Sept 18 Stocks to Watch: Tata Leadership, BEL Orders and Bharat Forge in Focus

Key Takeaways

• Tata Trusts has called the Tata Sons board’s 4-1 vote to reappoint N Chandrasekaran “illegal,” backed by a legal opinion from former Chief Justice D Y Chandrachud, even as listed Tata Group firms added ₹20,286 crore in market value the same day, and TCS gave up an intraday 3.36% rally to close nearly flat.
• HAL hands over the Tejas twin-seat trainer, HTT-40, and Dhruv NG helicopter to the government in Bengaluru today, tied to orders worth roughly ₹6,838 crore and ₹1,800 crore, respectively.
• Bharat Electronics‘ fresh ₹648 crore in orders since August 26 sits against a Q1 FY27-confirmed order book of ₹72,258 crore, meaning the new wins are about 0.9% of an already-massive backlog, not a step change in visibility.
• Bharat Forge has opened a QIP at a ₹1,947.70 floor price; sources cited by CNBC-TV18 point to a ~₹2,000 crore raise, but final pricing and size are not yet fixed.
• Petronet LNG’s proposed ₹1,200 crore CBG joint venture with Gruner Renewable Energy comes even as its Dahej terminal utilization fell to 66% (from 92% a year ago) in Q1 FY27, a reminder that the new-energy bet is additive, not a fix for softer core throughput.
• Rentomojo’s September 17 debut saw next-day block deals struck between ₹491.61 and ₹520.61 a share, 22-29% above its ₹404 issue price.
• PB Fintech has denied speculation that Group CEO Yashish Dahiya intends to step down.
• The Nifty 50 closed at 23,270.60 (+0.23%), and the Sensex slipped 0.03% to 74,314.59 in a volatile weekly-expiry session, per Economic Times.

Indian equity benchmarks closed in opposite directions on Thursday, September 17, as heightened volatility during the closing auction on the weekly expiry day kept traders on edge, per Economic Times.

The Nifty 50 settled at 23,270.60, up 53 points or 0.23%, while the Sensex slipped 21.86 points, or 0.03%, to 74,314.59.

The index moves, though, are the smaller story: the real action is in the boardroom of India’s largest conglomerate, in a defence-sector milestone landing today, and in which of Friday’s corporate headlines represent real order-book movement versus a payoff that’s still years out.

Check Live: NIFTY50, SENSEX

Tata Sons Boardroom Battle: Trusts Call Reappointment ‘Illegal’

Tata Group stocks remain in sharp focus after Tata Trusts, the 66% shareholder in Tata Sons, rejected Thursday’s board resolution reappointing N Chandrasekaran as executive chairman for five more years, calling it “illegal” and a “legal nullity” under Tata Sons’ Articles of Association.

The dispute has been building for months. Chandrasekaran told the board on August 12 that he would not seek reappointment when his term ends February 20, 2027; Tata Trusts said it formally accepted that on August 13.

On Thursday, however, the board approved his reappointment 4-1 after he agreed to reconsider, with Tata Trusts chairman Noel Tata casting the dissenting vote and calling the move “premature.”

Tata Trusts argues the Articles require both its nominee directors to vote in favour before any chairman appointment can lawfully pass and disclosed that Noel Tata had submitted a legal opinion from former Chief Justice of India D. Y. Chandrachud supporting its position, which it says the board did not take into account.

The same board meeting also approved steps towards RBI’s listing requirements for Tata Sons, tying directly into the mandatory NBFC-Upper-Layer listing path RBI set in motion by rejecting the company’s exit bid earlier this month. Both resolutions drew Noel Tata’s sole opposing vote.

The market’s reaction was more nuanced than the headline suggests. Tata Group’s listed companies collectively added ₹20,286 crore in market value on Thursday, a sharp reversal from the ₹68,000 crore wiped out on August 12.

Yet TCS opened lower at ₹2,171, rallied intraday to ₹2,236 (up 3.36%), then gave up almost the entire move to close at ₹2,190, just 0.05% higher, still down roughly 30% year-to-date on AI-linked disruption and elevated bond yields.

Geojit’s Vinod Nair noted the continuing Trusts-Sons rift could delay group decisions requiring Trust consent, particularly capital-intensive ones, even as Chandrasekaran’s continuation removes an overhang around the pending listing and the Shapoorji Pallonji exit talks.

Watch for any formal legal challenge from Tata Trusts, further disclosure on the RBI-mandated listing timeline, and whether TCS’s muted reaction spreads through Tata Motors, Tata Steel, Titan, Trent, Tata Power and the group’s other listed names on Friday.

It’s also worth noting the reappointment resolution alone doesn’t change the near-term profit-and-loss picture at any individual listed Tata company; the governance question and each firm’s earnings trajectory are two separate things trading on the same headline.

Also Read: Tata Stocks Jump Up to 10% After Board Extends Chandrasekaran, Debates Listing; Noel Tata Dissents

Defence in Focus: HAL Hands Over Tejas Trainer, HTT-40 and Dhruv NG Today

Hindustan Aeronautics hands over three indigenous platforms to the government today at its Aircraft Division in Vimanapura, Bengaluru, between 5 and 6 PM, with Defence Minister Rajnath Singh and Civil Aviation Minister K Rammohan Naidu attending.

This is a delivery milestone against existing orders, not a fresh contract announcement, worth noting since the market can react differently to the two.

• HTT-40: the indigenous basic trainer replacing the Swiss Pilatus PC-7, from a March 2023 order for 70 aircraft worth roughly ₹6,838 crore. HAL’s two lines can now build about 20 aircraft a year, with indigenous content near 56% and rising past 60%.
• LCA Tejas Twin-Seat Trainer — the advanced combat-conversion variant.
• Dhruv NG civil helicopter, under a Pawan Hans order worth more than ₹1,800 crore for ten units; four arrive now, largely for ONGC’s offshore-rig crew transport.

Separately, Bharat Electronics disclosed ₹648 crore in additional orders since August 26, IR jammers, communication equipment, cybersecurity solutions, thermal imagers and AI-based software, among them.

Context matters here: BEL’s Q1 FY27 order book stood at ₹72,258 crore as of July 1, on revenue of ₹5,533.06 crore (+25.3% YoY) and PAT of ₹1,048.33 crore (+8.2% YoY).

The fresh ₹648 crore is roughly 0.9% of that backlog, a real order win, but the bigger question for BEL remains whether it can keep converting an exceptionally large pipeline into revenue at pace, not any single order disclosure.

BEL also confirmed payment of its ₹0.55-per-share final dividend from its 72nd AGM and appointed M/s Rao & Emmar as its FY27 statutory auditor.

Capital Markets: Bharat Forge’s QIP, Rentomojo’s Strong Debut

Bharat Forge opened a QIP on Thursday at a floor price of ₹1,947.70 per share, with an option to discount up to 5%. Sources cited by CNBC-TV18 put the likely size near ₹2,000 crore; that figure is not yet company-confirmed, so treat it as indicative. The final issue price, share count and resulting dilution are the numbers that will actually matter once pricing is done.

Rentomojo, the Accel-backed rental platform, listed on the BSE and NSE on September 17 after a ₹1,255.57-crore IPO priced at ₹384-404.

The strength of the debut showed up in the block deals that followed: Chiratae Growth Fund I sold a 1.25% stake at ₹520.61 a share, Helios Mutual Fund bought in at ₹510.42, S I Investments Broking at ₹491.61, and ABS Direct Equity Fund at ₹504.55, implying gains of roughly 22-29% over the ₹404 issue price, broadly in line with the ~33% the grey market had priced in ahead of listing.

Corporate Tie-Ups: Wipro’s AI Push, Petronet-Gruner JV, PTC-NLC Venture

Wipro launched Wipro STO360™ with Saudi Aramco and SAP for shutdown, turnaround and outage management in asset-heavy industries, plus a CISO Command Center with CrowdStrike for AI-led security operations.

Shares closed the previous session at ₹166.40, down 0.29%. Worth flagging plainly: a platform launch signals capability and partnerships, not a confirmed revenue number, the real test is enterprise adoption and how fast it shows up in bookings.

Petronet LNG‘s board approved a 50:50 joint venture with Gruner Renewable Energy for ten compressed biogas plants (18 MT/day capacity each, ~₹1,200 crore outlay). Gruner has executed CBG contracts worth over ₹1,500 crore previously, which gives the venture a credible operating partner.

The timing is notable against Petronet’s own Q1 FY27 numbers: standalone PBT and PAT both rose 33% YoY to ₹1,514 crore and ₹1,133 crore, respectively, even as Dahej terminal utilization fell to 66% from 92% a year earlier and overall company utilization dropped to 58% from 76%.

In other words, the CBG bet is diversification funded by a strong quarter, not a fix for softer core LNG throughput, and the ₹1,200 crore capex won’t show up as earnings until the plants are built and running.

PTC India and NLC India Renewables incorporated NIRL PTC Renewables (26:74 stake split) to jointly develop green energy projects, a pipeline-building step, not a near-term earnings event.

Leadership Watch: PB Fintech Denies Dahiya Exit Talk, NLC India Names New CMD

PB Fintech called speculation that Chairman and Group CEO Yashish Dahiya intended to resign “false and baseless”, confirming he has expressed no intention of stepping down.

NLC India confirmed Prasanna Kumar Acharya, previously Director (Finance), as Chairman and Managing Director for five years effective September 17; he has relinquished his Director (Finance)/CFO role from the same date.

Order Wins and Corporate Actions

• GPT Infraprojects won a ₹483.72-crore RVNL order for a railway bridge over the Mahanadi River (1,095-day execution window, value includes GST), plus NCLT Kolkata’s approval to amalgamate Alcon Builders and Jogbani Highway into the parent, and a further undisclosed ₹115 crore order. Against a verified Q1 FY27 order book of ₹4,303 crore, the new wins push the backlog towards roughly ₹4,900 crore, still meaningfully short of the ₹4,992 crore some reports have cited, so treat that specific figure as approximate rather than exact. Q1 FY27 consolidated revenue was ₹302 crore and EBITDA around ₹47.5 crore. Stock closed the previous session at ₹113.56, up 2.31%.
• Captain Polyplast secured a ₹47-crore MSEDCL order for 2,000 off-grid solar pumps under PM-KUSUM B, against an existing backlog of ₹82.40 crore. Shares closed up 5.03% at ₹65.39.
• Responsive Industries dropped its proposed buyback, citing global economic uncertainty and export exposure; the trading window for designated persons reopened September 17. One report has pegged Q1 FY27 consolidated PAT as down sharply year-on-year to around ₹2.7 crore, but that figure traces to a source that itself flags it as an unverified alert rather than a confirmed exchange filing, so it should be checked against BSE/NSE disclosures before running as fact. Stock closed the previous session up 1.13% at ₹163.40.
• Federal Bank‘s board approved a medium-term note programme of up to $500 million.
• Time Technoplast commissioned a new Bhilad packaging plant (6,000-tonne annual capacity, ₹24 crore investment); commercial production is set to begin September 25. Stock closed up 0.58% at ₹174.54.
• Kothari Industrial entered FMCG with CHUSIP Coco Twist, a ₹50 tender-coconut-water beverage aimed at Gen Z, alongside a stated ambition to build a ₹2,500-crore beverage business by 2035. Shares closed up 1.56% at ₹135.69.
• Asian Paints began commercial VAE production at Dahej (1,50,000 TPA capacity), primarily for captive use in its own paint manufacturing, a backward-integration step whose benefit will show up gradually as adjacent VAM and ethylene-handling facilities, still under construction, come online.
• GR Infraprojects disclosed NTPC has invoked a mobilisation advance bank guarantee worth ₹49.53 crore plus three insurance surety bonds totalling ₹41.34 crore — worth tracking for further detail on the underlying contract dispute, which the company hasn’t yet elaborated on.
• Hindustan Construction Company‘s subsidiary HCC Infrastructure will hold 51% of a new JV with Ceigall India. Some reports put HCC’s initial cash subscription at a nominal ~₹51,000, plausible for a newly incorporated entity but not independently confirmed here, so the 51% headline shouldn’t be read as an immediate balance-sheet event; the business scale will depend on projects awarded to the JV afterwards, not the initial paperwork.
• InterGlobe Aviation (IndiGo) revised ancillary charges: excess baggage is now ₹800/kg (from ₹700), infant tickets are ₹3,000 (from ₹2,000), and Fast Forward priority service is ₹650 (from ₹500).

Stocks in Focus for September 18 — Quick Snapshot

Previous-close figures are for the session ended Thursday, September 17, 2026, per ScanX/Moneycontrol. “—” indicates no confirmed prior-session close was available at time of writing.

Market Snapshot: Nifty, Sensex Close

The Nifty 50 continued its recovery to settle at 23,270.60 on Thursday, while the Sensex closed marginally lower at 74,314.59 amid choppy weekly-expiry trade. For institutional flow context behind these moves, track the NiftyTrader FII-DII Tracker for the latest confirmed data.

Bottom Line

Two things matter beyond Friday’s single session. The Tata Sons dispute isn’t resolved by Thursday’s vote, Tata Trusts’ “illegal” characterization, backed by a former Chief Justice’s opinion, leaves room for further escalation, and TCS’s muted reaction suggests the market isn’t fully pricing governance risk even while cheering capex continuity.

Separately, the “expectation gap” running through Friday’s order-flow headlines is real: BEL, GPT Infraprojects and Captain Polyplast bring confirmed order-book additions with verifiable context; Petronet’s CBG venture, Wipro’s new platforms, and Time Technoplast’s capacity expansion are all future-payoff stories where execution, not the announcement, will determine the financial outcome.

HAL’s triple handover today is a genuine substitution-story milestone worth tracking through FY27 delivery schedules, while Bharat Forge’s final QIP pricing and Rentomojo’s post-listing trading are the more immediate capital-market signals to watch.

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This article is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Readers should consult a SEBI-registered investment advisor and review all relevant offer documents and exchange filings before making investment decisions. Figures above are sourced from company disclosures, exchange filings and named media reports as attributed inline; items marked as unconfirmed should be verified against primary exchange data before publication.