Stocks to Watch Oct 1: NCC ₹1,577 Cr Orders, IRFC 2nd GST Notice

Indian stocks start October after their worst month since March, and the day’s company news is mixed. NCC has disclosed ₹1,576.93 crore of September orders. IRFC has received its second GST show-cause notice for the same financial year in five weeks. Jio Financial and Allianz have put ₹640.10 crore into their insurance venture.

Market Backdrop

The Nifty 50 fell 95.75 points, or 0.42%, to 22,620.45 on September 30, its third straight session of losses.

Reuters reported that the index ended September down 6.1%, its steepest monthly drop since March, while foreign investors sold $2.7 billion of Indian shares in the month, taking this year’s outflows to $26.8 billion.

The US Federal Reserve raised rates in September, and all 16 major sectors fell, led by an 11.2% slide in IT, according to the same report.

That sets up the tension for October 1. Stock-specific triggers have to compete with foreign selling, elevated oil and higher US rates. An order win, a capital infusion or a price hike does not automatically lift earnings, and a regulatory notice is not a final liability.

The first move on the screen can therefore differ from the business impact. To see whether foreign selling is easing, check daily institutional flows on the NiftyTrader FII-DII Tracker at niftytrader.in/fii-dii-data.

Stocks to Watch Today

1. NCC: Disclosed September Orders Reach ₹1,576.93 Crore

NCC said it received two more orders worth ₹500.22 crore, excluding GST, during September: ₹224.74 crore for the Buildings Division and ₹275.48 crore for the Transportation Division. The company said they came in the normal course of business and include no internal orders.

They add to a ₹1,076.71 crore Andhra Pradesh drinking-water project disclosed on September 28. That project covers the Multi Village Scheme on the Yeleru Reservoir for the Anakapalli segment and has a 24-month execution period. Together, the orders disclosed for September come to ₹1,576.93 crore, excluding GST.

NCC’s consolidated order book stood at ₹81,214 crore as of June 30. The September disclosures equal about 1.9% of that (NiftyTrader calculation). The questions that matter are execution pace, billing milestones and working capital. The stock ended at ₹128.40 on the BSE on September 30, down 0.12%.

2. IRFC: Second FY23 GST Show-Cause Notice in Five Weeks

Indian Railway Finance Corporation received a ₹396.91 crore GST show-cause notice on September 29 from the Joint Commissioner of State Tax, Hajipur Circle, covering April 2022 to March 2023 and including interest and penalty. IRFC said the case is at show-cause stage only and no order has been issued. It said the financial impact cannot be quantified yet and called the issues raised generic. The company said it will consult tax advisers and pursue all legal remedies available to it.

The notice follows a ₹549.32 crore show-cause notice for the same April 2022 to March 2023 period, issued on August 24, 2026 and alleging excess input tax credit of ₹305.38 crore. The two notices cite roughly ₹946 crore combined (NiftyTrader calculation). Both are at show-cause stage, and neither is a confirmed liability. Upstox reports the stock is down about 37% so far this year.

3. Jio Financial Services: ₹640.10 Crore Infused Into General Insurance JV

Jio Financial Services and Allianz Europe B.V. have each invested ₹320.05 crore in Jio Allianz General Insurance through a rights issue. The combined ₹640.10 crore goes into the 50:50 joint venture to support its business. Each partner subscribed to 32,00,50,000 equity shares of ₹10 each.

Jio Financial said in its exchange filing that its cumulative investment in the venture has reached ₹375 crore. The open question is how quickly the insurer converts this capital into premiums, market share and eventual profit.

4. Blue Dart Express: Domestic Prices to Rise 9%-12% From January 2027

Blue Dart will raise domestic shipment rates by 9% to 12% from January 1, 2027, and customers who join between October 1 and December 31, 2026 are exempt. The company cites higher labour and utility costs.

This is the third straight year at this level, since the same 9% to 12% range applied to the January 2025 and January 2026 revisions. The investor question is therefore how much reaches realised revenue and margins without hurting volumes, not the headline range. ScanX reports the stock closed at ₹4,629 on September 30, up 1.16%.

5. Avalon Technologies: Promoters Sell 6% in ₹870.6 Crore Bulk Deal

Avalon saw a ₹870.6 crore bulk deal on September 30 in which three promoter entities sold a combined 40.08 lakh shares, or 6% of the equity. Kotak Mahindra Mutual Fund bought 24.02 lakh shares, about 3.6%, at ₹2,171 per share, or roughly ₹521.38 crore, according to BSE bulk-deal data cited by ET.

The deal pairs heavy promoter selling with institutional buying. Investors will weigh the lower promoter holding against the identity and likely holding period of the buyers.

6. Transport Corporation of India: ₹150 Crore Buyback at ₹960

TCI’s board approved a buyback of up to 15,62,500 shares, about 2.03% of paid-up equity, at ₹960 per share for up to ₹150 crore.

The stock rose more than 14% intraday on September 25 after TCI said its board would consider a buyback, from a previous close of ₹833.45. The ₹960 price is about 15% above that pre-announcement close (NiftyTrader calculation). TCI has bought back shares before: in August 2024 its board approved a ₹160 crore buyback at ₹1,200 per share.

7. Infosys: ABN AMRO Expands AI Partnership

Infosys and Dutch bank ABN AMRO have extended their strategic collaboration to speed up the lender’s AI-led transformation. Infosys will provide application development, testing and support services to simplify and modernise ABN AMRO’s IT landscape, using Infosys Topaz.

Infosys’ annual report also cited an earlier ABN AMRO programme, using generative AI for document processing, with estimated annual savings of €64 million for the bank. That figure belongs to the earlier work and is not the value of the new contract. No contract value has been disclosed, so the near-term revenue impact cannot be quantified.

8. Varun Beverages: Crickley Dairy Deal Goes to Arbitration

Varun Beverages’ subsidiary, The Beverage Company Proprietary Limited (Bevco), has referred its agreement to acquire Crickley Dairy Proprietary Limited to the Arbitration Foundation of Southern Africa. A condition precedent was not fulfilled by the September 30 long-stop date. The deal has moved into arbitration instead of completing as planned, and the outcome will decide whether it proceeds, changes terms or ends.

9. NLC India: 265 MW/530 MWh Battery Storage Project

NLC India Renewables has emerged as the successful bidder for a 265 MW/530 MWh standalone battery energy storage project in Haryana. The project has a 250 MW/500 MWh component and a 15 MW/30 MWh component, and serves Uttar Haryana Bijli Vitran Nigam. It extends NLC India’s push into storage alongside its conventional power business.

10. Interarch Building Solutions: ₹89 Crore Data Centre Order

Interarch has secured an order worth about ₹89 crore, including taxes, for the design, engineering, manufacturing, supply and erection of a pre-engineered steel building system for a data centre. The customer is undisclosed because of confidentiality obligations. The project is expected to take about 10 months and includes a 15% advance. The company has not disclosed the profit contribution.

11. Highway Infrastructure: ₹220.66 Crore Toll Contract

Highway Infrastructure has received a ₹220.66 crore contract from the Uttar Pradesh Expressways Industrial Development Authority to collect user fees and operate toll plazas on the Gorakhpur Link Expressway. The contract runs two years with an annual escalation in the second year. Execution costs will decide the profit from it.

12. Force Motors: September Sales Rise 57%

Force Motors sold 4,101 units in September 2026 against 2,610 a year earlier, a 57.13% rise. Domestic sales rose 61.99% to 4,027 units, while exports fell 40.32% to 74 units. Domestic sales made up about 98% of the total (NiftyTrader calculation), so the headline growth is almost entirely a home-market story.

13. ideaForge Technology: ₹23.62 Crore UAV Orders

ideaForge has secured domestic purchase orders worth ₹23.62 crore for unmanned aerial vehicles, accessories and training for civil customers. The UAVs are configured for mapping, aerial surveys and surveillance, with execution within six months. The company said the orders involve no related parties and the promoter group has no interest in the customers.

14. Aurobindo Pharma: ADQUEY Launched in the US

Aurobindo’s step-down subsidiary Acrotech Biopharma has launched ADQUEY (difamilast 1%) ointment in the US for mild-to-moderate atopic dermatitis in adults and paediatric patients aged two and older. The commercial contribution to Aurobindo will depend on prescription uptake.

15. HDFC Bank: Group General Counsel Retires

Sudhir Kumar Jha, Group Head-Legal and Group General Counsel, retired on September 30, 2026 after 22 years with the HDFC Group. Jigar Shah takes over as General Counsel from October 1. It is a management transition, not an earnings event.

Other Stocks in Focus

Tech Mahindra: The board will consider a proposal to issue bonus shares from accumulated reserves. This is a proposal for consideration, not an approved issue. The company has also partnered with Verato on healthcare data management.

Bata India: Gunjan Shah completed his tenure as Managing Director and CEO on September 30. Sanjay S. Rao takes over from October 1, 2026.

Jindal Stainless: The company fully redeemed ₹99 crore of NCDs at maturity and paid final interest of about ₹8.53 crore on September 28.

Read Next: Jio Financial’s ₹4.95 Crore Start Is Now a ₹375 Crore Insurance Bet

Bottom Line

The day’s triggers span orders, capital, pricing, regulation and promoter selling instead of one sector theme. IRFC carries a regulatory overhang, while NCC brings a sizeable order-flow trigger. IRFC’s two FY23 notices are both still at the show-cause stage, and any move towards a formal order would change the picture. NCC’s ₹1,576.93 crore is large for one month but small against its order book, so conversion into revenue is what counts. With the Nifty down three sessions running and September foreign outflows at $2.7 billion, today’s company news is competing with a heavy backdrop.