent after Goldman Sachs downgraded the stock to &quot;neutral&quot; from &quot;buy&quot;, citing limited upside following sharp gains since mid-August.

Tata Motors had earlier said its dealers retailed about 10,000 passenger vehicles on the first day of Navratri and recorded over 25,000 customer enquiries nationwide. Maruti Suzuki reported retail sales of around 30,000 units and Hyundai around 11,000 dealer billings on Monday, the latter marking its highest single-day sales in five years.

Robust festive demand had lifted sentiment in the previous session, with the Nifty Auto index rising nearly 1.5 percent intraday on September 23.

However, selling pressure was seen on Wednesday in line with headline indices amid sustained foreign fund outflows and global concerns, including proposed changes in the US H-1B visa system.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of IT companies dropped in trade on September 24 after the US President Donald Trump-led administration proposed major changes to the H-1B visa process.

The Nifty IT index dropped around 0.7 percent to 35,009.70, as seen as 10.20 am. This is the lowest level seen by the index in nearly two weeks.

Top IT losers today:

Coforge, <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/techmahindra/TM4">Tech Mahindra</a>, Mphasis and <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/persistentsystems/PS15">Persistent Systems</a> shares dropped around 2 percent each, while Wipro shares fell over 1 percent each. LTIMindtree, <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/infosys/IT">Infosys</a> and Tata Consultancy Services (<a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/tataconsultancyservices/TCS">TCS</a>) shares were down around 0.4 percent each.

Bucking the trend, <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/hcltechnologies/HCL02">HCL Tech</a> shares were trading nearly 1 percent higher in the green.

What has Trump administration proposed?

President Donald Trump-led US administration has proposed to <a href="https://www.moneycontrol.com/world/trump-administration-proposes-to-scrap-h-1b-lottery-system-replace-it-with-wage-based-selection-process-article-13571997.html">scrap the lottery system</a> and replace it with wage-based selection process for allotting H-1B visas. The new proposal by the Department of Homeland Security aims at bringing in "a weighted selection process that would generally favour the allocation of H-1B visas to higher-skilled and higher-paid aliens, while maintaining the opportunity for employers to secure H-1B workers at all wage levels".

The new process, if finalised, would give heavier weight to applications by employers who pay high wages if annual requests for the visas exceed the statutory limit of 85,000, the notice said as quoted by Reuters. The move aims to better protect Americans from unfair wage competition from foreign workers, it said.

US to hike fee for fresh H-1B visa applications:

This comes after Trump recently announced that the US will <a href="https://www.moneycontrol.com/news/business/startup/h-1b-at-100-000-trump-s-visa-fee-hike-rattles-indian-students-eyeing-us-jobs-lifts-interest-in-germany-japan-poland-13562992.html">introduce a $100,000 fee </a>for fresh H-1B visa applications, an unprecedented increase from the earlier fee range of $215-$5,000, depending on the company size. This move had earlier sent the IT stocks to a spin, after a brief rise following US Federal Reserve's rate cut.

Notably, India was the largest beneficiary of H-1B visas last year, accounting for 71 percent of the approved beneficiaries, while China was a distant second at 11.7 percent, according to government data cited by Reuters.

What analysts say?

The proposal to scrap the lottery system and introduce wage-based selection process could hurt fresher hiring particularly, with startups and Indian IT firms seen as most impacted, says ICICI Securities. The brokerage believes Indian IT companies will partially mitigate it through offshore hiring, local hiring and near shoring.

"IT companies have reduced their dependence on H-1B visas in recent years via local hiring and nearshoring, and the moderation in fresh H-1B visas is a testimony to this. Expect further downtrend from CY25 base in the coming years, in our view. On-site presence is a client requirement, and we do not rule out negotiations by IT companies with clients to bear either partial or full incremental visa costs going forward. There is also a possibility of more offshoring hereon, as only mission critical resources will opt for H-1B. Our sensitivity analysis suggests 5.8%/8.4% worst case impact on earnings for mid-caps/large caps," said Elara Capital.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-24-09-2025-liveblog-13572159.html">Our LIVE blog on stock market updates</a>

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

IT stocks extend slide as US proposes to change H-1B visa process; Coforge, Tech Mahindra lead losses

The shares of IT companies dropped in trade on September 24 after the US President Donald Trump-led administration proposed major changes to the H-1B visa process.

The Nifty IT index dropped around 0.7 percent to 35,009.70, as seen as 10.20 am. This is the lowest level seen by the index in nearly two weeks.

Top IT losers today:

Coforge, Tech Mahindra, Mphasis and Persistent Systems shares dropped around 2 percent each, while Wipro shares fell over 1 percent each. LTIMindtree, Infosys and Tata Consultancy Services (TCS) shares were down around 0.4 percent each.

Bucking the trend, HCL Tech shares were trading nearly 1 percent higher in the green.

What has Trump administration proposed?

President Donald Trump-led US administration has proposed to scrap the lottery system and replace it with wage-based selection process for allotting H-1B visas. The new proposal by the Department of Homeland Security aims at bringing in &quot;a weighted selection process that would generally favour the allocation of H-1B visas to higher-skilled and higher-paid aliens, while maintaining the opportunity for employers to secure H-1B workers at all wage levels&quot;.

The new process, if finalised, would give heavier weight to applications by employers who pay high wages if annual requests for the visas exceed the statutory limit of 85,000, the notice said as quoted by Reuters. The move aims to better protect Americans from unfair wage competition from foreign workers, it said.

US to hike fee for fresh H-1B visa applications:

This comes after Trump recently announced that the US will introduce a $100,000 fee for fresh H-1B visa applications, an unprecedented increase from the earlier fee range of $215-$5,000, depending on the company size. This move had earlier sent the IT stocks to a spin, after a brief rise following US Federal Reserve's rate cut.

Notably, India was the largest beneficiary of H-1B visas last year, accounting for 71 percent of the approved beneficiaries, while China was a distant second at 11.7 percent, according to government data cited by Reuters.

What analysts say?

The proposal to scrap the lottery system and introduce wage-based selection process could hurt fresher hiring particularly, with startups and Indian IT firms seen as most impacted, says ICICI Securities. The brokerage believes Indian IT companies will partially mitigate it through offshore hiring, local hiring and near shoring.

&quot;IT companies have reduced their dependence on H-1B visas in recent years via local hiring and nearshoring, and the moderation in fresh H-1B visas is a testimony to this. Expect further downtrend from CY25 base in the coming years, in our view. On-site presence is a client requirement, and we do not rule out negotiations by IT companies with clients to bear either partial or full incremental visa costs going forward. There is also a possibility of more offshoring hereon, as only mission critical resources will opt for H-1B. Our sensitivity analysis suggests 5.8%/8.4% worst case impact on earnings for mid-caps/large caps,&quot; said Elara Capital.

Also read: Our LIVE blog on stock market updates

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Online Services Industry Stocks
Check latest stock performance, list of stocks, earnings review & more details about the Online Services industry stocks.

Gainers/Losers

Industry Market Map

Earnings Review-Q1 FY25-26

Stock News

Stocks to Watch Today: Glenmark Pharma, Tata Steel, Newgen Software Tech, Regal Resources, Kesoram Industries in focus on 25 September

Bajaj Electricals shares rally 7 percent on acquiring Morphy Richards' brand rights in India for Rs 146 crore

India considering to increase foreign holdings in PSU banks, says report; stocks surge up to 3%

Auto shares fall from record highs on profit booking; Ashok Leyland, Tata Motors decline up to 3%

IT stocks extend slide as US proposes to change H-1B visa process; Coforge, Tech Mahindra lead losses

Online Services Industry StocksCheck latest stock performance, list of stocks, earnings review & more details about the Online Services industry stocks.

Gainers/Losers

Industry Market Map

Earnings Review-Q1 FY25-26

Stock News

Stocks to Watch Today: Glenmark Pharma, Tata Steel, Newgen Software Tech, Regal Resources, Kesoram Industries in focus on 25 September

Bajaj Electricals shares rally 7 percent on acquiring Morphy Richards' brand rights in India for Rs 146 crore

India considering to increase foreign holdings in PSU banks, says report; stocks surge up to 3%

Auto shares fall from record highs on profit booking; Ashok Leyland, Tata Motors decline up to 3%

IT stocks extend slide as US proposes to change H-1B visa process; Coforge, Tech Mahindra lead losses

Online Services Industry Stocks
Check latest stock performance, list of stocks, earnings review & more details about the Online Services industry stocks.