Indian markets are set to open higher today following positive global cues, with GIFT Nifty trading up 92.50 points, or 0.38%, at 24,141 as of 7:45 AM, signalling a firm start for domestic equities. This contrasts with Friday's session where the Nifty 50 closed 154.90 points, or 0.64%, lower at 24,013.10. Asian markets traded higher on Monday after Iranian negotiators said progress had been made in peace talks with the US, with South Korea's Kospi up 2.6% and Japan's Nikkei 225 gaining 1.9%. Officials from Qatar and Pakistan released a statement saying the first session of talks had concluded with progress made on a roadmap to reach a final deal within 60 days.
Sun Pharmaceutical Industries announced the acquisition of Mumbai-based Innovcare Lifesciences Private Ltd for approximately ₹2.71 billion (around $28.7 million) in an all-cash deal, acquiring 100% stake in the company. Meanwhile, Alembic Pharmaceuticals received tentative approval from the US health regulator for its generic version of cancer treatment drug Binimetinib tablets. In the technology sector, Tech Mahindra secured nearly 4 lakh sq ft of office space in Hyderabad on a long-term lease, highlighting continued demand for premium workspaces from technology occupiers. Reliance Industries made headlines as Jio Platforms submitted its draft red herring prospectus to SEBI on Friday, with the proposed IPO consisting of a fresh issuance of 27 crore equity shares.
Tata Motors has secured more than 3,400 orders for electric commercial vehicles (eCVs) across freight, logistics and passenger mobility segments, reflecting growing adoption of electric mobility among commercial fleet operators in India. The order book includes nearly 2,000 small commercial vehicles (SCVs) and pick-ups, about 900 trucks, and roughly 500 buses. Bharat Forge announced a significant ₹425 crore contract from the Ministry of Defence to supply Gas Turbine Generators (GTGs) for onboard power generation on the Indian Navy's Kolkata-class warships, with the contract to be executed over a five-year period. RVNL has secured a Letter of Award from state-run NMDC for the development of buffer stockyards and a blending facility at Visakhapatnam, Andhra Pradesh, with an annual material handling capacity of 10 million tonnes per annum (MTPA).
Garden Reach Shipbuilders & Engineers (GRSE) achieved a significant milestone by being granted Navratna status by the Department of Public Enterprises under the Ministry of Finance, enhancing the defence PSU's operational and financial autonomy. Power Mech Projects secured a contract valued at ₹1,008.9 crore from JSW Thermal Energy for executing civil and structural works in the Boiler, Turbine and Generator (BTG) segment of a 2x800 MW thermal power plant being developed at Salboni in West Bengal. Kirloskar Oil Engines bagged a major order from HyperNext for the supply of 96 units of 2,500 kVA Optiprime Dual Core Power Systems, representing a total power capacity of 192 MW. ONGC is repositioning itself as a more gas-focused energy producer, with Chairman and CEO Arun Kumar Singh stating the company should increasingly be viewed as a 'gas and oil' firm rather than an 'oil and gas' company.
