equity-service · scan of 23 September 2026
Generated 2026-09-23 16:04 IST
state BEAR · breadth 49.51% vs prior-5 mean 37.56% [breadth gate OPEN] · follow-through gate SHUT — ours reads DOWNTREND: 9 distribution days and no follow-through day since · Nifty -1.47% vs 20MA · 7 distribution days · no follow-through day · MarketSmith RALLY_ATTEMPT · prices through 2026-09-22 — TODAY'S SESSION IS NOT IN THIS SCAN · read at 2026-09-23 08:30 IST. A buy needs both gates open — breadth above its prior five-session mean, and a computed status that is not a correction — so nothing below may be placed however good it looks.
The four TIS scans — daily and weekly, stocks and ETFs. Runs: SWING 2026-09-23 15:55 IST; WEEKLY 2026-09-23 15:57 IST; ETF 2026-09-23 16:01 IST; ETF_WEEKLY 2026-09-23 16:01 IST
SWING — 879 scanned, 699 with a stop derived, 18 at ≥6 of 7 gates, 3 actionable, actionable plus the ≥6-gate watch rows — blocked by G4 x9, G3 x5, G5 x5. sizing: Rs 39,808 risk budget / Rs 494,930 deploy cap, 12 slots (t-default)
Every gate that counts has passed — placeable while the market gate is open.
G3 30-day momentum — +1% in 30d — no institutional move under way
G3 30-day momentum — +6% in 30d — no institutional move under way
Every gate that counts has passed — placeable while the market gate is open.
G3 30-day momentum — -9% in 30d — no institutional move under way
G6 EPS QoQ growth — EPS -47% QoQ — earnings are not what is moving this
G6 EPS QoQ growth — EPS +11% QoQ — earnings are not what is moving this
G3 30-day momentum — +5% in 30d — no institutional move under way
G3 30-day momentum — +2% in 30d — no institutional move under way
G4 stop width — 5.1% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 7.2% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 9.6% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 10.8% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 12.6% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 13.9% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 16.1% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 19.0% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 30.0% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
WEEKLY — 879 scanned, 254 with a stop derived, 2 at ≥6 of 7 gates, 0 actionable, actionable plus the ≥6-gate watch rows — blocked by G4 x2, G5 x1. sizing: Rs 39,808 risk budget / Rs 494,930 deploy cap, 12 slots (t-default)
G4 stop width — 11.3% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 11.8% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
ETF — 23 scanned, 22 with a stop derived, 0 at ≥6 of 7 gates, 0 actionable, actionable plus the ≥6-gate watch rows. sizing: Rs 39,808 risk budget / Rs 494,930 deploy cap, 12 slots (t-default)
ETF: nothing actionable, and nothing within one gate of it (22 names with a stop derived, none at ≥6 of 7).
ETF_WEEKLY — 23 scanned, 19 with a stop derived, 0 at ≥6 of 7 gates, 0 actionable, actionable plus the ≥6-gate watch rows. sizing: Rs 39,808 risk budget / Rs 494,930 deploy cap, 12 slots (t-default)
ETF_WEEKLY: nothing actionable, and nothing within one gate of it (19 names with a stop derived, none at ≥6 of 7).
Rows are the scan's own record, not a recomputation. 'blocked by' lists every failing gate, not the first.
A *candidate* is any name the scanner could derive a pivot and a stop for, before a single gate is judged; the gates are then scored on every one of them so that a six-of-seven is visible the morning after. The shortlist a reader means by 'passed the gates' is the ≥6 count.
'to entry' is how far the buy trigger sits above the last price the scan saw — not an overnight gap. For the daily scanners the trigger is 0.2% over the last close, so a larger figure means the quote has since moved; negative means the market is already through it.
The two that are not TIS. STRIKE is SWING with a 2R target; REVERSAL buys a washout and enters at the market, so its rows are judged on R1-R3 rather than on the eight gates. Runs: STRIKE 2026-09-23 16:00 IST; REVERSAL 2026-09-23 16:03 IST
STRIKE — 879 scanned, 699 with a stop derived, 18 at ≥6 of 7 gates, 3 actionable, actionable plus the ≥6-gate watch rows — blocked by G4 x9, G3 x5, G5 x5. sizing: Rs 39,808 risk budget / Rs 494,930 deploy cap, 12 slots (t-default)
Every gate that counts has passed — placeable while the market gate is open.
G3 30-day momentum — +1% in 30d — no institutional move under way
G3 30-day momentum — +6% in 30d — no institutional move under way
Every gate that counts has passed — placeable while the market gate is open.
G3 30-day momentum — -9% in 30d — no institutional move under way
G6 EPS QoQ growth — EPS -47% QoQ — earnings are not what is moving this
G6 EPS QoQ growth — EPS +11% QoQ — earnings are not what is moving this
G3 30-day momentum — +5% in 30d — no institutional move under way
G3 30-day momentum — +2% in 30d — no institutional move under way
G4 stop width — 5.1% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 7.2% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 9.6% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 10.8% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 12.6% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 13.9% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 16.1% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 19.0% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
G4 stop width — 30.0% below entry, over the 5.0% cap — either there is no nearby swing low or the entry is extended, and both mean no trade
REVERSAL — 589 scanned, 485 with a stop derived, 0 at ≥6 of 7 gates, 0 actionable, actionable plus the ≥6-gate watch rows. sizing: Rs 39,808 risk budget / Rs 494,930 deploy cap, 12 slots (t-default)
REVERSAL: nothing actionable, and nothing within one gate of it (485 names with a stop derived, none at ≥6 of 7).
A *candidate* is any name the scanner could derive a pivot and a stop for, before a single gate is judged; the gates are then scored on every one of them so that a six-of-seven is visible the morning after. The shortlist a reader means by 'passed the gates' is the ≥6 count.
The session before the last one, so each move has a day of follow-through beside it. `next` is that following session — a run given straight back is a different event from one that held.
113 names moved 3% or more; showing 15.
| symbol | move | next | close | vs 20MA | RS | A/D | RRG | rank | sector | filing | why (headline) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ARVEE | +13.0% | 208.87 | +18.5% | 86 | B- | LEADING | 38 | Chemicals-Specialty | — | Arvee Laboratories India: Best Stock in Its Sector? Key Metrics | |
| PROTEAN | +5.5% | 588.35 | +13.8% | 46 | B- | IMPROVING | 142 | Computer-Tech Services | — | — | |
| SRHHYPOLTD | -4.5% | 627.70 | +23.0% | 76 | B | LEADING | 38 | Chemicals-Specialty | — | — | |
| TANAA | +14.8% | 319.60 | +13.3% | 80 | B+ | — | — | — | — | — | |
| INDORAMA | -2.8% | 106.55 | +40.8% | 97 | A+ | LEADING | 65 | Apparel-Clothing Mfg | — | — | |
| FEDDERSHOL | +5.4% | 61.49 | +29.8% | 89 | A+ | WEAKENING | 87 | Financial Svcs-Specialty | — | — | |
| AHCL | +10.0% | 26.24 | +49.5% | 96 | A+ | LAGGING | 71 | Medical-Generic Drugs | — | ANLON HEALTHCARE LTD. Share Price Today Down 6% | |
| ASHIANA | -5.1% | 405.55 | +12.6% | 76 | B- | IMPROVING | 162 | Bldg-Resident/Comml | — | Ashiana Housing: Best Stock in Its Sector? Key Metrics | |
| GAJA | -2.1% | 162.71 | — | 42 | — | IMPROVING | 118 | Finance-Investment Mgmt | — | — | |
| ALKALI | +4.6% | 98.63 | — | 85 | B | LEADING | 38 | Chemicals-Specialty | — | Alkali Metals Ltd (NSE: ALKALI) Declines 5.03% as Stock Draws Market A | |
| JAYKAY | +1.0% | 187.56 | +15.4% | 77 | A+ | WEAKENING | 87 | Financial Svcs-Specialty | — | Jaykay Enterprises Subsidiary Neumesh Labs Receives MCA Investigation | |
| RATNAVEER | -0.7% | 334.55 | +13.5% | 96 | A+ | LAGGING | 74 | Steel-Producers | — | Ratnaveer Precision Engineering Share Price rises 9.01% | |
| RAYMOND | +2.9% | 1,084.95 | +36.6% | 97 | A+ | LEADING | 65 | Apparel-Clothing Mfg | — | — | |
| KPL | -2.4% | 3,844.90 | +11.8% | 98 | B | — | — | — | — | Kwality Pharmaceuticals Share Price Today after 8.59% rise | |
| DIGJAMLMTD | -5.0% | 68.42 | +30.8% | 78 | B- | LEADING | 65 | Apparel-Clothing Mfg | — | — |
Themes: sectors with two or more of the 113 movers. This is what the list is read for — which group is working, so the next setup taken is in it. 'held' is how many kept the move the next session; a theme LAGGING on the RRG while leading the tape is a disagreement to resolve before sizing in it.
| theme | movers | avg move | held | RRG | rank | names |
|---|---|---|---|---|---|---|
| Chemicals-Specialty | 8/9 | LEADING | 38 | ARVEE, SRHHYPOLTD, ALKALI, 20MICRONS, IGPL, MANALIPETC … | ||
| Machinery-Gen Industrial | 7/8 | WEAKENING | 37 | JASH, HARSHA, JYOTICNC, HLEGLAS, CARBORUNIV, LCL … | ||
| Apparel-Clothing Mfg | 7/7 | LEADING | 65 | INDORAMA, RAYMOND, DIGJAMLMTD, FILATEX, VGL, NAHARSPING … | ||
| Medical-Diversified | 4/6 | LEADING | 49 | ORCHPHARMA, BALPHARMA, MARKSANS, SHILPAMED, LAURUSLABS, PPLPHARMA | ||
| Retail/Whlsle-Jewelry | 4/5 | LEADING | 34 | RGL, TBZ, LALITHAA, KDDL, PNGSREVA | ||
| Computer-Tech Services | 3/3 | IMPROVING | 142 | PROTEAN, SIGMAADV, CPPLUS | ||
| Medical-Generic Drugs | 3/3 | LAGGING | 71 | AHCL, SMSPHARMA, WOCKPHARMA | ||
| Electrical-Power/Equipmt | 3/3 | IMPROVING | 53 | KANOHAR, CENTUM, SBCL | ||
| Steel-Producers | 3/3 | LAGGING | 74 | RATNAVEER, USHAMART, WELCORP | ||
| Aerospace/Defense | 3/3 | IMPROVING | 77 | UNIMECH, SIKA, APOLLO | ||
| Containers/Packaging | 3/3 | LEADING | 42 | AGI, KANPRPLA, BORORENEW | ||
| Real Estate Dvlpmt/Ops | 3/3 | LAGGING | 60 | PVP, ARVSMART, ARKADE | ||
| Food-Packaged | 3/3 | IMPROVING | 101 | DHAMPURSUG, JAYAGROGN, BAJAJHIND | ||
| Financial Svcs-Specialty | 2/2 | WEAKENING | 87 | FEDDERSHOL, JAYKAY | ||
| Computer Sftwr-Enterprse | 2/2 | LEADING | 79 | EMUDHRA, CAPILLARY | ||
| Computer-Networking | 2/2 | IMPROVING | 2 | VINDHYATEL, STLNETWORK | ||
| Food-Misc Preparation | 2/2 | LAGGING | 109 | SUNDROP, AVTNPL | ||
| Medical-Supplies | 2/2 | WEAKENING | 48 | SUPRIYA, ENTERO | ||
| Comml Svcs-Leasing | 1/2 | IMPROVING | 52 | RENTOMOJO, LEAPIND | ||
| Medical-Ethical Drugs | 1/2 | WEAKENING | 24 | SYMBIOTEC, AARTIPHARM | ||
| Chemicals-Plastics | 1/2 | LEADING | 64 | TNPETRO, SHAILY |
The 'why' column is the top headline a news search returned for that name, coloured by the same heuristic the News section explains. A blank means nothing was written, which for a name up 15% is itself worth noticing: a move with no story behind it is a move to distrust.
Group moves among the names shown — Chemicals-Specialty x3; Apparel-Clothing Mfg x3; Financial Svcs-Specialty x2. The themes table below groups *all* the movers, not just these.
6 of 15 closed 20% or more above their 20MA — continuation spikes, not base breakouts, which is why the scan finds no tight stop under them.
Headlines for the market as a whole, newest first, from a Google News search. Company headlines sit on the setup cards and beside the names that ran.
Green and red are a **headline heuristic**: a few dozen words — 'bags order', 'wins contract' against 'probe', 'downgrade', 'profit falls'. It reads the headline and nothing else — not the article, not the exposure, not whether the move is already priced. It is there so the eye stops at the right row, and it is not a signal.
From MarketSmith's pre-open note, for today only.
| quote sent | GIFT Nifty | previous close | implied gap |
|---|---|---|---|
| 2026-09-23 08:56 IST | 23,350.00 | 23,329.00 | +0.09% |
GIFT Nifty is the index, not a stock. A name moves roughly with it only if its beta is near 1, and `check_open_gap` prints that caveat beside every order it names. Run that command for the resting triggers this open would fill through — it is the actionable half and it is deliberately not duplicated here.
The emails the gate is read from, newest first.
| received | parsed as | status | body says | subject |
|---|---|---|---|---|
| 2026-09-23 10:00 IST | unrecognised | — | — | 11 Tools to Find True Market Leaders and Invest Smarter |
| 2026-09-23 08:56 IST | unrecognised | — | Rally Attempt | Cooler Oil and Yields Fail to Lift GIFT Nifty Ahead of a Soft Open |
| 2026-09-22 16:57 IST | unrecognised | — | Rally Attempt | Nifty snaps four-day winning run, ends below 23,350 as late selloff wipes out expiry-day gains |
| 2026-09-22 08:55 IST | unrecognised | — | Rally Attempt | GIFT Nifty Signals Firm Start as Softer Crude and Global Cues Ease Geopolitical Concerns |
| 2026-09-21 16:59 IST | unrecognised | — | Rally Attempt | Nifty Rally Attempt Strengthens as Investors Watch Closely for Follow-Through Day Confirmation |
| 2026-09-21 08:53 IST | unrecognised | — | Rally Attempt | GIFT Nifty Signals Muted Start Amid Mixed Global Cues; RVNL Secures ₹405 Crore Order |
| 2026-09-20 11:37 IST | unrecognised | — | — | CANSLIM Learning Module - Market Direction |
| 2026-09-19 09:18 IST | unrecognised | — | — | Weekly Report: Down But Not Out; Nifty's Rally Attempt |
MarketSmith's Buy Watchlist. Our universe holds tickers and the mail publishes company names, so a blank 'in our universe' is an unmatched name, not an absent one — match by eye against the scan.
The newest mail carries no Buy Watchlist. Weekly reports and learning modules do not; a daily pre-market mail should.
Model portfolio moves
| dated | action | name | sector | profit |
|---|---|---|---|---|
| 2026-09-18 | remove | NESTLEIND | Food-Misc Preparation | -10% |
| 2026-09-15 | profit | AVL | Retail-Consumer Elec | 5% |
| 2026-09-15 | remove | NETWEB | Computer Sftwr-Database | -9% |
| 2026-09-15 | remove | SHRIRAMFIN | Finance-Consumer Loans | -11% |
| 2026-09-01 | remove | PRIVISCL | Chemicals-Specialty | — |
'parsed as' is the subject-line classifier, which recognises only status-change alerts — 'unrecognised' on a daily commentary is by design, not a failure. 'body says' is the Market Pulse read out of the mail itself; see `show_marketsmith` for the whole mail.
A separate instrument and a separate decision. No gate here reads a chart.
| IPO | status | dates | band | GMP | GMP% | sub | QIB | HNI | retail |
|---|---|---|---|---|---|---|---|---|---|
| SRIT India | Upcoming | 28-30 Sept | 130 | 0 | 0.0% | — | — | — | — |
| Shah Investor’s Home | Upcoming | 28-30 Sept | 167 | 0 | 0.0% | — | — | — | — |
| Acevector | Upcoming | 25-29 Sept | 32 | 0 | 0.0% | — | — | — | — |
| German Green Steel | Upcoming | 25-29 Sept | 139 | 15 | 10.8% | — | — | — | — |
| Runwal Enterprises | Upcoming | 25-29 Sept | 305 | 18 | 5.9% | — | — | — | — |
| Orient Cables | Upcoming | 25-29 Sept | 272 | 34 | 12.5% | — | — | — | — |
| Moneyview | Upcoming | 24-28 Sept | 34 | 11 | 32.4% | — | — | — | — |
| A-One Steels | Upcoming | 24-28 Sept | 405 | 50 | 12.3% | — | — | — | — |
| Adroit Industries | Open | 23-25 Sept | 134 | 34 | 25.4% | 2.9x | 0.01x | 3.56x | 4.27x |
| Swastika Infra | Open | 23-25 Sept | 185 | 8 | 4.3% | 0.55x | 0.15x | 1.25x | 0.47x |
| Elevate Campuses | Open | 23-25 Sept | 362 | 3 | 0.8% | 0.11x | 0.1x | 0.13x | 0.1x |
| ArMee Infotech | Open | 23-25 Sept | 375 | 55 | 14.7% | 0.38x | 0.93x | 0.26x | 0.3x |
| Varmora Granito | Open | 22-24 Sept | 148 | 0 | 0.0% | 0.19x | — | 0.1x | 0.33x |
GMP is an unregulated over-the-counter quote with no print behind it. Measured over 295 listings it correlates 0.87 with the realised listing gain and overstates it by about 2.6pp; a zero GMP has averaged -6.6% and was positive 29% of the time. The subscription columns are the exchange's own and are the half that can be verified.
SME is excluded. Run backtest_gmp to re-measure any of the above.
Eleven mainboard issues open or opening, read at 11:45 and deepened at 12:45 IST on 23 September across Trendlyne (detail pages and the brokerage-report list), Chittorgarh, the IPO Watch GMP board, Value Research, anchor circulars and independent reviews. Expected listing is the GMP percentage less 2.6 points — the overstatement backtest_gmp measured over 295 listings (r = 0.87); a zero GMP has averaged −6.6% and listed positive 29% of the time. Apply as: retail is one ₹15k lot by lottery; sHNI is ₹2–10L, one-third of the 15% NII quota, a lottery of one ₹2L lot; bHNI is above ₹10L and proportionate — and odds scale with the size of the category's book, so a ₹1,000 Cr issue beats a ₹150 Cr one at the same oversubscription. None of this touches the ₹60L. Applied 23 Sep: Adroit Industries, HNI ₹2L+.
| IPO | call | GMP | GMP % | expected listing | apply as | horizon | book |
|---|---|---|---|---|---|---|---|
| Adroit Industries | APPLY | ₹34 | ~+23% | sHNI ₹2–10L (applied) | Listing-day sell; hold a tranche if QIB ≥ 5x | day 1: 1.1x · retail 1.69x · QIB 0 | |
| Moneyview | APPLY | ₹11 | ~+30% | Retail 1 lot + sHNI ₹2L | Sell 70% on listing; hold 30% only on clean Q2 credit costs | opens 24th · anchor book 23rd | |
| Orient Cables | APPLY | ₹34 | ~+10% | Retail 1 lot; sHNI if GMP ≥ ₹30 on day 3 | Sell half on listing, hold half | anchor 24 Sep · retail ₹193 Cr | |
| A-One Steels | APPLY, small | ₹50 | ~+10% | Retail 1 lot only | Listing-day sell, no hold | anchor 23 Sep · no names published | |
| ArMee Infotech | SKIP | ₹46 | ~+10% | — | — | quota retail 52.5% / NII 22.5% / QIB 25% | |
| German Green Steel | SKIP — watch after listing | ₹15 | ~+8% | — | Buy post-listing only at/below book, if steel holds | anchor 24 Sep · Systematix, IIFL, CLSA | |
| Swastika Infra | SKIP — revisit | ₹8 | ~+2% | — | Post-listing study if the order book converts | — | |
| Runwal Enterprises | SKIP | ₹18 | ~+3% | — | — | ICICI Sec + Jefferies | |
| Varmora Granito | AVOID | ₹5 | ~+1% | — | — | 0.15x on day 2 · QIB 0.00x · closes today | |
| Elevate Campuses | AVOID at IPO | ₹5 | ~−1% | — | Revisit below ~₹270 with verified debt reduction | anchors ₹945 Cr · retail quota only 10% | |
| AceVector (Snapdeal) | AVOID | ₹0 | ~−7% | — | — | anchor 24 Sep · SoftBank and Nexus selling |
Brokerage “Subscribe” notes — Ventura in particular — cover nearly every issue and are not a signal; a Neutral or an Avoid from any house is. Watch before the books close: Adroit’s QIB line on Friday, Moneyview’s and Orient’s anchor lists, and whether Varmora reaches 1x.
Sixty-year driveline maker — propeller shafts, Dewas MP, >90% exports to 32 countries. FY24→FY26 revenue 125→143 Cr, PAT 14.5→26.2 Cr (+44%), EBITDA margin 23.7→27.7% against 11–16% for GNA Axles, Talbros and Hindustan Hardy; 88% fresh, into Dewas and Pithampur capex. Anchors ₹45.2 Cr from six domestic AIFs (Abakkus ₹10 Cr, Chhattisgarh Investments ₹10 Cr, Valour ₹7.5 Cr, Cognizant Capital ₹7.5 Cr, Aarth ₹5.2 Cr, Fortune Hands ₹5 Cr) — no mutual fund, which is adequate rather than a stamp. Risks: top-10 customers 67% of revenue, top-10 suppliers 92% of purchases, US concentration, 237-day working capital, borrowings 8→52 Cr in a year. What flips the call: QIB under 1x at Friday's close with retail above 5x is the weak-listing pattern — sell the whole allotment at the open.
Digital personal-loan platform: 140M registered users, 9.7M monetised, 48 lending partners. FY26 revenue +43% to 3,404 Cr but PAT +1% to 243 Cr — the margin compression is the number to understand, and the June quarter (PAT 174 Cr) says it may have turned; expenses fell 56%→35% of income FY24→FY26. Lead managers Axis, BofA, IIFL, Kotak. Risks: the default-loss-guarantee model is exactly where RBI has been tightening; unsecured book; top-10 partners 37% of revenue; no NPA or credit-cost disclosure in the summaries; 31% OFS; the issue was trimmed to a ~$624M valuation. As a hold this is a regulatory bet; as a listing trade it is the strongest here. Read tonight's anchor list — domestic mutual funds would de-risk it.
#4 in networking cables — broadband, telecom, data centres, e-mobility. FY26 revenue +42% to 1,182 Cr, PAT flat at 54 Cr as copper pass-through took the margin 6.4→4.6%; the June-26 quarter recovered to PAT 33 Cr and EBITDA 11.2%, which is the question answered if it holds. ₹155 Cr of proceeds to debt, ₹92 Cr capex; JM + IIFL. Electrical/power equipment is IMPROVING on our own RRG at rank 29 — the one issue here in a sector the scan likes. 42% OFS is the caveat.
Southern integrated steel, six plants in Karnataka and Andhra, green power under 15–25-year PPAs. FY26 revenue 4,202 Cr (+18%), PAT 7.7→127 Cr as EBITDA margin went 4.9→7.3%. Against it: the profit jump is one year old, operating cash flow fell ~40% to 63 Cr — profit quality unproven — and recent steel listings trade at 17–21x. PL Capital + Khambatta. One retail lot for the pop; it will trade on steel prices, not on this IPO.
IT infrastructure and managed services for government and PSU clients, Ahmedabad, plus a renewable sideline. FY26 revenue 1,410 Cr (+7%), PAT 45 Cr — below FY24's 50 Cr; RoE 71→29% in two years; rising receivables. 26x for a 3%-margin government contractor. The quota structure is the tell: a 52.5% retail slice against 25% QIB says the bankers do not expect institutions to fill it, and their last nine issues saw seven list below price. Ventura says Subscribe; the structure says otherwise.
TMT bars, billets and sponge iron, Kutch. FY26 revenue 1,685 Cr (+11%), PAT 80 Cr (+33%), EBITDA 9.9%; ₹226 Cr into capacity plus a hybrid wind and solar plant. The only issue here below book value, and the only one whose price does not assume the cycle continues. But it is a regional commodity steelmaker and an 8% expected listing gain is not worth the lock-up. If the 24th's anchor list carries real institutions — CLSA is on the book — a single retail lot becomes reasonable.
Power transmission and distribution EPC, Rajasthan-heavy. Revenue 211→506 Cr and PAT 14→41 Cr in two years is real growth at a fair multiple. But contingent liabilities of ₹273 Cr against a ₹631 Cr market cap, rising receivables and a 4% GMP: no listing edge and a balance-sheet question that the order book does not answer. Worth studying once listed and once a few quarters of conversion are visible.
Mumbai developer, #3 by launches and sales, #1 in Kalyan-Dombivli. FY26 income 1,851 Cr and PAT 186 Cr look excellent until the three years are read together — 2,437 / 1,051 / 1,851 Cr — which is revenue recognition, not a run-rate, so the +234% PAT year prices something that has not been earned twice. One reviewer computes the post-issue P/E at 95x on a different earnings base; when reviewers cannot agree on the base, the base is the risk. Only ₹100–325 Cr of proceeds go to debt against ₹2,909 Cr of borrowings.
Morbi tiles. Revenue flat across three years, PAT 55 Cr, RoE 6.8% — and priced at 61x against Kajaria's ~40x with double the return ratios. 55% OFS, with Katsura exiting, and every rupee of fresh money going to debt repayment rather than the business. Anand Rathi, Axis, Antique and Ventura said Subscribe; Canara said Avoid; the book has settled it at 0.15x on day two with QIB at zero.
Student housing plus K-12 schools — a good business (Value Research: "good business, complicated issue") inside an issue that is not. FY26 PAT of 174 Cr includes a ₹105 Cr one-time gain, so the real multiple is ~68x rather than 35x; borrowings went 1,207→4,121 Cr in a single year; and of the ₹2,100 Cr raised, ₹1,100 Cr goes to the sponsor's Singapore entities to buy sixteen private school companies, with ₹750 Cr to debt. JM, IIFL and Morgan Stanley placed ₹945 Cr with anchors. Sushil and Ventura say Subscribe. Interesting below ~₹270 once the debt reduction is real; not at 362.
Snapdeal, Unicommerce and Stellaro Brands under one roof. The loss narrowed — FY25 126 Cr to FY26 46 Cr on the company's figures — but EBITDA is still negative, RoNW negative, and SoftBank's Starfish is selling up to 27.6M shares alongside Nexus. Zero grey-market premium, and our own base rate for a zero-GMP listing is −6.6% with only 29% of them listing positive. Nothing here to price a listing trade on.
What the companies told the exchange, for names we follow.
| symbol | filed | category | what it says |
|---|---|---|---|
| 360ONE | 22 Sep 16:44 | Outcome of Board Meeting | 360 ONE WAM LIMITED has informed the Exchange regarding Outcome of Board Meeting held on September 22, 2026. |
| AADHARHFC | 22 Sep 15:25 | Credit Rating- Revision | Aadhar Housing Finance Limited has informed the Exchange about change in the Credit Rating of the Company. |
| ACMESOLAR | 19 Sep 21:57 | Acquisition | Acme Solar Holdings Limited has informed the Exchange about incorporation of wholly owned subsidiary |
| ALGOQUANT | 23 Sep 11:03 | Reply to Clarification- Financial result | The Exchange had sought clarification from Algoquant Fintech Limited for the quarter ended 30-Jun-2026 with re |
| BHARATFORG | 23 Sep 12:43 | Credit Rating | Bharat Forge Limited has informed the Exchange about Credit Rating |
| BORORENEW | 22 Sep 12:09 | Capacity addition | BOROSIL RENEWABLES LIMITED has informed the Exchange about Update on Capacity expansion |
| CARYSIL | 22 Sep 13:27 | Outcome of Board Meeting | CARYSIL LIMITED has informed the Exchange regarding Outcome of Board Meeting held on September 22, 2026. |
| CGCL | 22 Sep 21:09 | Credit Rating | Capri Global Capital Limited has informed the Exchange about Credit Rating |
| CGCL | 22 Sep 14:34 | Credit Rating | Capri Global Capital Limited has informed the Exchange about Credit Rating |
| DIFFNKG | 23 Sep 12:37 | Credit Rating | Diffusion Engineers Limited has informed the Exchange about Credit Rating |
| DWARKESH | 23 Sep 15:56 | Credit Rating | Dwarikesh Sugar Industries Limited has informed the Exchange about Credit Rating |
| EPACKPEB | 21 Sep 14:30 | Reply to Clarification- Financial result | The Exchange had sought clarification from EPack Prefab Technologies Limited for the quarter ended 30-Jun-2026 |
| EUROPRATIK | 23 Sep 12:37 | Outcome of Board Meeting | For acquisition of controlling stake of 56% in Fabwood Solutions LLP, which shall eventually own the business |
| FEDERALBNK | 22 Sep 15:52 | Credit Rating | The Federal Bank Limited has informed the Exchange about Credit Rating |
| GIPCL | 19 Sep 14:45 | Outcome of Board Meeting | GIPCL has informed the Exchange regarding Outcome of Board Meeting held on September 19, 2026 pertains to Chan |
| KALYANKJIL | 22 Sep 18:10 | Credit Rating | Kalyan Jewellers India Limited has informed the Exchange about Credit Rating |
| KMEW | 21 Sep 19:33 | Credit Rating | Knowledge Marine & Engineering Works Limited has informed the Exchange about Credit Rating |
| LASERPOWER | 23 Sep 15:07 | Resignation | Laser Power & Infra Limited has informed the Exchange regarding Resignation of Mr. Debendra Banthiya as Compan |
| LASERPOWER | 23 Sep 15:01 | Outcome of Board Meeting | Laser Power & Infra Limited has informed the Exchange regarding Outcome of Board Meeting held on September 23, |
| LLOYDSME | 21 Sep 15:55 | Capacity addition | Intimation of increase in capacity of DRI Plants at Ghugus and Konsari. |
| LLOYDSME | 21 Sep 15:44 | Outcome of Board Meeting | Outcome of Board Meeting held on 21st September, 2026 |
| LUMINO | 21 Sep 20:10 | Outcome of Board Meeting | Lumino Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 20 |
| MANBA | 22 Sep 18:23 | Outcome of Board Meeting | Manba Finance Limited has informed the Exchange regarding Outcome of Board Meeting held on September 22, 2026. |
| MANORAMA | 22 Sep 14:37 | Outcome of Board Meeting | Manorama Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on September 22, |
| MBECL | 23 Sep 15:40 | Reply to Clarification- Financial result | The Exchange had sought clarification from Mcnally Bharat Engineering Company Limited for the quarter ended 30 |
| PARAGMILK | 21 Sep 21:26 | Capacity addition | Parag Milk Foods Limited has informed the Exchange about expansion of Paneer manufacturing Capacity |
| PDSL | 22 Sep 14:27 | Acquisition | PDS Limited has informed the Exchange about Acquisition |
| PFOCUS | 23 Sep 08:06 | Outcome of Board Meeting | Prime Focus Limited has informed the Exchange regarding Outcome of Board Meeting held on September 23, 2026. |
| PFOCUS | 23 Sep 08:06 | Outcome of Board Meeting | Prime Focus Limited has informed the Exchange regarding Outcome of Board Meeting held on September 23, 2026. |
| SCHNEIDER | 21 Sep 14:43 | Credit Rating- Others | Schneider Electric Infrastructure Limited has informed the Exchange about Credit Rating- Others |
| SEAMECLTD | 22 Sep 19:12 | Credit Rating- Revision | Seamec Limited has informed the Exchange about Credit Rating- Revision |
| SGFIN | 22 Sep 14:12 | Credit Rating | SG Finserve Limited has informed the Exchange about Credit Rating |
| SHANTIGOLD | 23 Sep 11:11 | Reply to Clarification- Financial result | The Exchange had sought clarification from Shanti Gold International Limited for the quarter ended 30-Jun-2026 |
| SHAREINDIA | 21 Sep 17:29 | Outcome of Board Meeting | SHAREINDIA: Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, please find attached herewith Outcome |
| SHAREINDIA | 21 Sep 17:29 | Outcome of Board Meeting | Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, please find attached herewith Outcome of Board Mee |
| SIGNATURE | 22 Sep 19:36 | Credit Rating | Signatureglobal (India) Limited has informed the Exchange about Credit Rating |
| SOLARINDS | 22 Sep 17:26 | Credit Rating | Solar Industries India Limited has informed the Exchange about Credit Rating |
| SPECTRUM | 20 Sep 18:05 | Outcome of Board Meeting | Spectrum Electrical Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on Se |
| SUNDRMFAST | 21 Sep 16:32 | Credit Rating | Sundram Fasteners Limited has informed the Exchange about Credit Rating |
| SUPRIYA | 23 Sep 11:04 | Reply to Clarification- Financial result | The Exchange had sought clarification from Supriya Lifescience Limited for the quarter ended 30-Jun-2026 with |
| SURYODAY | 21 Sep 17:25 | Outcome of Board Meeting | Suryoday Small Finance Bank Limited has informed the Exchange regarding Outcome of Board Meeting held on Septe |
| SYMBIOTEC | 21 Sep 19:38 | Outcome of Board Meeting | Symbiotec Pharmalab Limited has informed the Exchange regarding Outcome of Board Meeting held on September 21, |
| SYMBIOTEC | 21 Sep 18:44 | Outcome of Board Meeting | Symbiotec Pharmalab Limited has submitted to the Exchange, the financial results for the period ended Jun 30, |
| THYROCARE | 21 Sep 15:03 | Acquisition | Please find attached intimation regarding Acquisition of Compulsorily Convertible Preference Shares of Trovera |
| TNPL | 22 Sep 12:51 | Credit Rating- New | Tamil Nadu Newsprint & Papers Limited has informed the Exchange about Credit Rating- New |
| TRUALT | 22 Sep 17:24 | Outcome of Board Meeting | TruAlt Bioenergy Limited has informed the Exchange regarding Outcome of Board Meeting held on September 22, 20 |
| UTKARSHBNK | 19 Sep 21:25 | Outcome of Board Meeting | Utkarsh Small Finance Bank Limited has informed the Exchange regarding Outcome of Board Meeting held on Septem |
| VGL | 21 Sep 19:21 | Resignation of Director/KMP/SMP | VARVEE GLOBAL LIMITED has informed the Exchange about Resignation of Director/KMP/SMP |
| VGL | 21 Sep 19:19 | Resignation of Director/KMP/SMP | VARVEE GLOBAL LIMITED has informed the Exchange about Resignation of Director/KMP/SMP |
| VGL | 21 Sep 18:55 | Outcome of Board Meeting | VARVEE GLOBAL LIMITED has informed the Exchange regarding Outcome of Board Meeting held on September 21, 2026. |
| WELENT | 21 Sep 23:29 | Credit Rating | Welspun Enterprises Limited has informed the Exchange about Credit Rating |
| WHEELS | 21 Sep 19:08 | Outcome of Board Meeting | Wheels India Limited has informed the Exchange regarding Outcome of Board Meeting held on September 21, 2026. |
Most filings are housekeeping — meetings, trading windows, newspaper copies. Only the categories that can move a price are flagged. The exchange's own category is kept verbatim rather than mapped onto our vocabulary, so a new one shows up unfamiliar instead of silently becoming 'other'.
This is the source a news search is not: a filing is dated, typed, keyed on the NSE symbol, and legally required. Searching news for RRKABEL the same day returned a festival marketing story twice and a two-month-old AGM notice.
Context only. Nothing reads this as a gate.
| symbol | broker | published | target | upside | call |
|---|---|---|---|---|---|
| 360ONE | Motilal Oswal | 2026-09-18 | 1,300.00 | +17.3% | Buy |
| ACE | ICICI Direct Target | 2026-09-21 | 1,510.00 | +20.4% | Buy |
| APOLLO | ICICI Direct | 2026-09-21 | 485.00 | +19.9% | Buy |
| BIOCON | Axis Direct Target | 2026-09-21 | 424.00 | +7.3% | Buy |
| LGEINDIA | BOB Capital Markets Ltd. | 2026-09-22 | 1,980.00 | +17.2% | Buy |
| PINELABS | Motilal Oswal | 2026-09-21 | 250.00 | +32.8% | Buy |
| ROSSTECH | ICICI Direct | 2026-09-21 | 1,625.00 | +12.1% | Buy |
| SAGILITY | Emkay | 2026-09-20 | 55.00 | +19.6% | Buy |
| SOLARINDS | Motilal Oswal Reco Target | 2026-09-21 | 23,000.00 | +16.6% | Buy |
A broker target is published after the move, by a firm with a relationship, and revised toward the price rather than ahead of it. A Hold with a target below the market is the useful case.