Stocks to watch, Sept 29: Tata Group stocks, NCC, Vikram Solar, Coforge, Ola Electric, IRFC, Power Mech, HCLTech

The domestic stock market is expected to open flat on Tuesday, September 28. GIFT NIFTY futures suggest that the NIFTY50 index will open 11 points lower.

The proposed restructuring aims to allow Tata Sons to shed its regulatory classification as a non-banking financial company (NBFC) and a core investment company (CIC).

Tata Trusts have asked the Tata Sons board to consider the proposal and seek a prior no-objection certificate from the Reserve Bank of India.

The development could draw investor attention to the group’s holding-company structure and potential regulatory implications, although the proposal does not directly alter the operations of the listed Tata companies.

The proposed fundraising could include an issue of equity shares or other eligible securities through qualified institutional placement (QIP), private placement, public issue, preferential issue or other permissible modes, subject to regulatory and shareholder approvals, where applicable.

Peak XV Partners, Sequoia Capital Global Growth Fund III and Redwood Trust are reportedly looking to sell up to 89 lakh shares, representing around 2.73% stake in the company, through a 100% secondary transaction.

The floor price for the deal has been set at ₹450 per share, around 3.4% lower than the stock’s previous close.

Jefferies India is the bookrunner for the proposed transaction.

The order, excluding GST, was awarded under the Multi Village Scheme for the Yeleru Reservoir's Anakapalli segment in Anakapalli district, Andhra Pradesh, according to the company’s regulatory filing dated September 28.

NCC said it accepted the LoA on September 26 from the Rural Water Supply and Sanitation Department, Visakhapatnam, Government of Andhra Pradesh. The project is expected to be executed over a period of 24 months.

The appointment follows weeks of intense boardroom turmoil, triggered by the abrupt resignation of former chairman and veteran banker O P Bhatt on September 9 after an internal audit revealed that he had withheld a board evaluation report that assigned his own performance category the lowest rating.

The fallout, which wiped out more than Rs 4,400 crore in the company's market valuation as shares tumbled over 5%, escalated within days when Coforge's nomination and remuneration committee (NRC) chairperson D K Singh also quit, citing “differences” and “tension” between independent and executive directors.

According to a regulatory filing dated September 28, the renewable energy solutions provider stated the NCD issuance was structured across five series with maturities ranging from two years to 10 years and coupons ranging from 8.25% to 8.76% under a fixed rate structure.

The issue follows CleanMax's first CRISIL rating; i.e., CRISIL AA/Stable on both its corporate credit and its NCD program, assigned in September 2026, it said.

Besides, US-based Augment Infrastructure has divested a 7.2% stake in renewable energy player Clean Max Enviro Energy Solutions for ₹1,096 crore through separate bulk deals on Monday.

Augment Infrastructure, through its affiliate Augment India I Holdings LLC, sold 85.02 lakh shares in two tranches, representing a 7.25% stake in Mumbai-based Clean Max Enviro Energy Solutions, according to exchange data on the NSE.

The shares were offloaded in the price range of ₹1,288.40-₹1,289.01 apiece, taking the aggregate value to ₹1,095.93 crore.

Following the transaction, Augment India I Holdings' equity stake in Clean Max has dropped to 2.25% from 9.5%.

In an NSE filing, Vikram Solar disclosed that the company has secured a 400 MW solar module supply order from an undisclosed EPC player for a portfolio of decentralised solar projects being developed across multiple locations in Maharashtra.

The transaction will be executed via HCL Technologies Austria GmbH, a step-down wholly owned subsidiary of HCLTech, which will acquire 100% of the outstanding equity in the firm, according to a regulatory filing.

The acquisition is expected to be completed by the end of November 2026.

HCLSoftware is seeing increasing enterprise demand for AI systems capable of both reasoning and executing tasks reliably within complex business environments, HCLTech said.

Under the revised structure, NATCO Pharma (Canada) Inc will invest $13.70 million, while NATCO Pharma USA LLC will contribute $3 million, according to a regulatory filing.

The transaction involves cash consideration for purchasing convertible promissory notes bearing an interest rate of 8% compounded annually. No additional shares are being acquired at the time of completion, which is expected by October 31.

The financing will support DVC's portfolio of floating solar, ground-mounted solar, rooftop solar, and Battery Energy Storage System (BESS) projects, leveraging its existing land, reservoirs, and transmission infrastructure.

The US Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practice inspection at the plant from September 21-28, 2026, the company said in a regulatory filing.

The inspection closed with one observation, and there were no data integrity-related observations, it added.

Zydus Lifesciences said it will work closely with the USFDA to address the observation expeditiously.

The company acquired 13,445 equity shares of Sproutlife Foods through a secondary purchase for cash consideration, ITC said in a regulatory filing.

Following the transaction, its shareholding in Sproutlife Foods, the company behind the ‘Yoga Bar’ brand, increased from around 47.5% to 100%.

The acquisition was completed on September 28, and Sproutlife Foods became a wholly owned subsidiary of ITC with effect from the same day, it said.

ITC said the acquisition is in line with the strategy to augment its future-ready portfolio in the foods segment. No regulatory approvals were required for the transaction.

As per the Draft Letter of Offer available on the company website, Bhavish Aggarwal, Chairman and Managing Director, has confirmed he will subscribe to his rights entitlement, and that any renunciation will only be within the promoter group or to specified investors.

The promoter group together holds around 32.97% in the company.

Aggarwal may fund his participation by pledging part of his holding, sources tracking the development said, describing the move as a sign of "strong founder commitment" to the company.

The Khaitan-family company currently has a presence across over 65 duty-free locations and is targeting expansion to more than 100.

It has now become the first Indian spirit brand to be available across the duty-free shops of Heathrow, Gatwick, Manchester and Birmingham, Radico Khaitan said in a statement.

"The Company's premium brands, including Rampur Indian Single Malt Double Cask, Rampur Asava, Rampur Barrel Blush and Sangam World Malt, are now available to international travellers at Heathrow, Gatwick, Manchester and Birmingham airports," it said.

The order involves comprehensive operation and maintenance of the ash handling plant and coal handling plant at the Yadadri Thermal Power Station (YTPS), which has five 800 MW units.

The contract will be executed over three years from the date of issuance of the Letter of Intent/order confirmation, with the order value excluding GST and subject to a price variation clause for the second and third years.