Nifty Set for Muted Start; RVNL, Birla Corp, KEC in Focus

The GIFT Nifty futures, a key early indicator for the Nifty50 index, were trading lower by 7 points at 25,271, signaling a muted start for domestic benchmark indices on Tuesday. This cautious sentiment follows a divergent performance on Monday, September 22, where the S&P BSE Sensex slumped by 320 points (0.56%) to settle at 82,159, while the Nifty50 managed to gain 125 points (0.49%), closing at 25,202. This divergence highlights the selective buying interest amid broader market uncertainty, with investors closely monitoring corporate developments and macroeconomic cues.

The mixed closing underscores the ongoing volatility in the Indian stock market, where sector-specific movements often dictate the trajectory of key indices. While the Sensex witnessed selling pressure, the Nifty’s resilience suggests underlying strength in certain heavyweights. Market participants are now eyeing the GIFT Nifty’s movement for further directional cues, as global factors and domestic corporate announcements continue to influence trading strategies.

Rail Vikas Nigam Ltd (RVNL) emerged as the lowest bidder for a Southern Railway project worth Rs 145.35 crore. The project, part of the Mission 3000MT loading plan, involves traction substations, power quality equipment, SCADA integration, and automatic fault locator systems on the Jolarpettai–Salem section, with a timeline of 540 days. This win reinforces RVNL’s position in railway infrastructure and aligns with the government’s focus on enhancing rail connectivity and efficiency.

KEC International, part of the RPG Group, secured fresh contracts worth Rs 3,243 crore, marking its largest-ever EPC order. The orders are led by the transmission and distribution (T&D) segment, including 400 kV transmission lines in the UAE and the supply of towers, hardware, and poles in the Americas. This significant order book expansion underscores KEC’s global footprint and execution capabilities, likely boosting investor confidence in its growth trajectory.

Birla Corporation’s subsidiary, RCCPL, became the preferred bidder for the Guda-Rampur limestone and manganese block in Telangana. Covering 3.34 sq km in Adilabad district, the block is expected to generate over 57.1% of mining revenue for the state government. This development highlights Birla Corp’s strategic focus on raw material security and expansion in the minerals sector, which could drive long-term value creation.

In the real estate sector, Brigade Enterprises signed a joint development agreement for a 7.5-acre residential project in Banashankari, Bengaluru, with an estimated gross development value of Rs 1,200 crore. The project aims to deliver premium residential spaces, tapping into the robust demand in India’s IT hub. Similarly, Suraj Estate Developers launched Suraj Park View 1, a residential tower in Dadar (West), Mumbai, with a GDV of Rs 250 crore and a saleable carpet area of around 0.53 lakh sq ft, developed under the redevelopment model.

Alkem Laboratories faced a regulatory setback as the GST appellate authority confirmed a tax demand of Rs 35.11 crore for July 2017–March 2022, along with a Rs 3.5 crore penalty and interest. This order could weigh on the company’s financials in the near term, though investors will monitor its response and potential appeals. On the green energy front, NTPC Green Energy commissioned 9.9 MW of wind capacity in Bhuj, Gujarat, as part of a 92.4 MW project under Ayana Renewable Power Four. This addition raises NGEL Group’s total installed capacity to 7,382.475 MW, supporting India’s renewable energy targets.

JBM Auto’s subsidiary, JBM Electric Vehicles, entered a strategic partnership with Al Habtoor Motors, UAE, for the exclusive import and distribution of JBM’s electric buses in the UAE. This move aligns with the global shift toward electric mobility and could open new revenue streams for JBM Auto in international markets. The partnership underscores the growing emphasis on sustainable transportation solutions and the potential for Indian manufacturers to leverage global alliances.

Collectively, these developments reflect a dynamic corporate landscape where infrastructure, real estate, and green energy sectors are witnessing significant activity. While the near-term market sentiment remains cautious, the project wins and strategic initiatives by companies like RVNL, KEC International, and Birla Corp could fuel long-term growth. Investors will closely track execution timelines, regulatory outcomes, and macroeconomic trends to gauge the sustainability of these positive developments amid evolving market conditions.