GIFT Nifty futures pointed to a firmer opening on Friday, September 4, trading 0.41% higher near 24,031, as Asian markets tracked an overnight Wall Street rally sparked by Fed Governor Christopher Waller’s comments on holding rates steady if price pressures don’t surprise.
The Nifty 50 remains under technical pressure; a close below 24,175 today would mark its fourth straight weekly decline, with support seen at 23,800 and then 23,600.
Brent crude held near $96 a barrel, on track for its biggest weekly gain since July, after renewed US-Iran tensions raised concerns over prolonged disruption through the Strait of Hormuz.
Against this backdrop, corporate triggers from Power Grid, Cipla, UltraTech Cement, and Sical Logistics are set to drive stock-specific action.
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Key Triggers Today
- Power Grid wins ₹4,396 crore in combined annual transmission bids across Gujarat and an HVDC corridor
- Cipla partners with China’s Qilu Pharmaceutical for exclusive US rights to Keytruda biosimilar QL2107
- UltraTech Cement enters wires and cables with a ₹1,800 crore Ultravolt brand, drawing mixed brokerage reaction
- Sical Logistics surges 5% on a ₹534.73 crore Central Coalfields order worth over 4x its quarterly revenue
- Bharat Forge posts 19.4% FY26 profit growth as its defence order book crosses ₹1,11,967 crore
Power Grid Corporation of India
Power Grid emerged as one of today’s key infrastructure movers after clinching two large annual transmission contracts, a ₹1,152.49 crore per annum project in Gujarat and a ₹3,244 crore per annum HVDC corridor, taking combined annual billings to ₹4,396 crore.
The state-run transmission major also completed a ₹19.11 crore acquisition of full ownership in Fatehgarh II Transmission to install synchronous condensers and confirmed Executive Director Vibhay Kumar’s exit on superannuation, effective August 31.
The stock closed 0.45% lower at ₹265.60 in the previous session even as the strengthening order pipeline improves FY27 revenue visibility.
Cipla
Cipla’s US arm InvaGen Pharmaceuticals signed an exclusive licensing and supply agreement with China’s Qilu Pharmaceutical for Keytruda biosimilar QL2107, marking its entry into the crowded US pembrolizumab biosimilar race.
Morgan Stanley noted in a report released Friday that at least 13 pembrolizumab biosimilars are currently in development, keeping competitive intensity high even as the deal strengthens Cipla’s oncology pipeline.
Separately, Cipla signed a licensing agreement for HER2-targeted ADC TQB2102 in emerging markets, and the NCLT approved the amalgamation of Inzpera Healthsciences into the parent.
The USFDA classified a re-inspection of Cipla’s InvaGen Unit 3 as Voluntary Action Indicated, signaling continued compliant status. Shares closed 1.28% lower at ₹1,394.70.
UltraTech Cement
Aditya Birla Group’s UltraTech Cement formally launched its wires and cables business, Ultravolt, with a ₹1,800 crore investment and a Bharuch facility capable of producing 1.1 million km of cable annually.
Brokerage reaction was mixed-to-constructive: Jefferies set a target price of ₹14,065, estimating the segment could add 3-7% to UltraTech’s FY30 revenue and EBITDA, while Morgan Stanley set a target of ₹14,700, noting the company has already spent close to ₹890 crore against a budgeted ₹1,800 crore.
JPMorgan, reviewing incumbent Polycab, called the launch a sentiment negative for existing players but flagged limited near-term business impact given UltraTech’s initial focus on residential wires. UltraTech shares closed 1.04% lower at ₹11,275.
Sical Logistics
Sical Logistics rallied 5% to close at ₹108.88 after securing a ₹534.73 crore order from Central Coalfields Limited for heavy earth-moving machinery hiring in coal extraction, a contract value equal to more than four times the company’s average quarterly revenue.
The logistics operator also released a pledge on 41.17% of promoter holding following loan repayment to Aditya Birla Capital and other lenders, with promoter entity Pristine Malwa retaining a 73.5% stake.
Sical has scheduled its 71st AGM for September 30, with e-voting open September 27-29.
Bharat Forge
Bharat Forge reported FY26 net profit growth of 19.3% year-on-year to ₹1,089.4 crore, with revenue up 11.2% to ₹16,811.65 crore, as its defence order book stood at around ₹10,961 crore.
Subsidiary Kalyani Strategic Systems signed MoUs with Belgium’s FN Herstal for local small-arms manufacturing and with Thales for 70mm rocket assembly, reinforcing the company’s defence push under the government’s localization drive.
Separately, Kalyani Powertrain completed the sale of its 50% stake in Refu Drive GmbH to partner Refu Elektronik. Bharat Forge shares slipped 2.5% to ₹1,981 in the previous session.
Sterlite Technologies
Sterlite Technologies’ board approved a ₹3,000 crore capex plan to expand its manufacturing capacity, a move CLSA linked to a structural shift in demand from AI data centres.
Following a virtual analyst meet, CLSA said management guided for ₹20,000 crore in FY29 revenue, well above the brokerage’s earlier estimate of ₹10,400 crore, with margins seen at 27% versus a prior estimate of 23%.
The company plans to scale capacity by 1.5x and invest ₹1,000 crore annually, including a new greenfield facility in India, to capture rising demand for interconnection between AI data centres.
Rail Vikas Nigam
Rail Vikas Nigam emerged as the lowest bidder for a ₹404.88 crore East Coast Railway contract covering roadbed construction and electrification over 30 months. On governance, Principal Executive Director Ajit Singh retires on superannuation effective September 1, while Rakesh Bhalla has been reappointed as independent director for a fresh three-year term. The NSE fined RVNL ₹9.66 lakh for board composition non-compliance in Q4FY26, which the company attributed to delays in government-controlled board appointments. RVNL shares gained 1.6% to close at ₹209.30.
Bottom Line
With Brent crude holding above $96 a barrel and GIFT Nifty indicating an open near 24,031, Friday’s session hinges on whether the Nifty 50 can close above 24,175 to avoid a fourth straight weekly loss, while US non-farm payrolls data due later today could set the tone for the Fed’s next rate move.
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