ESDS Software has doubled after listing but there are a LOT of red flags. The five biggest ones below:
The "$1.25 bn deal" is money ESDS must pay, not money it will earn -> its not being framed properly in communications
Almost all the cash is a refundable prepayment from one unnamed customer — ₹1,177 cr advance is 251% of revenue and ~98% of OCF
The GPU supplier is a tiny, short-attacked company that may not deliver
45% of group profit sits in a subsidiary the main auditor never audited, and the promoter personally owns 1% of it
The promoter describes the same deal differently depending on who's asking, and the delivery date has already slipped — "order win" on CNBC Awaaz, "the cost" on CNBC-TV18; seven years became five; GPUs called appreciating assets. Sydney go-live now "end of October" vs 16 September filed delivery.
The "$1.25 bn deal" is money ESDS must pay, not money it will earn -> its not being framed properly in communications
Almost all the cash is a refundable prepayment from one unnamed customer — ₹1,177 cr advance is 251% of revenue and ~98% of OCF
The GPU supplier is a tiny, short-attacked company that may not deliver
45% of group profit sits in a subsidiary the main auditor never audited, and the promoter personally owns 1% of it
The promoter describes the same deal differently depending on who's asking, and the delivery date has already slipped — "order win" on CNBC Awaaz, "the cost" on CNBC-TV18; seven years became five; GPUs called appreciating assets. Sydney go-live now "end of October" vs 16 September filed delivery.
AUROBINDO PHARMA : USFDA INSPECTION ENDS WITH ZERO OBSERVATIONS ✅
• USFDA inspection at subsidiary Apitoria Pharma’s Unit-IV API facility concluded with zero observations.
• Inspection conducted from Sept 7–11, 2026.
• Positive regulatory compliance milestone for the company.
• USFDA inspection at subsidiary Apitoria Pharma’s Unit-IV API facility concluded with zero observations.
• Inspection conducted from Sept 7–11, 2026.
• Positive regulatory compliance milestone for the company.
PIRAMAL FINANCE : MOODY’S UPGRADES RATINGS TO Ba2 📈
• Moody’s upgrades Long-Term CFR & Senior Secured Debt Rating to Ba2 from Ba3.
• Upgrade reflects lower legacy assets, stronger capitalisation & improving profitability.
• Diversified funding profile and improved credit profile expected to support lower funding costs.
• Domestic ratings also improved to AA+/Stable from CRISIL, ICRA & CARE.
• Moody’s upgrades Long-Term CFR & Senior Secured Debt Rating to Ba2 from Ba3.
• Upgrade reflects lower legacy assets, stronger capitalisation & improving profitability.
• Diversified funding profile and improved credit profile expected to support lower funding costs.
• Domestic ratings also improved to AA+/Stable from CRISIL, ICRA & CARE.
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JUST IN : 🚨🇺🇸 US core consumer prices rose 0.3% in August, above the 0.2% forecast.
US CPI (YOY) (AUG) ACTUAL: 3.4% VS 3.4% PREVIOUS; EST. 3.4%
US CORE CPI (YOY) (AUG) ACTUAL: 2.4% VS 2.5% PREVIOUS; EST. 2.4%
US CORE CPI (YOY) (AUG) ACTUAL: 2.4% VS 2.5% PREVIOUS; EST. 2.4%
PRESIDENT PUTIN SAYS WESTERN COMPETITORS OF BRICS ARE TRYING TO REGAIN FORMER LEADERSHIP, AND THIS STRUGGLE IS TAKING AN UNSEEMLY TURN AT GOVERNMENTAL LEVEL
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PRESIDENT PUTIN SAYS WEST COUNTRIES ARE TRYING TO INTERFERE WITH LOGISTICS, DESTROY INFRASTRUCTURE, AND SEIZE VESSELS
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PRESIDENT PUTIN SAYS WEST IS RESORTING TO DIRECT DESTRUCTION OF FACILITIES AND PIPELINES IN AN EFFORT TO MAINTAIN ITS ECONOMIC LEADERSHIP
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RBI: FCNR(B)-LINKED PSL EXEMPTIONS TO APPLY ONLY TO DEPOSITS MOBILISED UNTIL AUG. 31
LANCER CONTAINER LINES: CO REPORTS CYBER FRAUD INVOLVING IMPERSONATION AND FRAUDULENT PAYMENT INSTRUCTIONS, NO BUSINESS DISRUPTION, COMPLAINT LODGED
BLOCK DEAL IN GRANULES INDIA
Promoter Krishna Prasad Sells 1.72 Cr Shs (6.9% Eq) In Co For ₹1,509 Cr Via Block Deal
Smallcap World Fund Buys 34.74 Lk Shares (1.4% Eq) In Co For 303 Cr
BNP Paribas Buys 13.2 Lk Shares (0.53% Eq) In Co For 115 Cr
Goldman Sachs Buys 11.73 Lk Shares (0.47% Eq) In Co For 102 Cr
Kotak Mah Life Buy 11.54 Lk Shares (0.47% Eq) In Co For 101 Cr
Shares Were Bought At An Average Price Of 872.50/Share On NSE
Promoter Krishna Prasad Sells 1.72 Cr Shs (6.9% Eq) In Co For ₹1,509 Cr Via Block Deal
Smallcap World Fund Buys 34.74 Lk Shares (1.4% Eq) In Co For 303 Cr
BNP Paribas Buys 13.2 Lk Shares (0.53% Eq) In Co For 115 Cr
Goldman Sachs Buys 11.73 Lk Shares (0.47% Eq) In Co For 102 Cr
Kotak Mah Life Buy 11.54 Lk Shares (0.47% Eq) In Co For 101 Cr
Shares Were Bought At An Average Price Of 872.50/Share On NSE
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JSW ENERGY : SUBSIDIARY RECEIVES ICRA RATINGS
• JSW Neo Energy, a wholly owned subsidiary, receives credit ratings from ICRA
• Long-Term Bank Loans: ICRA AA (CE) / Stable
• Unsupported Long-Term Bank Loans: ICRA AA- / Stable
• Commercial Paper & Short-Term/Working Capital: ICRA A1+
• Ratings reaffirm the subsidiary’s strong credit profile
• JSW Neo Energy, a wholly owned subsidiary, receives credit ratings from ICRA
• Long-Term Bank Loans: ICRA AA (CE) / Stable
• Unsupported Long-Term Bank Loans: ICRA AA- / Stable
• Commercial Paper & Short-Term/Working Capital: ICRA A1+
• Ratings reaffirm the subsidiary’s strong credit profile
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SEBI PAPER ON CAS IS OUT
* 5 topics with suggestions
* Deadline for suggestions is Oct 3rd
Read on.
1. F&O SETTLEMENT
Option 1: Use Blended VWAP
1. 30 minutes of normal cash trading + 10 mins of CAS
2. Weight depends on actual trading in each period
Option 2: Go back to old VWAP, for now
1. Use only last 30 mins of continuous cash trading
2. CAS trades would have 0 role in expiry settlement
3. Take a call on moving to Option 1 after 1 year
2. MARKET TIMINGS
Option 1
1. Normal cash trading for CAS stocks until 3:30 PM
2. CAS then runs roughly 3:31–3:40 PM
3. F&O trading continues until 3:45 PM
Option 2
1. CAS stocks continue normal trading only until 3:15 PM
2. CAS runs roughly 3:15–3:25 PM
3. F&O closes at 3:30 PM
4. Non-CAS stocks continue trading normally until 3:30
3. NO LIVE INDICATIVE INDEX VALUES DURING CAS
1. Stop showing the live indicative index during CAS
2. Individual stocks can still show indicative rates
4. CLAMP DOWN ON SPOOFING
1. Keep the overall CAS price band at ±3%
2. Orders within ±1% of ref price can be cancelled
3. An order > 1% away from ref price = no cancellation
5. BRING ICEBERG ORDERS INTO CAS
6. Any unexecuted portion of an Iceberg order at the end of normal trading would move into CAS
7. But it would become a normal limit order
* 5 topics with suggestions
* Deadline for suggestions is Oct 3rd
Read on.
1. F&O SETTLEMENT
Option 1: Use Blended VWAP
1. 30 minutes of normal cash trading + 10 mins of CAS
2. Weight depends on actual trading in each period
Option 2: Go back to old VWAP, for now
1. Use only last 30 mins of continuous cash trading
2. CAS trades would have 0 role in expiry settlement
3. Take a call on moving to Option 1 after 1 year
2. MARKET TIMINGS
Option 1
1. Normal cash trading for CAS stocks until 3:30 PM
2. CAS then runs roughly 3:31–3:40 PM
3. F&O trading continues until 3:45 PM
Option 2
1. CAS stocks continue normal trading only until 3:15 PM
2. CAS runs roughly 3:15–3:25 PM
3. F&O closes at 3:30 PM
4. Non-CAS stocks continue trading normally until 3:30
3. NO LIVE INDICATIVE INDEX VALUES DURING CAS
1. Stop showing the live indicative index during CAS
2. Individual stocks can still show indicative rates
4. CLAMP DOWN ON SPOOFING
1. Keep the overall CAS price band at ±3%
2. Orders within ±1% of ref price can be cancelled
3. An order > 1% away from ref price = no cancellation
5. BRING ICEBERG ORDERS INTO CAS
6. Any unexecuted portion of an Iceberg order at the end of normal trading would move into CAS
7. But it would become a normal limit order
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BOJ JGB HOLDINGS PLUNGE BY RECORD ¥47.8 TRILLION YOY IN JULY
BANK OF JAPAN CUTS GOVERNMENT BOND HOLDINGS AT UNPRECEDENTED PACE; ¥47.8 TRILLION ANNUAL DROP MARKS BIGGEST DECLINE EVER
BANK OF JAPAN CUTS GOVERNMENT BOND HOLDINGS AT UNPRECEDENTED PACE; ¥47.8 TRILLION ANNUAL DROP MARKS BIGGEST DECLINE EVER
TATA CHEMICALS : ACQUIRES NORTH AMERICAN SODA ASH CONTRACTS
• Tata Chemicals’ wholly owned subsidiary Tata Chemicals North America Inc. (TCNA) has completed the acquisition of North American soda ash customer contracts from Searles Valley Minerals Inc. (SVM)
• Contracts represent 500,000+ metric tonnes to be serviced over 2 years
• TCNA was declared the successful bidder in SVM’s Chapter 11 bankruptcy proceedings
• Acquisition completed on 11 September 2026 after fulfilment of all conditions
• Business: Soda Ash
• Contract Tenure: 2 years
• Tata Chemicals’ wholly owned subsidiary Tata Chemicals North America Inc. (TCNA) has completed the acquisition of North American soda ash customer contracts from Searles Valley Minerals Inc. (SVM)
• Contracts represent 500,000+ metric tonnes to be serviced over 2 years
• TCNA was declared the successful bidder in SVM’s Chapter 11 bankruptcy proceedings
• Acquisition completed on 11 September 2026 after fulfilment of all conditions
• Business: Soda Ash
• Contract Tenure: 2 years
SIEMENS:
CO HAS MOVED FORWARD WITH THE PROPOSED AMALGAMATION OF ITS UNIT SIEMENS RAIL AUTOMATION WITH SIEMENS
CO HAS MOVED FORWARD WITH THE PROPOSED AMALGAMATION OF ITS UNIT SIEMENS RAIL AUTOMATION WITH SIEMENS
SEBI CONSULTATION PAPER ON CAS
SEBI Proposes Blended VWAP For Expiry-Day Derivatives Settlement
Alert: VWAP Is Volume Weighted Average Price
Blended VWAP To Include Last 30 Min CTS + 10 Min CAS
Alert: CTS Is Continuous Trading Session
SEBI Floats CTS VWAP As Alternative Interim Settlement Methodology
SEBI Proposes Scrapping IEP-Derived Indicative Index Value During CAS
SEBI Proposes Cutting CAS Transition Period To 1 Minute From 5 Minutes
SEBI Proposes Cutting Post-CAS F&O Trading Window To 5 Minutes
SEBI Floats Two Options For CAS Market Timings: 3:30 PM Or 3:15 PM CTS
SEBI Proposes Blended VWAP For Expiry-Day Derivatives Settlement
Alert: VWAP Is Volume Weighted Average Price
Blended VWAP To Include Last 30 Min CTS + 10 Min CAS
Alert: CTS Is Continuous Trading Session
SEBI Floats CTS VWAP As Alternative Interim Settlement Methodology
SEBI Proposes Scrapping IEP-Derived Indicative Index Value During CAS
SEBI Proposes Cutting CAS Transition Period To 1 Minute From 5 Minutes
SEBI Proposes Cutting Post-CAS F&O Trading Window To 5 Minutes
SEBI Floats Two Options For CAS Market Timings: 3:30 PM Or 3:15 PM CTS
SEBI CONSULTATION PAPER: 7 KEY PROPOSALS
SEBI proposes changes to CAS, derivatives settlement & mkt timings
Option 1: Derivatives settlement price to use CTS + CAS trades
Option 2: Continue CTS-only settlement initially; CAS To be added post 1 yr
SEBI proposes changes to CAS, derivatives settlement & mkt timings
Option 1: Derivatives settlement price to use CTS + CAS trades
Option 2: Continue CTS-only settlement initially; CAS To be added post 1 yr