Market breadth on the BSE remained positive on September 21, with 1,954 shares advancing, 1,462 declining and 198 unchanged. According to reports from Moneycontrol, stock-specific action remained in focus on Dalal Street as investors reacted to corporate developments and brokerage views. The broader market faced pressure with the Nifty Midcap 100 index falling 0.2% and the Nifty Smallcap 100 index trading flat. The BSE IPO index reached an all-time high, surging 35% in five months, while its SME counterpart also jumped 55%, marking strong performance for recent listings that significantly outpaced the broader market indices.
Refex Industries share price gained 4% after the company secured a significant contract worth ₹160 crore for lifting 10 lakh metric tonnes (MT) of pond ash and fly ash under the RCR (Road-cum-Rail) mode from a public sector undertaking in Madhya Pradesh. As reported by Moneycontrol, this contract win demonstrates the company's expanding capabilities in the infrastructure sector.
Emmvee Photovoltaic Power shares surged over 8% on Monday, September 21, marking its biggest single-day gain since July 16, 2026, when it had risen 8.2%. The stock hit an intraday high of ₹354.8 before cooling off to trade 3.5% higher at ₹339.6. According to CNBC TV18, the surge was driven by Jefferies' maintained 'Buy' rating with a target price of ₹440 per share, indicating an upside of 34% from previous close. The brokerage expects 70 GWdc demand in FY27 with DCR demand exceeding supply while DCR economics remain attractive. The company is expanding its module and cell capacity by 6 GW each, targeting 9 GW of ingot-wafer integration by FY29-30. Jefferies projects the company's EBITDA to grow at 33% CAGR between FY26-29, with the stock currently trading at 7x forward EV/EBITDA, a 25% discount to peers.
The company's order book performance demonstrates robust demand momentum, with fresh order inflows of 1.48 GW during the quarter, marking its highest quarterly addition yet. According to CNBC TV18, the total order book stands at 9.9 GW, reflecting strong market confidence in the company's solar PV value-chain capabilities. CEO and President Suhas Donthi confirmed that the company remains on track to deliver EBITDA of ₹2,200-2,400 crore in the current fiscal year. All six analysts covering the stock maintain 'Buy' recommendations, with Jefferies having the highest target price among them.
On the sectoral front, the IT index declined nearly 1% while the pharma index gained 1.2%. As reported by Moneycontrol, FMCG, private bank, consumer durables and realty indices rose around 0.5% each. The sectoral divergence reflects selective investor interest in specific sectors amid broader market uncertainty, with retail and HNI investors favoring fresh growth stories over established large-cap companies.
