Indian equity benchmarks extended their decline on Tuesday, with the NSE Nifty 50 and BSE Sensex falling to fresh six-month lows as the market remained under pressure following the sharp sell-off in the previous session.
The Nifty 50 declined 64.05 points, or 0.28%, to close at 22,716.20. The index slipped to its 200-week moving average, currently around 22,600. According to Rupak De, senior technical analyst at LKP Securities, a decisive break below this level could lead to a sharper correction.
Against this backdrop, shares of Tata Steel, KPI Green Energy, NLC India, Poonawalla Fincorp, Cummins India, and several other companies are likely to remain in focus on Wednesday following a series of corporate developments.
Tata Steel said on Tuesday, September 29, that it had received a favourable order from the Income Tax Appellate Tribunal (ITAT) for financial year 2009.
The order allows the company’s claim for deduction of interest expenditure and reduces its tax exposure in the matter by around Rs 427 crore, to Rs 1,259 crore.
Separately, Tata Steel said it had acquired 393.52 crore equity shares of its overseas subsidiary, T Steel Holdings Pte. Ltd, for $340 million, or approximately Rs 3,260.32 crore. The investment is part of the company’s additional funding plan.
Poonawalla Fincorp said it is sending an intimation to debenture holders in connection with 1,00,000 secured, rated, listed, redeemable, partly paid non-convertible debentures (NCDs) with a face value of Rs 1,00,000 each and a paid-up value of Rs 1,000 per NCD.
The NCDs, aggregating to Rs 10 crore, carry ISIN INE511C07961 and are scheduled for redemption on November 2, 2026. The record date for the redemption has been fixed as October 16, 2026.
Cummins India said it has received an order from the Assessment Unit of the Income Tax Department imposing a penalty of Rs 95.26 lakh under Section 270A of the Income Tax Act, 1961, for assessment year 2018-19.
The company said it is evaluating appropriate legal remedies, including filing an appeal before the appellate authority.
Japan Credit Rating Agency Ltd has upgraded the rating outlook of Samvardhana Motherson International from ‘Stable’ to ‘Positive’.
The agency has assigned an ‘A’ rating with a ‘Positive’ outlook to the company’s foreign currency long-term issuer rating.
KPI Green Energy has received a work order worth approximately Rs 2,025 crore, including taxes and GST, from NACOF Oorja Private Ltd. The order covers turnkey engineering, procurement and construction (EPC) work for a 500 MW/550 MWp solar photovoltaic power project in Rajasthan. KPI Green Energy will undertake the design, procurement and construction of the project.
The boards of JSW Cement and its listed subsidiary, Shiva Cement, have approved a scheme of arrangement involving the amalgamation of Shiva Cement with and into JSW Cement.
Arisinfra Solutions has secured a service order from Transcon Bellaviu Private Ltd, a special purpose vehicle of Transcon Group. The order covers Design as a Service (DaaS) services for the Transcon UNO residential apartment project in Kalina, Mumbai.
