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The company's board has decided to designate Vivek Sharma, Non-Executive Independent Director, as interim Chairperson of the company till 31 January 2027.
The resignation followed an internal audit review conducted as part of the Q2 FY26 internal audit plan, which examined the process followed for the Board Evaluation Exercise conducted in March/April 2026 and the resulting Board Evaluation Report (BER) presented to the Board under the chairman's guidance.
The review identified concerns regarding the manner in which the BER was dealt with and presented to the Board, including the non-disclosure of certain material information relating to the BER and the chairman's performance.
The board subsequently raised its concerns with Bhatt and sought his explanation. While the chairman stated that he had acted in good faith, he tendered his resignation while the Board was still considering and evaluating his response.
The company clarified that the matters relate solely to the regulatory Board Evaluation Exercise and have no connection with the company's financial statements, financial reporting or other financial matters. The company also said the matter has no bearing on its operations, business performance or near-, medium- and long-term guidance.
Separately, the company announced that its Board will meet on 23 October 2026 to consider and approve the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026.
Coforge is an AI-focused engineering services company that combines AI capabilities with industry expertise to develop enterprise solutions. The company integrates AI agents with its delivery teams to improve operational efficiency and focuses on secure, governed AI deployments.
On a consolidated basis, the company's net profit rose 63.4% YoY to Rs 518.60 crore, while it declined 15.3% sequentially. Gross revenue increased 49.2% YoY and 24.2% QoQ to Rs 5,527.70 crore in the June 2026 quarter. In US dollar terms, revenue stood at $592.2 million, up 33.3% YoY and 21.1% QoQ.
Coforge Ltd lost 7.91% today to trade at Rs 1795. The BSE Information Technology index is down 2.83% to quote at 27909.17. The index is down 8.1 % over last one month. Among the other constituents of the index, Infosys Ltd decreased 3.74% and HCL Technologies Ltd lost 3.73% on the day. The BSE Information Technology index went down 19.59 % over last one year compared to the 7.26% fall in benchmark SENSEX.
Coforge Ltd has lost 0.28% over last one month compared to 8.1% fall in BSE Information Technology index and 4.23% drop in the SENSEX. On the BSE, 23338 shares were traded in the counter so far compared with average daily volumes of 1.56 lakh shares in the past one month. The stock hit a record high of Rs 2021.95 on 31 Aug 2026. The stock hit a 52-week low of Rs 1008.5 on 17 Mar 2026.
Barring metal index all the sectoral indices on the NSE were ended in red with IT, realty and media shares leading the fall.
As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 813.35 points or 1.08% to 74,764.23. The Nifty 50 index tumbled 203.60 points or 0.86% to 23,431.50. Over the past three consecutive trading sessions, the Sensex and Nifty have declined 2.29% and 1.95%, respectively.
In the broader market, the BSE 150 MidCap Index fell 0.33% and the BSE 250 SmallCap Index declined 0.50%.
The market breadth was negative. On the BSE, 1,886 shares rose and 2,485 shares fell. A total of 238 shares were unchanged.
In the commodities market, Brent crude for November 2026 settlement rose $2.58 or 2.63% to $100.50 a barrel. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.1175 compared with its close of 94.7450 during the previous trading session.
Global Fintech Fest (GFF 2026):
Global Fintech Fest (GFF) 2026, the world's largest fintech conference, commenced on 8th and will continue until 11th September 2026 at the Jio World Centre, and Trident, Mumbai. The theme of GFF 2026 is “Potential to Impact: Agentic AI, Tokenisation, Quantum: Trusted, Connected, Global Systems for Inclusive Finance.”
Commerce Secretary Rajesh Agrawal said India could significantly expand its financial services exports if it captures a larger share of the growing global fintech trade. 'Fintech services is where trade is growing and if we can contribute even 10 percent we are talking of a journey from $8 billion to maybe $60-80 billion,' Rajesh Agrawal said.
Maharashtra CM Devendra Fadnavis unveiled the Delta Act at Global Fintech Fest 2026 in Mumbai, India's first legal framework for blockchain-based land tokenisation worth Rs 50 lakh crore.
IPO Update:
Pranav Constructions received bids for 2,59,41,51,240 shares as against 2,24,63,137 shares on offer, according to stock exchange data at 15:30 IST on 9 September 2026. The issue was subscribed 115.48 times.
The issue opened for bidding on 7 September 2026 and will close on 9 September 2026. The price band of the IPO is fixed between Rs 118 and 124 per share. An investor can bid for a minimum of 120 equity shares and multiples thereof.
Prasol Chemicals received bids for 36,09,496 shares as against 54,43,229 shares on offer, according to stock exchange data at 15:30 IST on 9 September 2026. The issue was subscribed 0.66 times.
The issue opened for bidding on 8 September 2026 and will close on 10 September 2026. The price band of the IPO is fixed between Rs 643 and 676 per share. An investor can bid for a minimum of 22 equity shares and multiples thereof.
Glass Wall Systems (India) received bids for 11,43,74,748 shares as against 1,64,57,298 shares on offer, according to stock exchange data at 15:30 IST on 9 September 2026. The issue was subscribed 6.95 times.
The issue opened for bidding on 8 September 2026 and will close on 10 September 2026. The price band of the IPO is fixed between Rs 172 and 182 per share. An investor can bid for a minimum of 82 equity shares and multiples thereof.
Kanohar Electricals received bids for 9,12,90,519 shares as against 1,16,93,326 shares on offer, according to stock exchange data at 15:30 IST on 9 September 2026. The issue was subscribed 7.81 times.
The issue opened for bidding on 8 September 2026 and will close on 10 September 2026. The price band of the IPO is fixed between Rs 601 and 632 per share. An investor can bid for a minimum of 23 equity shares and multiples thereof.
LCC Projects received bids for 2,41,32,486 shares as against 2,09,27,281 shares on offer, according to stock exchange data at 15:30 IST on 9 September 2026. The issue was subscribed 1.15 times.
The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 139 and 146 per share. An investor can bid for a minimum of 102 equity shares and multiples thereof.
Karamtara Engineering received bids for 2,79,92,137 shares as against 2,54,14,937 shares on offer, according to stock exchange data at 15:30 IST on 9 September 2026. The issue was subscribed 1.10 times.
The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 241 and 254 per share. An investor can bid for a minimum of 59 equity shares and multiples thereof.
Asset Reconstruction Company (India) received bids for 1,12,99,842 shares as against 3,69,12,363 shares on offer, according to stock exchange data at 15:30 IST on 9 September 2026. The issue was subscribed 0.31 times.
The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 132 and 139 per share. An investor can bid for a minimum of 107 equity shares and multiples thereof.
Steamhouse India received bids for 1,20,69,585 shares as against 3,76,36,363 shares on offer, according to stock exchange data at 15:30 IST on 9 September 2026. The issue was subscribed 0.32 times.
The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 77 and 81 per share. An investor can bid for a minimum of 185 equity shares and multiples thereof.
Manipal Payment and Identity Solutions received bids for 17,74,872 shares as against 1,30,60,472 shares on offer, according to stock exchange data at 11:15 IST on 9 September 2026. The issue was subscribed 0.14 times.
The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 322 and 339 per share. An investor can bid for a minimum of 44 equity shares and multiples thereof.
Rentomojo received bids for 2,40,70,461 shares as against 2,17,72,311 shares on offer, according to stock exchange data at 15:30 IST on 9 September 2026. The issue was subscribed 1.11 times.
The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 384 and 404 per share. An investor can bid for a minimum of 37 equity shares and multiples thereof.
Buzzing Index:
The Nifty IT index declined 3.24% to 28,913.95. The index tumbled 8.20% in the six straight trading sessions.
Coforge (down 5.24%), Infosys (down 4.55%), HCL Technologies (down 3.99%), Tech Mahindra (down 3.59%) and Persistent Systems (down 3.06%) were the top losers. Among the other losers were Wipro (down 2.51%), Mphasis (down 2.17%), Tata Consultancy Services (down 1.97%), Oracle Financial Services Software (down 1.91%) and LTM (down 0.36%).
Stocks in Spotlight:
Adani Enterprises jumped 4.74% after the company’s subsidiary, Adani Airport Holdings(AAHL) has entered into binding agreements to raise Rs 9,825 crore (around $ 1 billion) of primary equity capital from a consortium of investors. The investor consortium comprises Alpha Wave Global, Premji Invest, Temasek and BlackRock.
The proceeds will support airport modernisation and capacity expansion to serve approximately 200 million passengers annually, integrated Adani Airport City development of around 22 million sq. ft. of mixed-use development in the first phase and the continued scaling of AAHL’s ground handling and non-aeronautical businesses.
Coforge tumbled 5.24% after the company announced that its non-executive independent director and chairman, O. P. Bhatt, resigned from the Board with immediate effect on 9 September 2026. Following his resgination, the Board also decided to designate Vivek Sharma, non-executive independent director, as interim chairperson of the company till January 31, 2027.
The resignation followed an internal audit review conducted as part of the Q2 FY26 internal audit plan, which examined the process followed for the Board Evaluation Exercise conducted in March/April 2026 and the resulting Board Evaluation Report (BER) presented to the Board under the chairman's guidance. Separately, the company announced that its Board will meet on 23 October 2026 to consider and approve the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026.
Larsen & Toubro shed 0.88%. The company said that L&T Energy Hydrocarbon Offshore has secured a 'large' offshore order from the Oil & Natural Gas Corporation (ONGC) for the additional development of Ratna–I (ADR I) and NLM-14 project off India's west coast. As per the company's internal classification, the value of this 'large' contract lies between Rs 2,500 crore and Rs 5,000 crore.
Power Mech Projects rose 0.44%. The company said that it has secured an operations and maintenance contract worth Rs 970 crore from Vedanta Power for its Chhattisgarh-based Sakti Thermal Plant.
Enviro Infra Engineers jumped 4.97% after the company’s step-down subsidiary, Suyog Urja received an Rs 189.99 crore contract from Tata Power Renewable Energy for executing a 180 MW NTPC wind power project at Parli, Maharashtra.
Global Markets:
European market declined while Asian market ended mixed on Wednesday as Brent Crude crossed $100-a-barrel milestone, compounding fears of a prolonged stagflation shock.
The widening Middle Eastern conflict threatened to force the European Central Bank into further monetary tightening. Money markets have almost fully priced in a 25-basis-point interest rate increase from President Christine Lagarde and the Governing Council on Thursday, taking the deposit facility rate to 2.50%:
Oil prices remained a major market concern. Brent crude surged after attacks on Saudi energy infrastructure by Iran-backed Houthi militants and further US-Iran military escalation. The surge has renewed concerns that higher energy costs could keep inflation elevated and limit central banks' room to cut interest rates.
The geopolitical situation also intensified after the US said its forces destroyed five Iranian oil tankers following an attempted attack on a US Navy vessel. The US Treasury also announced fresh sanctions targeting Iran's aviation sector, adding another layer of pressure on Tehran.
Wall Street ended lower on Tuesday as the rise in crude prices revived inflation concerns. The Dow Jones Industrial Average fell 1.18% to 52,786.07, the S&P 500 declined 0.58% to 7,673.52 and the Nasdaq Composite dropped 0.32% to 26,421.41. The US 10-year Treasury yield also moved near 4.8%.
Markets are now focused on US inflation data due later this week. The August CPI, scheduled for Friday, is expected to provide fresh clues on the Federal Reserve's policy path ahead of its 16-17 September meeting.
Rising oil prices have increased concerns that a renewed inflationary push could complicate the Fed's decision on interest rates. Markets were pricing roughly a 60% probability of a rate hike next week.
Coforge Ltd, Kiri Industries Ltd, Infosys Ltd and Pearl Global Industries Ltd are among the other losers in the BSE's 'A' group today, 09 September 2026.
Raymond Ltd tumbled 5.98% to Rs 807 at 14:45 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 3.82 lakh shares were traded on the counter so far as against the average daily volumes of 1.18 lakh shares in the past one month.
Coforge Ltd crashed 5.54% to Rs 1841.2. The stock was the second biggest loser in 'A' group.On the BSE, 3.82 lakh shares were traded on the counter so far as against the average daily volumes of 1.59 lakh shares in the past one month.
Kiri Industries Ltd lost 4.96% to Rs 557.8. The stock was the third biggest loser in 'A' group.On the BSE, 1.01 lakh shares were traded on the counter so far as against the average daily volumes of 1.15 lakh shares in the past one month.
Infosys Ltd shed 4.82% to Rs 1030.75. The stock was the fourth biggest loser in 'A' group.On the BSE, 7.49 lakh shares were traded on the counter so far as against the average daily volumes of 3.94 lakh shares in the past one month.
Pearl Global Industries Ltd pared 4.60% to Rs 2257.5. The stock was the fifth biggest loser in 'A' group.On the BSE, 3331 shares were traded on the counter so far as against the average daily volumes of 31440 shares in the past one month.
Coforge introduced a new enterprise AI offering, Coforge AI Launchpad, which enables organizations to build, fine-tune, deploy, and operate a self-owned AI stack entirely within their own controlled environments.
Despite open-weight AI models gaining mainstream enterprise adoption, the journey from pilot to production remains difficult for many organizations due to talent shortages, fragmented infrastructure, and governance and auditability requirements.
Powered by Coforge Nuuron, Coforge AI Launchpad was designed to overcome these barriers with an integrated platform and managed services approach that allows organizations to route workloads across open-weight and frontier models based on business, regulatory, performance, and economic requirements without being locked into a single technology stack.
'Enterprises spent the first wave of AI renting intelligence. The next wave will be about owning it,' said Anup Nair, Chief AI Commercial Officer, Coforge. 'Too many companies are building critical capabilities inside environments they don't fully control. Coforge AI Launchpad gives clients the transparency, flexibility, and governance they need to create AI on their own terms and evolve it as their business evolves.'
Coforge announced the expansion of its strategic partnership with Pegasystems Inc. (NASDAQ: PEGA), the enterprise AI software company for mission-critical work. The partnership allows Coforge to build, package, brand, and commercially deliver Pega-powered offerings, strengthening the ability to deliver AI-led enterprise transformation programs globally.
Pega brings leadership in AI-driven decisioning, workflow automation and customer engagement. Coforge brings deep industry expertise, consulting capabilities and global delivery at scale. The agreement gives Coforge expanded commercial rights to package and deliver Pega's technology as part of integrated transformation programs. Clients will be able to access Pega's platform alongside Coforge's consulting, implementation, engineering and managed services through a streamlined commercial and delivery model.
The agreement is expected to reduce execution complexity, accelerate deployments, and speed time to value for enterprise clients. It also strengthens the companies' joint go-to-market efforts across strategic industries and global markets through integrated delivery of Pega-powered solutions, streamlined procurement and engagement models, and repeatable industry-focused offerings that combine Coforge's domain expertise with Pega's capabilities.