From Growth Engines to Red Zones: FMCG & IT in 2025

FMCG (Defensive No More):

PGHH: -9.17%

ITC: -15.14%

UBL: -22.49%

United Spirits: -22.53%

Colgate-Palmolive: -23.58%

Unimech: -30.06%

Varun Beverages: -32%

IT (Deep Correction):

Mphasis: -11.78%

LTIMindtree: -15.35%

Tech Mahindra: -16.84%

Coforge: -20.34%

Persistent: -21.52%

Wipro:…[Read more]

Top 10 Global Defence Companies & PE Ratios (as of September 30, 2025)

Lockheed Martin (US) – P/E: 27.23

Northrop Grumman (US) – P/E: 21.23

Raytheon Technologies (RTX, US) – P/E: 35.35

General Dynamics (US) – P/E: 21.45

Boeing Defence (US) – P/E: N/A (loss-making)

BAE Systems (UK) – P/E: 31.37

Thales (France) – P/E: 50.88

Safran…[Read more]

Brokerage Updates – September 30, 2025

Telecom & Towers

HSBC on Indus Towers – Initiate Reduce, TP ₹310
Growth muted with Airtel rollout slowing and Vi demand uncertain; lack of pricing power noted. Scenario analysis shows bull case already priced in.
Valuation: TP implies EV/EBITDA 5.4x FY26e & 5.2x FY27e.
Upside Risks: (1) Vi capital raise…[Read more]

Macro & Sentiment
• Oil: Extended decline on supply glut outlook; supportive for downstream OMCs.
• Gold: Topped $3,800 on U.S. shutdown fears; positive for gold financiers.
• F&O: Nifty Futures up marginally (0.02%); PCR climbed to 0.71 → bullish sentiment strengthening.

Trading & corporate housekeeping
• Listings / IPOs: Atlanta Electrica…[Read more]

Corporate Update

• PN Gadgil — Launched “LiteStyle” shop-in-shop at Nagpur to expand lightweight jewellery range.

• Zaggle Prepaid — Approved acquisition of 130,000 shares and an investment of up to ₹25 crore in Greenedge Enterprises.

• HMT — Agreed to write off ₹23.9 crore of uncertain interest on loans to subsidiary HMT Machine Tools.

• B…[Read more]

Corporate Updates
• IRFC: Signed two major loan agreements worth ₹16,489 cr to finance supercritical thermal power projects in Haryana & Maharashtra.
• BEL: Additional defence orders worth ₹1,092 cr covering EW upgrades, TR modules, EVMs, and spares.
• Man Industries: SEBI barred company & top executives from markets for 2 years over alleged f…[Read more]

Why EMS Stocks Are Down in Trade?
The Trump administration is reportedly considering tariffs on foreign electronic devices, with duties calculated based on the number of chips per product. The move aims to push companies to relocate manufacturing to the U.S., with enforcement by the Commerce Department.

Impact on EMS Players with U.S.…[Read more]

VRIGHT Exchange — Daily Market Update

Date: 30 September 2025

Market snapshot & macro cues

Indian benchmarks opened with modest gains after a seven-session losing run; financials and metals led early strength as markets parsed RBI-related commentary and global weakness.

ADB trimmed near-term regional growth; India still seen as one of the f…[Read more]

Non-Deal Roadshow | Ajmera Realty

Friday, 10th October 2025

Available slots:

10th October, Friday

3:00 PM to 4:00 PM (Broker Group)

4:30 PM to 5:30 PM (Investor Group)

Address -2nd Floor, Citi Mall, Link Road, Andheri (West), Mumbai – 400053

NCD Issue Brokers Conference | Capri Global Capital Ltd

Monday 29th September at 04:00 pm

Webinar Registration Link

https://zoom.us/j/93249876796?pwd=HqVZ4J8tHHQFpf57tttHqgFc5NNkli.1

Fund House Recommendations

BofA on United Spirits: Maintain Buy; target price ₹1,630/share

MS on IndusInd Bank: Upgrade to Equal Weight; target price ₹785/share

JP Morgan on Pidilite: Maintain Overweight; target price ₹1,700/share

JP Morgan on VMM: Maintain Overweight; target price ₹158/share

JP Morgan on Marico: Maintain Overweight; target…[Read more]

Corporate & Economy News – 29 September 2025

Key Corporate Updates

Aurobindo Pharma – Will complete investment for 26% stake in Swarnaakshu by Dec 31; incorporated Curateq Biologics (Malta) as a wholly-owned subsidiary.

JK Paper – Acquired additional 20% stake (₹32.5 Cr) in Radhesham Wellpack, raising holding to 80%.

Lemon Tree Hotels – Appoi…[Read more]

VRIGHT Exchange – Daily Market Update

Date: 29 September 2025

Market Overview

• Indices: Nifty opened flat at 24,850, consolidating as investors weigh global trade and tariff cues.

• Sentiment: Mixed, with selective buying in IT and energy; profit-booking seen in FMCG and auto.

• Macro Pulse: Rupee steady at 88.74/USD; bond yields hovered…[Read more]

VRIGHT Exchange – Weekly Review & Preview

Period: 22–27 September 2025

Market Overview

Nifty: Consolidated near 24,900, with mixed sectoral performance.

F&O: Put-Call ratio fell to 0.68, indicating mild bearish sentiment.

Global Cues: Weakness in US indices (Dow -173.96, Nasdaq -113.51) pressured domestic futures; crude marginally up at $65…[Read more]

Virtual IPO Meet | Logistics Limited

Date: Monday, 29th Sept, 2025
Time: 04:30 PM

YouTube link:

Lead Manager: Nirbhay Capital Services Private Limited

RHP Link :
https://tinyurl.com/4n99zse4

Virtual IPO Meet | B.A.G. Convergence Limited

Date: 29th September, 2025
Time: 2:00 PM

YouTube link:

Book Running Lead Manager:
Inventure Merchant Banker Services Private Limited

RHP link:
https://bagconvergence.in/bag-convergence/pdf/B.A.G.ConvergenceLimited-RHP.pdf