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Motilal Oswal Financial Services began coverage of edtech company PhysicsWallah on 4 September 2026 with a Buy rating and a ₹200 target price, implying roughly 66% upside. The stock rose as much as 6% to an intraday high of ₹127.80 on the BSE.

The upside figure is measured against the stock’s level of about ₹120 before Friday’s move, not against the intraday price. At around ₹127, PhysicsWallah’s market capitalisation stood near ₹36,769 crore.

How the brokerage arrived at ₹200

Motilal Oswal has valued PhysicsWallah’s businesses separately rather than as one block.

The offline centres business has been valued at 15 times its estimated FY 2027-28 EV/EBITDA. EV/EBITDA compares a company’s total value to its operating profit before interest, tax, depreciation and amortisation — a common way to price a business that is not yet consistently profitable at the net level.

The brokerage applied a lower multiple to the offline arm because it sees the segment as execution-heavy, slower to mature and thinner on margins.

The remaining segments were valued at one time estimated FY 2027-28 EV/Sales. Adding back the company’s cash reserves produced the ₹200 per share figure.

The online business is doing the heavy lifting in this call

Motilal Oswal’s core argument is that India’s education market which it sizes at ₹15–16 lakh crore is still barely online.

According to the brokerage, online penetration is around 20% even in flagship categories like JEE and NEET coaching. In newer segments such as foundation courses, state board preparation and government exam coaching, it is below 1%.

That gap is what the brokerage treats as the runway. It expects PhysicsWallah’s online revenue to compound at about 28% a year between FY 2025-26 and FY 2029-30, driven by more paying users, entry into fresh categories and AI-led monetisation.

The customer acquisition angle matters here. PhysicsWallah’s YouTube channels together carry more than 100 million subscribers, which the brokerage says lets the company pull in prospective students at structurally lower cost than rivals, then convert them into paid online, hybrid or offline learners.

Motilal Oswal also expects the pre-Ind AS EBITDA margin operating margin calculated before certain lease accounting adjustments to move from about 26% in FY 2025-26 to roughly 30% by FY 2027-28, helped by cost efficiencies. It pegs the company’s revenue growth at a compound annual rate of around 74% between FY 2022-23 and FY 2025-26.

These are the brokerage’s own estimates, not company guidance.

Where PhysicsWallah’s own numbers stand

The June 2026 quarter showed revenue growth alongside a narrower loss.

Consolidated figure	Q1 FY 2026-27	Q1 FY 2025-26
Revenue	₹1,054 crore	₹847.1 crore
Net loss	₹77.6 crore	₹120.5 crore

Revenue rose about 24.4% year-on-year. The net loss narrowed from ₹120.5 crore to ₹77.6 crore, per the company’s exchange filing.

The company remains loss-making at the net level, which is central to why brokerages are valuing it on operating metrics rather than earnings.

A block deal also hit the counter

Business Standard reported that a block deal involving about 41.4 lakh shares went through on the same session. The buyers and sellers were not identified at the time of reporting.

This is separate from the much larger transaction on 26 August 2026, when Lightspeed Opportunity Fund II LP sold its entire 1.61% stake 4,66,98,120 shares at an average of ₹117.72 per share, worth ₹549.73 crore. That was a full exit by the venture investor, and shares were picked up by a spread of institutional buyers.

Anyone tracking these transactions in real time needs shares held in a demat account, since block deals are settled and reflected through the same depository system that holds every investor’s equity holdings.

The stock is still below its listing-day high

PhysicsWallah listed on the NSE and BSE on 18 November 2025 after a ₹3,480 crore IPO priced at ₹109 per share. The issue was subscribed 1.81 times.

The stock listed at ₹143.10, a 31.3% premium, and touched ₹162.05 on debut day. It later fell to a 52-week low of ₹77.72 in early March 2026 before recovering.

At around ₹127, the share is roughly 17% above its IPO price but still short of its listing-day peak.

What to watch from here

Three things will decide whether the online-led thesis holds up: whether paid user growth in newer categories actually converts, whether offline centre utilisation improves enough to lift margins, and whether the quarterly loss keeps narrowing.

Brokerage targets are estimates with a 12-month horizon and can be revised. Investors following the stock through an online trading platform can track price movement, delivery volumes and any further block deals as they are reported by the exchanges.

Investments in the securities market are subject to market risks. Read all related documents carefully before investing. This article is for information purposes only and is not investment advice.

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SEBI on 3 September 2026 proposed letting mutual fund schemes settle their cash market money obligations on a net basis instead of gross. Share delivery stays unchanged. Public comments are open till 24 September 2026.

What SEBI has actually proposed

The consultation paper deals only with the money leg of a trade, not the shares themselves.

At present, when a mutual fund scheme buys shares on the NSE or BSE, it must arrange the full purchase amount separately. It cannot use the money coming in from shares the same scheme sold in the same settlement cycle.

SEBI wants to change this for what it calls “outright transactions”. In plain terms, an outright transaction is a security in which the scheme has either bought or sold during a settlement cycle but not both.

Only the cash would be netted. The shares would still move security by security on a gross basis, so the delivery-backed nature of institutional trades stays intact.

SEBI said the aim is ease of doing business, better settlement efficiency and lower temporary liquidity requirements for schemes.

Why schemes arrange cash they do not really owe

SEBI’s Master Circular for Stock Exchanges and Clearing Corporations dated 30 December 2024 bars institutional investors from squaring off trades intraday. Their trades have to be delivery-backed and are grossed at the custodian’s level.

The result is that a scheme funds every purchase on its own, even when sale proceeds are due to it in the very same cycle.

SEBI said this creates liquidity pressure, operational inefficiency and reliance on short-term funding arrangements, even where the scheme’s actual net cash requirement is small.

The strain is sharpest on index rebalancing days, when passive funds have to reshuffle their portfolios, and on days with large investor subscriptions or redemptions.

The regulator also noted that the Mutual Fund Advisory Committee had recommended net settlement for domestic institutions, in line with what FPIs already get, during discussions on intraday borrowing by mutual funds. The proposed framework may reduce how much intraday borrowing schemes need.

A worked example from SEBI’s paper

SEBI used the illustration below to explain how the mechanism would work. These are sample figures used by the regulator, not actual trades.

Security	Buy value	Sell value	Treatment
A	₹1,000	Nil	Outright purchase
B	₹1,000	₹2,000	Non-outright, excluded from netting
C	Nil	₹2,000	Outright sale

Security B has both a buy and a sell in the same cycle, so it is treated as non-outright and kept out of netting. Only A and C can be set off against each other.

That single change moves the scheme’s fund obligations as follows.

Fund obligation	Current gross settlement	Proposed net settlement
Pay-in (money the scheme puts in)	₹2,000	₹1,000
Pay-out (money the scheme receives)	₹4,000	₹3,000

The scheme’s funding requirement falls only to the extent netting is allowed. Security B’s obligations are settled gross in both cases.

Where the netting will not apply

SEBI has drawn the boundaries tightly. The proposal would not allow:

• Netting for any security that has both a purchase and a sale in the same settlement cycle
• Netting across different schemes of the same mutual fund or the same AMC
• Adjustment of obligations between two or more schemes or portfolios
• Netting of the securities leg delivery stays gross between the scheme and its custodian
• Any change in STT (Securities Transaction Tax) or stamp duty, which continue on a delivery basis

On leftover amounts, SEBI proposed two rules. If outright sales are worth less than outright purchases, the scheme funds the balance itself, along with purchase obligations from non-outright securities.

If outright sales are worth more, that surplus cannot be adjusted against non-outright purchase obligations. Any outside funding used for the balance must still follow the borrowing rules that apply to mutual funds.

AMCs, mutual funds and custodians would have to identify outright and non-outright trades scheme-wise, along with gross and net fund obligations. The custodian would keep an audit trail, and trustees would review implementation from the unit holders’ point of view.

The FPI rule that came first

This is not a fresh idea. SEBI issued a circular on 24 April 2026 permitting net settlement of funds for outright cash market transactions by foreign portfolio investors (FPIs).

That framework kept securities settlement on a gross basis and left STT and stamp duty on a delivery basis, the same design now proposed for mutual funds. It is to be implemented by 31 December 2026.

What happens next

SEBI has sought public comments by 24 September 2026 through its online web-based form, on four specific questions. These include whether netting should be permitted at all, whether same-security buy-and-sell trades should stay excluded, and whether the framework should start with cash market trades only.

A draft circular is attached as Annexure A to the paper. Its implementation date has been left blank for now.

If the rule is notified, AMFI would frame the implementation standards along with custodians, recognised clearing corporations and stock exchanges. These would cover file formats, confirmation and settlement timelines, reconciliation, audit trails, rejected or unconfirmed trades and exception handling.

Stock exchanges and clearing corporations would then have 30 days from the issue of those standards to put out operational guidelines.

What it means for a retail investor

Nothing changes in how you buy, hold or redeem mutual fund units. This is a settlement-side change between AMCs, custodians and clearing corporations.

SEBI has specifically said the mechanism must not affect scheme-wise accounting, valuation, daily NAV computation, segregation of securities and funds, or unit holder interest.

If you hold mutual fund units or ETFs in a demat account, the way units are credited to you stays exactly the same. Investors who track index funds and ETFs through an online trading platform will see no change in order placement or pricing either.

The benefit, if the proposal becomes a rule, is operational. Schemes may need less short-term and intraday funding on days when they are both buying and selling heavily.

Investments in securities markets are subject to market risks. This article is for information only and is not investment advice.

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ESDS Software Solution shares listed at a 76% premium on the NSE on 4 September 2026 and touched an intraday gain of over 111%, capping a blockbuster debut for the Nashik-based cloud and data-centre company.

The Rs 720-crore initial public offering (IPO), which had already drawn massive investor interest during bidding, turned out to be one of the strongest listings of the year on Dalal Street.

ESDS Software Solution IPO Listing: The Numbers

ESDS Software Solution shares debuted on the NSE at Rs 757 apiece, a 76.46% premium over the issue price of Rs 429. On the BSE, the stock listed at Rs 746.30, a gain of about 73.96%.

The stock did not stop there. It extended gains through the day and hit its upper circuit of Rs 908.40, translating into a gain of 111.75% over the issue price. That means an investor who got the full IPO allotment saw their money more than double on listing day itself.

Detail	Figure
Issue price	Rs 429
Price band	Rs 408 – Rs 429
NSE listing price	Rs 757 (up 76.46%)
BSE listing price	Rs 746.30 (up 73.96%)
Intraday high (upper circuit)	Rs 908.40 (up 111.75%)
IPO size	Rs 720 crore (fresh issue)
Subscription (overall)	135.88 times

Why the Stock Rallied So Sharply

The IPO was open for subscription from 28 August to 1 September and was subscribed 135.88 times overall. Qualified institutional buyers bid for over 261 times their reserved portion, non-institutional investors around 193 times, and the retail portion was subscribed nearly 40 times.

Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said the listing “surpassed even the bullish expectations” behind the brokerage’s earlier “Subscribe” rating. That view was based on the company’s margin expansion, sharp profit growth, and strong customer retention.

She added that rising demand for cloud computing, data-centre infrastructure, cybersecurity, and digitalisation in India gives ESDS a favourable long-term growth opportunity, even though valuations have now run ahead of fundamentals after such a sharp listing-day pop.

Interestingly, the actual listing beat grey market expectations by a wide margin. Ahead of listing, the grey market premium (GMP) had suggested a debut price of around Rs 670-676, well below where the stock actually opened.

What Happens Next: Market Cap and Investor Gains

After the listing-day rally, ESDS Software Solution’s market capitalisation is estimated to have crossed Rs 10,000 crore, according to News18’s calculations based on the day’s closing levels.

For retail investors, the math is straightforward. A single lot of 34 shares bought at the issue price of Rs 429 cost Rs 14,586. At the day’s upper circuit of Rs 908.40, that same lot was worth close to Rs 30,886 — showing how sharply listing-day gains can move a small investment.

What Should Investors Do Now?

This is where opinions diverge, and it’s worth being clear that this is analyst commentary, not a recommendation from us.

According to Nyati, investors who already hold shares through allotment may consider booking partial profits at current levels and keeping a stop loss around Rs 650-680 on the remaining holding. Investors who did not get an allotment and are looking to buy now, she said, would be better off waiting for a pullback toward Rs 600-650 before considering a fresh entry, rather than chasing the stock right after a 111% listing-day spike.

Sharp single-day moves like this are exactly why having a demat account and a reliable trading platform ready in advance matters listing-day swings can be fast, and investors who want to act on such moves need to be able to place orders without delay. This is not a suggestion to trade this particular stock; it’s simply a reminder that the infrastructure to invest should already be in place before opportunities like this arise.

About ESDS Software Solution

ESDS Software Solution is a Nashik-based, AI-enabled provider of cloud services, managed services, data-centre infrastructure, and software solutions. The company was incorporated in August 2005. The IPO was entirely a fresh issue, with DAM Capital Advisors Ltd and Systematix Corporate Services Ltd as merchant bankers, and MUFG Intime India as registrar.

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Cipla’s US arm has tied up with China’s Qilu Pharmaceutical to sell a cheaper version of the cancer drug Keytruda in America. The stock still slipped on Friday, with at least one brokerage staying cautious on the opportunity.

What Cipla and Qilu have agreed

InvaGen Pharmaceuticals Inc, a wholly owned Cipla subsidiary, announced on 3 September 2026 that it has signed an exclusive licensing and supply agreement with Qilu Pharmaceutical Co Ltd for QL2107.

QL2107 is a biosimilar to Keytruda (pembrolizumab). A biosimilar is a near-identical copy of a biological medicine, made once the original drug’s patent protection ends. It works the same way but usually costs less.

The work is split. Qilu handles development, regulatory registration and supply. Cipla USA Inc handles selling the product in the United States, using Cipla’s existing sales network there.

Cipla disclosed the tie-up to the exchanges in a regulatory filing. The companies did not disclose any financial terms. No upfront payment, milestone amounts or profit-share numbers were made public.

Cipla MD and Global CEO Achin Gupta said the deal reflects the company’s “confidence in the long-term potential of biosimilars” and supports its push into oncology. Any launch is subject to US regulatory approval, which has not yet been sought.

Why the stock did not rally

Cipla shares traded lower on Friday, 4 September 2026, even though the announcement was a positive one on paper.

Data point (NSE)	Level
Last traded price	₹1,378.00
Change	−₹16.70 (−1.20%)
Previous close	₹1,394.70
Day’s high / low	₹1,399.10 / ₹1,376.70
52-week high / low	₹1,673.00 / ₹1,165.70
Market capitalisation	About ₹1,12,212 crore

The gap between the news and the price reaction comes down to timing and competition. QL2107 is still a development-stage product. Even in a good scenario, revenue from it is several years away.

Morgan Stanley stays cautious

Morgan Stanley has kept an Underweight rating on Cipla with a target price of ₹1,218, according to brokerage commentary circulated on 4 September 2026.

Two terms worth explaining here. “Underweight” is a brokerage’s way of saying it expects the stock to do worse than the broader market. A “target price” is that firm’s own estimate of where the stock could trade over roughly 12 months. It is not a promise, and other brokerages hold very different views on Cipla.

The concern flagged is that the pembrolizumab biosimilar market is already crowded, which limits how much any one late entrant can earn from it.

The 2028 patent cliff everyone is racing towards

Keytruda is Merck’s PD-1 immunotherapy and the world’s highest-selling drug by revenue. Global sales were around $29.5 billion in 2024, roughly ₹2.8 lakh crore at the current exchange rate of about ₹94.73 to the dollar.

Its core US composition-of-matter patent is expected to expire in 2028. That is the patent cliff, the point after which rivals can legally sell copies.

The size of that prize has pulled in a queue of developers. At least seven companies have publicly disclosed active pembrolizumab biosimilar programmes, including Samsung Bioepis, Amgen, Sandoz, Celltrion and Bio-Thera, alongside several Indian manufacturers.

Merck is also defending its turf. It won US approval in September 2025 for Keytruda Qlex, an under-the-skin version of the drug, which some analysts expect will retain a meaningful share of sales even after biosimilars arrive.

So Cipla is entering a race that is already well populated, against an originator that has spent years preparing for it.

Second China-linked oncology deal in a week

This is not a one-off move. Earlier the same week, Cipla licensed TQB2102, a HER2 bispecific antibody-drug conjugate for cancer, from China’s Sino Biopharma for India, South Africa and five other emerging markets.

Two in-licensing deals in a few days points to a clear strategy. In-licensing means buying the rights to sell someone else’s drug rather than developing it in-house. It is faster and cheaper upfront, but the economics are shared with the partner.

For investors tracking pharma names in their demat account, that trade-off is the thing to weigh: a broader oncology basket, built with lower research spending, but with thinner margins than a self-developed product would carry.

What to watch next

The next real checkpoints are regulatory, not commercial. Watch for a US filing for QL2107, any disclosure of deal economics in Cipla’s quarterly results, and how many rival pembrolizumab biosimilars reach the US Food and Drug Administration ahead of it.

Until then, the announcement changes Cipla’s pipeline more than it changes its near-term earnings. Investors following the stock can track it live through any SEBI-registered online trading platform during market hours, 9:15 AM to 3:30 PM IST.

Investments in the securities market are subject to market risks. Read all related documents carefully before investing. This article is for information only and is not investment advice.

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Jindal Worldwide shares locked in a 20% upper circuit at ₹48.22 on 3 September 2026, extending gains that began after its EV subsidiary, Jindal Mobilitric, announced a plan to open around 100 electric scooter showrooms across India by FY28.

From ₹40 to a circuit lock in a single session

At 2:10 PM IST on 3 September 2026, Jindal Worldwide was trading at ₹47.94 on the National Stock Exchange (NSE), up 19.28% for the day. The day’s high of ₹48.22 was the upper circuit level; the day’s low was ₹40.52.

An upper circuit is the highest price an exchange allows a stock to trade at on a given day. Once a stock touches it, buy orders can keep piling up but the price cannot rise further that session.

The move did not come out of nowhere. The stock had already gained close to 10% on 1 September 2026, then gave back about 4.5% on 2 September, before today’s sharp jump.

Today’s high also took the stock above its previous 52-week peak. Data providers placed that earlier high somewhere between ₹42 and ₹44.25, so treat the exact figure as provider-dependent rather than settled.

What Jindal Mobilitric actually announced

The underlying trigger is an announcement dated 31 August 2026, not a fresh disclosure made today. Jindal Mobilitric Private Limited, the electric vehicle arm and subsidiary of Jindal Worldwide, said it plans to scale its retail network to roughly 100 showrooms across India by the end of FY28.

The rollout is phased. Around 40 showrooms are targeted by the end of FY27, with the balance added progressively through FY28.

For readers new to Indian financial-year notation: FY27 runs from April 2026 to March 2027, and FY28 from April 2027 to March 2028. So the full 100-showroom target sits roughly two and a half years out.

Milestone	Target	Timeline
Showrooms already open	2 (Srinagar, Jaipur)	As on 31 August 2026
Dealers appointed	52	As on 31 August 2026
Showrooms planned	~40	By end of FY27 (March 2027)
Showrooms planned	~100	By end of FY28 (March 2028)

The company said its Ahmedabad manufacturing facility is fully operational and commercial production has begun. Amit Agarwal, Director of Jindal Mobilitric, said the business sees the next two years as a defining growth phase and is committed to the 100-showroom target.

The stated reason for the phased approach is consistency of customer experience, after-sales support and disciplined capital allocation, rather than opening outlets as fast as possible.

Why a denim maker’s EV arm is moving the stock

Jindal Worldwide is an Ahmedabad-based textile company. Its core business is denim fabric, premium shirtings and related products, and it is among the larger denim manufacturers in India.

It invested in Jindal Mobilitric in 2022 and entered the EV business in January 2023 through the acquisition of the “Earth Energy” brand, launching its first electric scooter that year.

That makes the EV arm the newer, faster-changing part of the story, which is why announcements about it tend to move the share price more sharply than textile updates do.

The financials show the split clearly. For FY 2025-26, consolidated revenue from operations was ₹2,285.54 crore with net profit of ₹69.81 crore, against ₹2,288.07 crore and ₹74.78 crore in FY 2024-25 flat revenue, lower profit.

The more recent quarter looked better. In Q1 FY27 (April–June 2026), consolidated net profit rose 85.78% year-on-year to about ₹32.4 crore, while revenue from operations grew 2.74% to ₹554.72 crore.

The ₹650 crore rights issue is still pending

Separately, Jindal Worldwide’s board approved a rights issue of up to ₹650 crore on 7 August 2026, along with an increase in authorised share capital from ₹101 crore to ₹146 crore.

A rights issue is a fundraise in which a company offers new shares to its existing shareholders, usually at a set price and in a fixed ratio to what they already hold.

The key terms the issue price, the entitlement ratio and the record date had not been announced as of the last available disclosures. The company said these will be finalised later by its Securities Issuance Committee.

This matters because a rights issue increases the number of shares outstanding. Existing shareholders who do not subscribe see their stake diluted, so the eventual pricing is a detail worth tracking.

The exchange has already queried the volume spike

There is one more piece of recent context. On 28 August 2026, the exchange sought a clarification from Jindal Worldwide regarding movement in trading volume.

The company responded that the rise in volume was driven by market conditions and that there was no undisclosed material event or price-sensitive information pending. On 29 August 2026, it also disclosed a ₹15 crore corporate guarantee granted to support subsidiary Jindal Mobilitric.

Sharp price and volume moves in smaller companies frequently attract these routine exchange queries. They are a disclosure check, not a finding of wrongdoing.

What to watch from here

The immediate things to track are concrete: whether the rights issue terms are announced and at what price, and whether the showroom count actually moves towards 40 by March 2027 from the current two.

Anyone holding or tracking the shares will need a demat account, which is where shares are stored in electronic form with a depository such as NSDL or CDSL. Intraday levels, circuit limits and volume data for a stock like this change through the session and are best followed live on a trading platform rather than from a day-old figure.

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Kwick Forensic Solutions debuted on the BSE SME platform on 3 September 2026 at ₹150, a 66.67% premium over its ₹90 issue price, then locked at the 5% upper circuit at ₹157.50; 75% above the IPO price.

From a ₹150 open to a frozen ₹157.50

The Chennai-based forensic technology company listed on the BSE SME platform on Thursday, 3 September 2026. The opening print of ₹150 handed allottees an instant gain of ₹60 per share.

Buying continued after the open. The stock touched ₹157.50 and froze there, which is the 5% upper circuit limit calculated on the listing price, not the issue price.

An upper circuit means the exchange has capped how far a stock can rise in a session. Once a share hits that ceiling, there are usually only buyers left and no sellers, so trading effectively stalls at that price.

The counter also saw a low of ₹142.50 during the session, per Capital Market data. Roughly 31.58 lakh shares changed hands on debut day.

At ₹157.50, a retail investor who received the minimum allotment of 3,200 shares was sitting on a notional gain of about ₹2.16 lakh on an application of ₹2,88,000. Anyone buying or holding the stock now needs an active demat account, since BSE SME shares are held only in electronic form.

The ₹50.77 crore issue that drew over 260 times demand

The IPO was open for bidding from 27 to 31 August 2026 three trading days, since 29 and 30 August fell on a weekend.

Here is how the issue was structured:

Detail	Figure
Total issue size	₹50.77 crore
Fresh issue	45,61,600 shares (₹41.05 crore)
Offer for sale	10,80,000 shares (₹9.72 crore)
Price band	₹85 – ₹90 per share
Issue price	₹90
Lot size	1,600 shares
Retail minimum	3,200 shares (₹2,88,000)
Anchor round	₹14.42 crore on 25 August 2026
Registrar	Bigshare Services Pvt. Ltd.

The subscription number depends on which source you read. Capital Market reports 267.09 times, Business Today reports 272.5 times, and Chittorgarh’s data shows 289 times. The gap comes from whether the anchor and market-maker portions are stripped out of the share base. Whichever base is used, demand ran to well over 260 times the shares on offer.

Ahead of the issue, the company allotted 16.03 lakh shares at ₹90 each to 10 anchor investors on 25 August 2026.

Allotment was finalised on 1 September and shares were credited to demat accounts on 2 September 2026.

What the grey market got right and where it overshot

Grey market premium, or GMP, is an unofficial price quoted outside the exchanges. SEBI, BSE and NSE do not recognise it, and it carries no guarantee.

On the morning of 3 September, GMP trackers were quoting anywhere from ₹65 (about 72% over the issue price) to ₹78 (about 87%). Those numbers implied a listing between roughly ₹155 and ₹168.

The actual listing came in at ₹150, a strong debut, but below what the grey market had been signalling. It is a useful reminder that GMP is a sentiment indicator, not a price forecast.

Inside the business: CSI kits, mobile vans and government tenders

Kwick Forensic Solutions was incorporated in 2005 in Chennai as a software firm working on 3D rendering, animation and simulation. It moved into forensic training technology in 2008 and, from around FY 2014-15, into full evidence-management solutions.

Its product range covers fingerprint and physical evidence collection kits, mobile crime scene investigation vehicles, cyber and digital forensic tools, DNA collection kits and lab equipment. It also earns service revenue by renting out forensic equipment.

Customers are largely government: police departments, central and state forensic science laboratories, fingerprint bureaus, crime investigation units and police training academies. Sales typically come through tender-led procurement, including the Government e-Marketplace (GeM).

The company has OEM tie-ups with Sirchie, Thermo Fisher Scientific and Rapiscan Systems, and states in its offer document that it has no listed peer to compare against which is part of why valuing it is difficult.

The FY 2025-26 numbers behind the demand

For the financial year ended 31 March 2026, revenue from operations rose to ₹105.71 crore from ₹65.03 crore in FY 2024-25 growth of about 63%.

Net profit climbed to ₹13.51 crore from ₹8.56 crore, up roughly 58% year-on-year. Return on net worth for the year stood at 32.62%.

At the ₹90 issue price, the post-issue price-to-earnings ratio worked out to about 14.29 times, on earnings per share of ₹6.30 and a market capitalisation of around ₹193 crore.

The company has earmarked ₹31.42 crore of the net fresh-issue proceeds for working capital, with the balance going to general corporate purposes.

What to watch from here

The first few sessions of an SME listing are usually thin and circuit-bound, so the ₹157.50 level says more about the absence of sellers than about a settled market price. A clearer picture typically emerges once circuit filters loosen and the anchor lock-in periods run their course.

Two things are worth tracking: the company’s order flow from government tenders, given how concentrated its customer base is, and its first quarterly disclosure as a listed entity. Live prices and circuit limits for SME counters can be followed on most online trading platforms.

SME stocks also trade in fixed lots and carry lower liquidity than mainboard shares, which means exiting a position is not always as easy as entering one.

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Hexaware Technologies shares fell as much as 4.5% on Thursday, 3 September 2026, after the IT services company named EXL’s Vivek Jetley as CEO-designate and confirmed that Srikrishna Ramakarthikeyan will step down on 28 October after 12 years in charge.

The announcement came after market hours on Wednesday

Hexaware told the exchanges late on 2 September 2026 that its board had approved Jetley’s appointment as Chief Executive Officer with effect from 28 October 2026, for a four-year term. The approval came on the recommendation of the Nomination and Remuneration Committee.

Ramakarthikeyan, known internally as “Keech”, has resigned as CEO, Whole-time Director and board member, and from his positions at the wholly owned US subsidiary Hexaware Technologies Inc. All of it takes effect on the same date.

In his resignation letter, he said he was leaving to pursue personal interests and described the period as one of meaningful transformation for the company. He will stay on as a Senior Advisor from 28 October to help hand over.

Non-Executive Chairman Larry Quinlan thanked him in the company statement for building the foundation for Hexaware’s next phase of growth.

How the stock traded on Thursday morning

The reaction on the National Stock Exchange (NSE) was immediate. The stock gapped down at the open and stayed under pressure through the first two hours of trade.

Hexaware (NSE), 3 September 2026	Level
Previous close	₹543.60
Open	₹538.00 (down 3.4%)
Day’s low	₹519.20 (down about 4.5%)
At 10:45 AM IST	₹523.25 (down 3.7%)
At 11:30 AM IST	₹524.10 (down 3.59%)

More than two million shares had changed hands on the NSE by 10:45 AM IST, per Business Standard. Business Today put the company’s market value at roughly ₹32,118 crore when the stock was at ₹522.95 on the BSE.

Figures above are intraday and were sourced during the trading session. The closing price for the day may differ.

Who is Vivek Jetley

Jetley is currently President at EXL, where he leads the insurance, healthcare and life sciences businesses. The company said he brings more than 25 years of experience across AI, data, enterprise transformation and strategy.

He joined EXL in 2006 through its acquisition of Inductis, where he was a partner, and previously headed EXL’s analytics business. His brief at Hexaware is to accelerate growth and scale the company’s AI-led services model globally.

Why the timing is the real issue for investors

A CEO change is unsettling for any listed company. It lands harder when growth is already under the scanner.

At its Q2 CY2026 results in late July 2026, Hexaware cut its calendar-year revenue growth guidance to 6–7%, down from 7.6% earlier, blaming delayed deal ramp-ups. Guidance is simply the company’s own forecast for the year.

It did hold its EBIT margin guidance steady at 13–14%. EBIT margin measures operating profit as a share of revenue, before interest and tax.

The stock has been a laggard through 2026. Business Standard, citing exchange data, said it is down about 31% so far this year including Thursday’s fall, against an 8.4% decline in the Nifty 50. Business Today, measuring up to Wednesday’s close, put the fall at 28.13% versus a 19% drop in the BSE IT index.

Late August offered a brief reprieve the stock climbed around 8% after the company’s AI Day on 24 August 2026, when several brokerages reiterated positive ratings.

What JM Financial said on Thursday

JM Financial retained its ‘Add’ rating with a target price of ₹605, which works out to roughly 11% above the previous close of ₹543.60.

The brokerage described the leadership change as a possible near-term overhang market shorthand for something likely to cap the share price until the picture becomes clearer.

It listed four things investors should track: any change in strategy and further churn in the leadership team once the new CEO joins, risks to the CY2026 growth guidance, a possible sharper focus on healthcare, insurance and analytics, and the company’s approach to partnerships, investments and acquisitions.

JM Financial also noted that Hexaware’s revenue growth has trailed peers, largely because of client-specific problems and slower deal closures and ramp-ups. Its view is that investor attention will now shift to whether the incoming CEO can close that gap.

One correction worth noting

Several reports on Thursday described ₹708 as Hexaware’s listing price. It was the IPO issue price. The stock actually listed at ₹745.50 on the NSE and ₹731 on the BSE on 19 February 2025, marking its return to the exchanges after the 2020 delisting.

What to watch between now and 28 October

The next two months are a handover window rather than a clean break, since Ramakarthikeyan stays on as advisor. The genuine test arrives after 28 October, when Jetley sets out his own strategy and the company reports its next set of numbers against the trimmed 6–7% guidance.

To hold shares like Hexaware you need a demat account, which stores your shares electronically with NSDL or CDSL. Investors already holding the stock can follow the price action live on any SEBI-registered broker’s trading platform through the NSE and BSE session, 9:15 AM to 3:30 PM IST.

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Lumino Industries shares debuted on 3 September 2026 at ₹110 on the NSE, a 34.15% premium over the ₹82 issue price. The Kolkata-based power cables and EPC company had raised ₹700 crore through its IPO, which closed on 31 August.

The listing-day numbers

The stock opened above its issue price on both exchanges and moved higher through the morning session.

Details	NSE	BSE
Issue price	₹82	₹82
Listing price	₹110	₹109
Listing premium	34.15%	32.93%
Intraday level reported by PTI	₹118.20 (+44.15%)	₹118.99 (+45.11%)

At around 10:51 AM IST, HDFC Sky reported the stock at ₹116.66, roughly 42% above the issue price. PTI put the company’s market value at close to ₹3,500 crore on both exchanges at the higher intraday levels.

An investor who was allotted one lot of 182 shares paid ₹14,924. At the ₹110 opening price, that lot was worth ₹20,020 a paper gain of about ₹5,096 before brokerage, STT, GST and other statutory charges.

The debut came on a day when the broader Indian market was trading higher.

What the grey market had been indicating

Ahead of listing, informal grey market quotes tracked by IPO websites moved around a fair bit. InvestorGain’s quote was reported at ₹48 on 1 September, ₹32 on 2 September and ₹38 closer to listing implying an indicative price anywhere between roughly ₹114 and ₹130.

The actual open of ₹110 came in at or below most of those informal estimates.

Grey market premium is an unofficial, unregulated indicator traded outside recognised exchanges. It is not acknowledged by SEBI, the NSE or the BSE, and it is not a forecast of listing price.

Why the subscription number appears differently across websites

The IPO was heavily oversubscribed, but you will see two headline figures.

• PTI and PL Capital, citing NSE data at the close of bidding, report 118.12 times.
• Chittorgarh, HDFC Sky and IPO Premium, citing final exchange bid data, report 124.02 times.

Both work out from the same bid volume about 745.64 crore shares bid for. The gap comes from the “shares offered” base each data provider uses. Treat either as an approximation of very strong demand rather than a precise figure.

Category-wise, exchange data showed qualified institutional buyers (large institutions such as mutual funds and insurers) at 232.79 times, non-institutional investors at 185.21 times, and retail investors at 40.27 times. The employee portion was subscribed 12.37 times.

Investors who received an allotment had shares credited to their demat account the electronic account that holds your shares on 2 September, a day before listing.

What the company actually does

Lumino Industries runs two connected businesses in the power transmission and distribution space.

The manufacturing arm makes aluminium conductors, HTLS conductors, power cables and household electrical wires sold under the Lumicon brand. This contributed close to 70% of FY 2025-26 revenue. Production runs out of two facilities in Howrah, West Bengal.

The EPC arm engineering, procurement and construction, meaning the company designs and builds infrastructure for clients handles transmission lines, substations, railway electrification, solar and water projects. That is the remaining 30%.

The two segments feed each other: about 23% of the specialised products used in its own EPC projects in FY 2025-26 were made in-house.

Revenue from operations rose from ₹1,917.97 crore in FY 2024-25 to ₹2,041.07 crore in FY 2025-26. Profit after tax grew from ₹124.59 crore to ₹160 crore over the same period. The order book stood at ₹3,149.88 crore as of 31 March 2026, per the company’s offer documents.

Government and state-owned electricity entities accounted for 53.12% of FY 2025-26 revenue, down from 79.89% in FY 2024-25 the offer document lists this concentration as a business risk.

Where the ₹700 crore goes

The issue combined a fresh issue of 6.10 crore shares worth ₹500 crore with an offer for sale of 2.44 crore shares worth ₹200 crore by promoters Devendra Goel and Jay Goel.

Only the fresh issue money reaches the company. Of that, ₹337 crore is earmarked for repaying or prepaying borrowings and about ₹15 crore for equipment, machinery and civil work at an existing plant. The balance goes to general corporate purposes.

OFS proceeds go to the selling promoters, not to the company.

The company had earlier raised ₹207 crore from anchor investors on 25 August 2026.

Dates worth marking

Anchor investors are large institutions that buy ahead of the public issue and cannot sell immediately. Based on the issue terms, 50% of the anchor allocation comes out of lock-in on 1 October 2026, and the balance on 30 November 2026.

Newly listed stocks often see supply pressure around such dates. Anyone tracking the counter can follow it live on any online trading platform or exchange website.

What to watch from here

Three things will shape the stock’s early record: the first set of quarterly results Lumino reports as a listed company, progress on its third Howrah facility (commercial production is expected in the second half of FY 2026-27), and how its order inflow holds up given the heavy weighting towards government tenders.

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Happiest Minds shares fell for a second straight session on Wednesday, 2 September 2026, slipping to ₹348.65, as investors worked through ITC Infotech’s plan to buy 22.1% of the company from its founder and then merge it into itself.

What was announced on 31 August

On 31 August 2026, Happiest Minds Technologies told the exchanges it had signed definitive agreements to combine its business with ITC Infotech India Ltd, a wholly owned subsidiary of ITC Ltd.

The transaction has two steps.

First, ITC Infotech buys a 22.106% stake in Happiest Minds from founder Ashok Soota and Ashok Soota Medical Research LLP for about ₹1,330 crore in cash.

Second, Happiest Minds merges into ITC Infotech. Shareholders receive ITC Infotech shares instead of cash, and ITC Infotech is then proposed to be listed on the NSE and BSE.

Deal at a glance	Details
Stake being bought	22.106% from promoter group
Cash consideration	About ₹1,330 crore (₹1,329.7 crore)
Tranche pricing	11% at ₹390/share; 11.106% at ₹400/share (average ~₹395)
Swap ratio	25 ITC Infotech shares (FV ₹10) for every 81 Happiest Minds shares (FV ₹2)
Value implied for Happiest Minds	About ₹405/share, or ~₹6,167 crore
ITC Ltd holding after merger	About 73.4%
Expected time to close	Around 15 months

Figures as disclosed by the companies on 31 August 2026. Closing timeline estimate: Choice Institutional Equities.

Why the stock fell instead of rising

An acquisition announcement usually lifts the target company’s share price. Here it did the opposite.

The first reason is pricing. Both tranches ₹390 and ₹400 per share are below the ₹407.15 at which Happiest Minds closed on 31 August 2026. The promoter is selling at a discount to the market price.

The second reason is that there is no open offer. Under SEBI’s takeover rules, a buyer crossing 25% of a listed company normally has to make an open offer, which is a formal offer to buy shares from public shareholders at a set price. ITC Infotech is stopping at 22.106%, just under that line, so public shareholders do not get that exit route.

Third, parts of the market had been positioned for a bigger promoter stake sale after earlier media reports. What arrived was smaller in cash terms and longer in timeline.

ITC Ltd shares moved the other way, rising nearly 5% on 1 September 2026 to a high of ₹269 on the BSE.

What Happiest Minds shareholders actually get

Under the scheme, shareholders will receive 25 fully paid-up ITC Infotech shares of face value ₹10 for every 81 Happiest Minds shares of face value ₹2 held on the record date.

That ratio values Happiest Minds at roughly ₹405 per share and ITC Infotech at about ₹1,312 per share, or ₹11,920 crore.

Once the scheme becomes effective, Happiest Minds will be dissolved without being wound up. Its shareholders are not cashed out their holding converts into shares of the merged, listed ITC Infotech.

After the merger, ITC Ltd is expected to own about 73.4% of the combined company, with existing Happiest Minds shareholders holding around 26.6% between them.

Because this is a share swap and not a cash payout, the shares need to be sitting in a demat account on the record date for the new ITC Infotech shares to be credited.

The 15-month wait is part of the problem

The merger still needs approvals from the Competition Commission of India, the stock exchanges, shareholders, creditors and the National Company Law Tribunal (NCLT), the body that clears company merger schemes in India.

Choice Institutional Equities estimates the whole process could take around 15 months.

That gap matters. The swap ratio is fixed, but the market price is not. Anyone following the counter on an online trading platform will see the traded price and the deal-implied value of ₹405 drift apart until the scheme is completed.

The business the merger would create

The two companies say the combined entity had pro-forma revenue of about ₹7,033 crore in FY 2025-26, with more than 19,000 employees, over 800 customers and operations in more than 30 countries.

The stated target is $1 billion in annual revenue by FY 2027-28 roughly ₹9,500 crore at an exchange rate of about ₹95 to the dollar as on 1 September 2026.

Happiest Minds brings AI, digital engineering, cloud, data, analytics and cybersecurity work. ITC Infotech brings enterprise transformation, SAP, product lifecycle management, cloud and Industry 4.0 services. The companies have said there is little overlap in their top customers.

Where the stock stands

Happiest Minds closed at ₹362.70 on the NSE on 1 September 2026, down 10.92%, after touching an intraday low of ₹357.50. Market capitalisation fell to about ₹5,437 crore.

On 2 September 2026 it fell further, hitting ₹348.65 during the session.

The stock is down roughly 36% over the past year and is now trading close to its listing price of ₹350 from 17 September 2020, when it debuted at about a 110% premium to its IPO price of ₹166. Its 52-week range is ₹330.20 to ₹583.40.

What to track from here

• The CCI filing and clearance, usually the first external approval in a deal of this size
• The scheme being filed with the NCLT, and observation letters from the NSE and BSE
• Happiest Minds’ Q2 FY 2026-27 results, which will show whether the operating picture is changing independently of the deal
• Details of the eventual ITC Infotech listing, including the record date for the swap

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Data centre operator Yotta Data Services is targeting a stock market listing in the January–March 2027 quarter and plans to file its draft IPO papers in October, co-founder and CEO Sunil Gupta told Reuters on 2 September 2026. The company is seeking up to $1.5 billion.

That $1.5 billion works out to roughly ₹14,200 crore at the rate of $1 = ₹94.96 cited by Reuters on 2 September 2026. January–March 2027 is Q4 of FY 2026-27.

The Hiranandani Group-backed company is not listed today, so its shares cannot be bought or sold on NSE or BSE yet. A DRHP draft red herring prospectus is the first formal document a company files with SEBI before an IPO, and it is where Yotta’s audited numbers will finally become public.

Where the money is meant to go

Gupta told Reuters the funds would be used for three things: repaying debt, buying graphics processing units (GPUs), and expanding sovereign cloud infrastructure.

GPUs are the specialised chips that run artificial intelligence workloads. Yotta describes itself as India’s largest provider of Nvidia-powered AI computing infrastructure.

“Sovereign cloud” simply means cloud infrastructure where the data physically stays inside the country’s borders. Government departments and regulated industries increasingly ask for this.

The public issue may end up smaller than the headline number

This is the detail most worth noting for anyone tracking the IPO pipeline. The $1.5 billion is the total fundraise target, not the IPO size.

Yotta is currently raising pre-IPO capital from private investors, and Gupta said the IPO portion is expected to be smaller than originally planned because much of the target has already been met.

He declined to disclose Yotta’s revenue or how much has been raised so far. Until the DRHP is filed, the actual issue size, the fresh-issue-versus-offer-for-sale split and the price band all remain unknown.

The DRHP timeline has also moved. In early July 2026 Gupta told Informist the filing was expected within two weeks; in mid-August he told BW Businessworld the document was “almost ready”. The current guidance is October 2026.

Verified figures so far

Item	Figure	Source and date
Total fundraise target	Up to $1.5 billion (~₹14,200 crore)	Reuters interview, 2 September 2026
Targeted IPO window	January–March 2027 (Q4 FY 2026-27)	Reuters interview, 2 September 2026
DRHP filing target	October 2026	Reuters interview, 2 September 2026
Last disclosed valuation	About ₹37,000 crore	Company statement, July 2026
Pre-IPO capital raised	About $150 million (~₹1,425 crore) from HNIs and family offices	Company statement, July 2026
Share of global clients	75%–80% of customer base	Gupta to Reuters, 2 September 2026

Media reports in August 2026, citing company disclosures, put Yotta’s revenue for the year ended March 2025 at ₹890.7 crore with a profit of ₹11.1 crore. These are FY 2024-25 numbers and are more than a year old. The DRHP will carry the current, audited position.

Why the timing lines up with policy

Gupta pointed to the 20-year tax holiday announced in the Union Budget 2026-27 as something that has lifted confidence among overseas customers.

Finance Minister Nirmala Sitharaman announced on 1 February 2026 that foreign companies providing cloud services to global customers using specified Indian data centres would get a tax holiday until 2047. The Budget also introduced a 15% transfer pricing safe harbour on cost for Indian companies providing data centre services to a related foreign reseller.

Gupta said India is becoming more attractive for AI infrastructure investment as power shortages and GPU supply constraints slow expansion in the United States and Europe, while geopolitical tension creates uncertainty in the Middle East.

Global clients make up 75%–80% of Yotta’s customer base, he said.

An unusual way to pay for chips

Yotta is exploring financing structures where partners buy GPUs through special purpose vehicles, share the revenue those chips generate, and eventually transfer ownership to Yotta after four to five years, Gupta told Reuters.

An SPV is a separate company created for one specific purpose here, to own the hardware. The arrangement would keep a large chunk of the chip cost off Yotta’s own balance sheet in the early years.

This is described as under exploration, not as a concluded deal. No partner names or amounts have been disclosed.

What to watch next

The October DRHP filing is the next real checkpoint. Until SEBI receives and processes that document, the issue size, valuation at IPO and financial performance are not confirmed.

Yotta had earlier considered a US listing before shifting focus to an India listing. It said in July 2026 that it aims to scale its AI cloud to more than 40,000 Nvidia Blackwell GPUs and to about 85,000 GPUs by the end of FY 2026-27 targets that will be easier to verify once the prospectus is public.

Applying to any mainboard IPO in India requires a demat account linked to a bank account with UPI or ASBA, so investors who want to participate when the issue eventually opens will need that in place well before the dates are announced. Until then, the listed data centre and AI infrastructure names already trading on NSE and BSE can be tracked through any online trading platform.

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