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Upon completion of the above transaction, WMHL will become a direct wholly-owned subsidiary of the company. The objective of the proposed acquisition is to streamline the company's overseas holding structure. Since the transaction is with WOS only, there is no impact on the consolidated financial statements of the company.
Investors remained focused on crude oil price movements, developments in the primary market and upcoming initial public offerings (IPOs). A series of domestic and global economic data releases scheduled for the week are also expected to influence market expectations surrounding monetary policy decisions by central banks.
Metal shares declined sharply after advancing in the previous trading session.
At 14:25 IST, the barometer index, the S&P BSE Sensex tanked 1060.01 points or 1.43% to 72,829.54. The Nifty 50 index dropped 340.85 points or 1.47% to 22,799.65.
In the broader market, the Nifty Midcap 100 index declined 1.52%. The Nifty Smallcap 100 index fell 1.75%.
The market breadth was weak. On the NSE, 769 shares rose and 2,759 shares fell. A total of 87 shares were unchanged.
Buzzing Index:
The Nifty Metal index declined 1.75% to 12,858.50. The index rose 0.35% in the past trading session.
Welspun Corp (down 3.86%), National Aluminium Company (down 3.19%), Adani Enterprises (down 2.97%), Hindustan Copper (down 2.92%), Hindustan Zinc (down 2.74%), NMDC (down 2.12%), Jindal Steel (down 2.11%), Vedanta (down 1.97%), Hindalco Industries (down 1.65%) and JSW Steel (down 1.39%) declined.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.73% to 7.172 compared with the previous session close of 7.120.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.9675 compared with its close of 95.7500 during the previous trading session.
MCX Gold futures for 5 October 2026 settlement fell 2.64% to Rs 1,46,901.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 100.06.
The United States 10-year bond yield rose 0.85% to 5.231.
In the commodities market, Brent crude for November 2026 settlement added $2.57 or 2.64% to $100.01 a barrel as uncertainty over the US-Iran conflict and the reopening of the Strait of Hormuz continued to influence supply concerns.
Welspun Tubular LLC, a wholly owned subsidiary of Welspun Corp in the USA, has secured the largest order in its history, in terms of volume, length and value, for the supply of High-Frequency Induction Welded (HFIW) pipes, valued at approx. USD 412.5 million (Rs 4,000 crore).
The pipes will be manufactured at the company's newly upgraded HFIW mill, with enhanced capabilities, at Little Rock, USA. The order will be executed during FY28 and FY29.
With this order, the company's global order book stands at a record USD 4.7 billion (Rs 45,000 crore), the highest in its history.
The pipes will be manufactured at Welspun Tubular’s newly upgraded HFIW mill in Little Rock, USA, which has enhanced manufacturing capabilities. The order is scheduled to be executed during FY28 and FY29.
Following the order win, Welspun Corp’s global order book reached a record $4.7 billion, or around Rs 45,000 crore, the highest level in the company’s history.
Welspun Corp has a diversified portfolio spanning line pipes, ductile iron pipes, stainless steel bars, pipes and tubes, and TMT rebars. It also houses Sintex, a brand focused on water storage tanks and advanced plastic piping solutions. The company serves customers across more than 50 countries on six continents, supported by manufacturing facilities in India, the US and Saudi Arabia.
The company's consolidated net profit surged 198.64% to Rs 1046.49 crore on a 14.91% rise in revenue to Rs 4081.12 crore in Q1 FY27 over Q1 FY26.
Welspun Corp Ltd gained for a fifth straight session today. The stock is quoting at Rs 2773.3, up 0.38% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is down around 0.29% on the day, quoting at 23345.95. The Sensex is at 74600.56, down 0.35%. Welspun Corp Ltd has risen around 15.11% in last one month.
Meanwhile, Nifty Metal index of which Welspun Corp Ltd is a constituent, has risen around 2.95% in last one month and is currently quoting at 12972.7, up 0.11% on the day. The volume in the stock stood at 10.68 lakh shares today, compared to the daily average of 28.16 lakh shares in last one month.
The PE of the stock is 98.93 based on TTM earnings ending June 26.
EPIC said its fully integrated manufacturing facilities, execution track record and focus on quality and customer service have positioned it as a preferred supplier in the KSA market. The company said it remains focused on supporting Saudi Arabia's strategic objectives under Vision 2030.
Separately, the company’s wholly-owned subsidiary viz. Welspun Global Holdings (WGHL), DIFC, UAE said that its board of directors approved the incorporation of a wholly owned subsidiary in Jordan.
The proposed company shall be incorporated with the object, to carry on the business of manufacturing, producing, processing and fabricating wires, tubes and pipes of iron and steel, including line pipes and other iron and steel tubular products for use in the transportation of water, gas and oil and any other industrial sector as well as for carrying on the business of casting and processing of iron and steel and the manufacture of products and components resulting from such casting activities.
The duration of the contract is six months and the financial impact of the contract will be reflected from Q4 FY2026-27 through Q1 FY27-28.
EPIC is Saudi Arabia's leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. It's fully integrated manufacturing facilities with impeccable track record of execution of mega orders in time & Quality with customer centric approach, positions them as a most preferred supplier in the KSA market and continue to pioneer in supporting KSA's strategic objectives under the Vision 2030.
Metal shares witnessed buying demand for three consecutive trading sessions.
At 13:27 IST, the barometer index, the S&P BSE Sensex jumped 303.70 points or 0.41% to 74,625.53. The Nifty 50 index added 82.50 points or 0.36% to 23,353.60.
In the broader market, the Nifty Midcap 100 index rose 0.88%. The Nifty Smallcap 100 index rose 1.40%.
On the NSE, 2,276 shares were trading in green, while 1,202 shares were trading in red. A total of 102 shares were unchanged.
IPO Update:
National Stock Exchange of India (NSE) received bids for 8,48,73,944 shares as against 8,86,42,911 shares on offer, according to stock exchange data at 14:06 IST on 18 September 2026. The issue was subscribed 0.96 times.
The issue opened for bidding on 17 September 2026 and will close on 21 September 2026. The price band of the IPO is fixed between Rs 1,700 and 1,785 per share. An investor can bid for a minimum of 8 equity shares and multiples thereof.
Hero Motors received bids for 48,74,06,898 shares as against 8,86,07,596 shares on offer, according to stock exchange data at 14:06 IST on 17 September 2026. The issue was subscribed 5.50 times.
The issue opened for bidding on 16 September 2026 and will close on 18 September 2026. The price band of the IPO is fixed between Rs 79 and 84 per share. An investor can bid for a minimum of 178 equity shares and multiples thereof.
The Nifty Metal index jumped 1.19% to Rs 13,012.10. The index jumped 2.71% in the three consecutive trading sessions
Welspun Corp (up 5.63%), Jindal Stainless (up 3.12%), Hindustan Zinc (up 2.39%), Hindustan Copper (up 2.27%), Adani Enterprises (up 2.04%), APL Apollo Tubes (up 2.01%), Lloyds Metals & Energy (up 1.56%), Steel Authority of India (up 1.52%), Vedanta (up 1.48%) and JSW Steel (up 1.14%) surged.
The yield on India's 10-year benchmark federal paper rose 0.07% to 7.056 compared with the previous session close of 7.051.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.8750 compared with its close of 95.8975 during the previous trading session.
MCX Gold futures for 5 October 2026 settlement rose 0.78% to Rs 1,54,141.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 100.36.
The United States 10-year bond yield added 0.06% to 4.950.
In the commodities market, Brent crude for the November 2026 settlement declined $1.71 or 1.63% to $103.11 a barrel.
In the primary market, the NSE IPO was fully subscribed, while investors continued to track subscription trends in other ongoing issues and monitor the listing performance of recently listed companies.
Metal, media and realty shares advanced while IT, consumer durables and FMCG shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex shed 19.63 points or 0.03% to 74,294.96. The Nifty 50 index added 75.80 points or 0.33% to 23,346.40.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 1.30% and the BSE 250 SmallCap Index added 1.31%.
The market breadth was strong. On the BSE, 2,713 shares rose and 1,617 shares fell. A total of 230 shares were unchanged.
In the commodities market, Brent crude for the November 2026 settlement declined $1.44 or 1.37% to $103.38 a barrel. The United States 10-year bond yield added 0.26% to 4.958.
New Listing :
Shares of Veegaland Developers were at Rs 145 on the BSE, representing a premium of 3.57% as compared with the issue price of Rs 140.
The stock debuted at Rs 151 on the BSE, a premium of 7.86% over its issue price.
The stock has hit a high of Rs 153.95 and a low of Rs 143.45. On the BSE, over 10.93 lakh shares of the company were traded in the counter.
Initial Public Offer (IPO):
National Stock Exchange of India (NSE) received bids for 9,05,84,984 shares as against 8,86,42,911 shares on offer, according to stock exchange data at 15:30 IST on 18 September 2026. The issue was subscribed 1.02 times.
Jindal Supreme(India) received bids for 1,54,34,59,022 shares as against 93,99,600 shares on offer, according to stock exchange data at 15:30 IST on 18 September 2026. The issue was subscribed 164.20 times.
The issue opened for bidding on 16 September 2026 and will close on 18 September 2026. The price band of the IPO is fixed between Rs 88 and 93 per share. An investor can bid for a minimum of 161 equity shares and multiples thereof.
Hero Motors received bids for 57,11,81,886 shares as against 8,86,07,596 shares on offer, according to stock exchange data at 15:30 IST on 18 September 2026. The issue was subscribed 6.45 times.
SS Retail received bids for 77,60,68,300 shares as against 87,93,884 shares on offer, according to stock exchange data at 15:30 IST on 18 September 2026. The issue was subscribed 88.25 times.
The issue opened for bidding on 16 September 2026 and will close on 18 September 2026. The price band of the IPO is fixed between Rs 403 and 424 per share. An investor can bid for a minimum of 35 equity shares and multiples thereof.
Sonaselection India received bids for 81,74,400 shares as against 1,00,10,000 shares on offer, according to stock exchange data at 15:30 IST on 18 September 2026. The issue was subscribed 0.82 times.
The issue opened for bidding on 17 September 2026 and will close on 21 September 2026. The price band of the IPO is fixed between Rs 94 and 99 per share. An investor can bid for a minimum of 150 equity shares and multiples thereof.
Economy:
Moody’s Ratings raised its India GDP growth forecast for FY27 to 7% from 6%, citing stronger-than-expected economic momentum and resilience to disruptions from the Middle East conflict.
India’s real GDP growth accelerated to 8.2% YoY in the first six months of calendar 2026, supported by stronger private consumption, robust investment and sustained strength in services.
Moody’s retained India’s Baa3 sovereign rating with a stable outlook. The review, completed on 10 September, did not constitute a rating action.
The Nifty Metal index jumped 1.51% to 13,052.60. The index climbed 3.03% in the three consecutive trading sessions.
Welspun Corp (up 8.12%), APL Apollo Tubes (up 5.66%), Hindustan Zinc (up 4.14%), Vedanta (up 3.94%), Jindal Stainless (up 3.94%), Adani Enterprises (up 3.31%), Hindustan Copper (up 2.21%), JSW Steel (up 1.77%), Lloyds Metals & Energy (up 1.6%) and Steel Authority of India (up 1.33%) surged.
Stocks in Spotlight:
Concord Biotech added 2.27% after the company said that the U.S. Food and Drug Administration (US FDA) had successfully concluded the inspection of the company's Valthera Formulation Facility, with one minor procedural observation.
OnEMI Technology Solutions declined 1.20%. The company said that its board has approved a proposal to raise approximately up to Rs 832 crore through the issuance of equity shares on a preferential basis. The company stated that marquee investors, including Axis Mutual Fund, HDFC Mutual Fund, Massachusetts Institute of Technology, White Oak, 360 One, Groww Mutual Fund, Bandhan Mutual Fund, have participated in the proposed preferential issue.
Gujarat Themis Biosyn advanced 1.29% after the company has announced the completion of the acquisition of 100% equity shareholding in MicroBiopharm Japan Co. (MBJ), Japan, through Themis Biosyn Japan, a wholly owned subsidiary incorporated in Japan.
Global Markets:
European markets traded lower while most Asian indices ended higher on Friday, following an overnight rally on Wall Street and a drop in crude oil prices.
The Bank of Japan raised its policy rate by 25 basis points to 1.25% from 1%, marking its highest level since 1995. The yen remained weak against the US dollar. The BOJ said the rate hike was aimed at addressing the risk of inflation rising above its 2% target.
In Europe, the Bank of England kept UK interest rates unchanged at 3.75% on Thursday in a 6-3 vote. The central bank maintained a cautious stance, with three policymakers voting for a 25-basis-point increase amid concerns that higher energy prices could generate further inflationary pressure.
US stock market ended higher on Thursday amid easing oil prices, dropping Treasury yields after strong labour data. The Dow Jones Industrial Average rallied 0.61%, while the S&P 500 gained 1.14%. The Nasdaq Composite closed 1.69%.
The rally in US technology stocks lifted the Nasdaq index. Nvidia stock price surged 2.54%, AMD shares jumped 6.36%, Intel share price spiked 7.67%, Apple stock price rose 1.38%, Microsoft shares gained 1.52%, and Amazon share price rallied 2.13%.
Crude oil prices extended losses for a third session on hopes of limited supply disruption. Reports emerged of additional Saudi crude shipments through Oman, easing supply worries.
Welspun Corp Ltd is up for a third straight session today. The stock is quoting at Rs 2549.4, up 3.62% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.24% on the day, quoting at 23325.6. The Sensex is at 74505.4, up 0.26%. Welspun Corp Ltd has gained around 29.16% in last one month.
Meanwhile, Nifty Metal index of which Welspun Corp Ltd is a constituent, has gained around 0.33% in last one month and is currently quoting at 12858.45, up 0.94% on the day. The volume in the stock stood at 13.34 lakh shares today, compared to the daily average of 33.84 lakh shares in last one month.
The PE of the stock is 88.13 based on TTM earnings ending June 26.