Primo Chemicals Limited has announced the acquisition of the remaining stake in Flow Tech Chemicals Private Limited, formally executed on September 16, 2026. Under the terms of the agreement, Primo Chemicals acquired the remaining 51 percent equity stake in Flow Tech Chemicals from its existing shareholders, with the company having secured the necessary shareholder authorizations. Consequently, Flow Tech Chemicals Private Limited has fully transitioned into a wholly owned subsidiary of Primo Chemicals Limited, marking a significant strategic expansion for the company.
Jefferies maintains a Buy rating on Torrent Power with a target price of ₹1,780, citing the company's aggressive renewable energy expansion plans. The brokerage expects renewable energy capacity to rise at least 3x by FY30, with Torrent Power currently holding around 2 GW of renewable energy capacity and targeting 10 GW by 2030. Jefferies has already factored in 4.6 GW of renewable energy additions between FY26-FY30, with around 3 GW already at different stages of implementation. The company plans to add another 3 GW through pumped storage projects by FY29, though these projects are not included in current financial estimates.
Jefferies expects Torrent Power's EBITDA to grow at a 13% CAGR during FY26-30E, while PAT is expected to rise at a 10% CAGR over the same period. The brokerage anticipates renewable energy EBITDA to grow at a compound annual growth rate of 36% between FY26-FY30, with renewable energy's contribution to revenue increasing from 4% to 9% by FY30. The company's existing transmission and distribution operations remain stable, with more than 60% of EBITDA coming from distribution and expected to grow at around 5% annually through FY30.
Restaurant Brands Asia Limited announced that its Borrowings, Investments, Loans and Finance Committee approved two strategic investments on September 16, 2026. The company approved the acquisition of a 26% stake in Solar SPV Navitas Anant for ₹1.10 crore, targeting a special purpose vehicle incorporated on May 13, 2026, in Surat, Gujarat. This investment establishes a group captive solar power arrangement to supply renewable electricity to Restaurant Brands Asia's restaurant locations across India, lowering unit power costs. Additionally, the company approved capital infusion of up to IDR 100 billion (approx. ₹100,000 crore) in its Indonesian subsidiary PT Sari Burger Indonesia, which manages 137 Burger King outlets across Indonesia as of March 31, 2026.
Jefferies maintains a Buy rating on State Bank of India with a target price of ₹1,320, citing the bank's managing scale and driving growth strategy. According to reports from NDTV Profit, the bank's chairman highlighted that the economy is holding up well despite concerns, with the institution focused on consistent growth and profitability. The brokerage expects 13-15% growth in loans, ROE of 15%+ with ROA of 1%+, positioning SBI among top picks in the banking sector.
