Stocks to watch, Sept 8: Defence stocks, Swiggy, PVR INOX, Sterlite Tech, Hindustan Copper, Vedanta, GE Vernova

The domestic stock market is expected to open lower on Tuesday, September 8. The GIFT NIFTY futures suggest that the NIFTY50 index will open 80 points lower.

The procurement proposals were cleared by the Defence Acquisition Council (DAC) headed by Defence Minister Rajnath Singh.

"The DAC accorded Acceptance of Necessity (AoN), which is in-principle administrative approval to various acquisition proposals of the defence forces at an estimated cost of about ₹1,10,000 crore," the ministry said.

According to a statement, the transaction will be settled by issuing preference equity shares in Trustroot Internet (TIPL), the parent entity of udaan, to Swiggy.

As per the deal, Swiggy will acquire nearly a 2.8% stake in udaan and make a primary equity investment of ₹75 crore in TIPL for an additional about 0.4% stake in udaan.

In a regulatory filing, Swiggy said its wholly owned subsidiary Swiggy Networks Ltd has entered into an agreement for the sale of its entire shareholding in Lynks Logistics Ltd, a step-down wholly owned subsidiary of the company, to udaan's parent firm Trustroot Internet Pvt Ltd (TIPL) through a share swap.

The company, a subsidiary of Tata Motors Passenger Vehicles Ltd, said it is targeting approximately £1.7 billion in savings over the next two years to reduce its break-evens towards 300,000 units.

JLR currently employs 43,000 people globally.

The company, however, did not specify whether the proposed job cuts will have any impact on India operations.

In a statement, P B Balaji, JLR CEO, said, "The programme is open to our global salaried and management colleagues - this will impact predominantly in the UK, but there could be limited impact in our global locations".

He observed that the automotive industry faces significant challenges, with technological change amidst intense competition and ongoing geo-political uncertainty.

It also has a right of first refusal to purchase an additional contiguous land parcel of approximately 66 acres at a later date, taking the potential aggregate land parcel at the said location to approximately 200 acres.

"Envisioned as a distinctive 360-degree twisting tower, the development is proposed to feature panoramic sea views, a five-star hotel comprising approximately 350 rooms across the lower 14 floors, and a diamond-shaped rooftop restaurant on the 93rd floor," it added.

Dream City Builders is expected to undertake the complete Engineering, Procurement and Construction (“EPC”) scope for the project, including construction, finishing and handover.

The commissioning marks an important step in enabling more sustainable high-voltage grid infrastructure and supporting ongoing decarbonisation efforts across the power sector, a company statement said.

High-voltage circuit breakers are critical components of the transmission networks, helping protect the grid by safely interrupting electrical currents during faults and enabling reliable power transmission.

Traditionally, such equipment uses sulfur hexafluoride (SF₆) for its strong insulating and switching properties.

While effective, SF₆ is a fluorinated greenhouse gas with significant environmental impact.

In a clarification to stock exchanges regarding reports alleging an internal probe into Rs 200 crore in kickbacks to company executives, PVR Inox said that its executive, Pramod Arora, resigned on May 4, 2026, for personal reasons.

"The Company wishes to clarify that Mr Arora was not asked to leave. The preliminary examination also did not indicate any evidence of kickbacks," PVR Inox said.

PVR INOX shares declined by 5.58% to close at ₹1,157.40 on BSE after reports suggested that the company had asked a senior executive to leave in April following an internal inquiry into alleged kickbacks from developers building its cinema properties.

The company, in the clarification, stated that its two promoters received anonymous communications containing allegations of impropriety by certain employees in early April 2026.

Sterlite Technologies Ltd (STL) posted its consolidated revenue from operations of ₹4,745 crore in the financial year 2025-26, according to a regulatory filing.

"Today, we are very proud to announce Lakshya, STL's growth ambition for FY29. Under Lakshya, we're targeting 20,000 crore revenue by FY29, while building STL into one of the largest global players for digital connectivity," STL Managing Director Ankit Agarwal said in an investor meet held on September 3.

The board approved Puri's appointment for a first term of five consecutive years, from September 7, 2026, to September 6, 2031, based on the recommendation of the Nomination and Remuneration Committee, the company said in a regulatory filing.

Puri will take over as Chairman of the company with effect from January 23, 2027, following the completion of Seshasayee's term.

Seshasayee has been Chairman of the Asian Paints board since October 1, 2023, and his term as an Independent Director concludes on January 22, 2027.

The project involves two 3,000 MW terminal stations and will be executed over multiple years.

The company did not disclose the order value in its exchange filing.

The rally has been driven by concerns over supply disruptions at major mines, uncertainty over potential US tariffs and strong structural demand from power grids, renewable energy equipment, AI data centres and electric vehicles.

While higher copper prices could benefit producers such as Hindustan Copper, Hindalco Industries and Vedanta, they could put pressure on margins of cable and wire makers such as Polycab India, KEI Industries, RR Kabel and Finolex Cables, unless the higher raw-material costs are passed on to customers.

1. Room Air Conditioners;
2. BLDC Ceiling Fans; and
3. Air Purifiers

The proposed expansion is expected to broaden the Company’s addressable market in India through adjacent consumer-durable categories with long-term growth potential, it added.

The company further said the move will leverage Symphony’s capabilities in cooling, brand-building, distribution, consumer insights and after-sales service.

It is also consistent with the Company’s stated focus on strengthening its Beyond India Summer Products (“BISP”) portfolio, while further reinforcing its leadership in the Indian household air cooler category.

The rollout will follow an asset-light model, with no current plan to invest in in-house manufacturing capacity. Internal accruals will be deployed progressively and prudently towards product development, inventory, brand-building, channel and service readiness, and working capital.

Phase I brings together Calcium Chloride, PEDA (2-Phenyl Ethyl Diethyl Aniline), and a part of its Multipurpose Plant (MPP), creating complementary capabilities in downstream integration, diversified end-use applications, and flexible multi-product manufacturing.

The platform is designed to support the commercialisation of high-value and niche products, with several products planned from Zone IV expected to be manufactured in India for the first time.