DOW TIMES (ABOVE & BEYOND)

AMBANI-LED RELIANCE: A MASSIVE CAPITAL EROSION? Every listed company of the Mukesh Ambani-led Reliance Group has delivered negative returns over the past 2 year. 🔻 Sterling & Wilson — -76% 🔻 Alok Industries — -73% 🔻 Network18 Media — -71% 🔻 GTPL Hathway — -67% 🔻 Hathway Cable — -53% 🔻 DEN Networks — -53% 🔻 Just Dial — -43% 🔻 Reliance Industrial Infra — -40% 🔻 Jio Financial Services — -35% 🔻 Infomedia Press — -26% 🔻 Reliance Industries — -16% The stock market ultimately rewards performance—not reputation alone. FORWARD

*Pre-Market Derivatives and Technical Set-up* 🔎 *Nifty* Nifty index opened on a positive note and witnessed volatility in the initial hour before settling into a narrow range amidst rangebound momentum. The index found support at lower levels but faced resistance at higher levels throughout the session. It formed small bodied candle on daily chart with wicks on both side. 📊 Now till it holds below 23300 zones weakness could extend towards 23150 then 23050 levels while on the upside hurdles can be seen at 23400 then 23500 zones. 🧮 On option front, Maximum Call OI is at 23400 then 23500 strike while Maximum Put OI is at 23200 then 23000 strike. Call writing is seen at 23250 then 23300 strike while Put writing is seen at 23200 then 23100 strike. Option data suggests a broader trading range in between 22800 to 23800 zones while an immediate range between 23000 to 23500 levels. 🔎 *S&P BSE Sensex* S&P BSE Sensex index opened on a positive note and witnessed volatile swings in the first half an hour but managed to hold the previous session's low. Post that, the index remained stuck in a narrow range of nearly 250 points with momentum missing on either side. It formed a small bodied candle with wicks on both sides on the daily chart indicating a clear tussle between bulls and bears with selling pressure visible on small bounces. 📊 Now till it holds below 74500 zones, weakness could be seen towards 74000 then 73800 zones while on the upside hurdles can be seen at 74700 then 75000. 🔎 *Bank Nifty* Bank Nifty index opened with a gap-up but witnessed some pressure in the initial part of the session which dragged the index lower towards 55800 zones. Later buying interest emerged from lower levels and the index gradually moved higher towards 56350 zones. It ended the session on a positive note. It formed an Inside Bar candle on the daily scale indicating consolidation at current levels while resistance remains intact at higher levels. 📊 Now it has to cross and hold above 56500 zones for a bounce towards 56750 then 57000 levels while hold below the same could see weakness towards 56000 then 55750 zones. 🔎 *Stocks* 🚀 Positive setup seen in PB Fintech, Paytm, Radico Khaitan, PNB, MFSL and ICICI Pru Life 🐻 Weakness seen in Premier Energies, Kalyan Jewellers, TCS, LTM, BSE, Wipro, Biocon, Waaree Energies, Suzlon, CAMS, UPL, Swiggy, KPIT Tech and Crompton Greaves. *Technical & Derivatives Research, Motilal Oswal* Disclaimer - Investments in securities markets are subject to market risks. Please read all related documents carefully. To read complete disclaimer click on https://ftp.motilaloswal.com/emailer/Marketdiary/VELOCITY/Disclaimer.pdf

*🌹🇮🇳India Daybook – Stocks in News* *Highway Infra:* Company bags Order Worth ₹220.66 Cr from Uttar Pradesh Expressways Industrial Development Authority. (Positive) *GNFC:* Company appoints Sanjeev Kumar as MD of the Co w.e.f September 9, 2026 For Period Of 5 Years (Positive) *Alembic Pharma:* USFDA Issues EIR and Closes Inspection at Vadodara Bioequivalence Facility (Positive) *Shipping stocks:* Govt eases export rules for small shipments up to ₹3 lk (Positive) *Kalpataru Projects Intl:* LMG approves IPO prospectus for Nasdaq Stockholm Listing (Positive) *Rainbow Children’s Medicare: Company commences operations of 50-bed women’s & children’s hospital in Guntur, AP (Positive) *LT Foods:* Company to acquire Kameda Seika Co.’s entire 49% stake in Kameda Lt Foods (India), raising its holding from 51% to 100% and making KLT a wholly owned subsidiary. (Positive) *Venus Pipes:* Company to allot of 22 Lk Equity Shares at ₹1,670/Share to 18 Investors via Pref Issues (Neutral) *Kanohar Electricals:* Groww Mutual Fund bought 4.75 lakh shares at Rs 740.38 per share. (Positive) *Panorama Studios:* Executes content licence agreement with Las Gatos Production Services India; executes distribution pact with Digital18 Media for Drishyam rights. (Positive) *Krsnaa Diagnostics:* Company has entered in concession pact For PET-CT Facilities in Punjab. (Positive) *Imagicaaworld:* Company to sell hotel worth Rs 248cr to Juniper Hotels. (Positive) *Mazagaon Dock:* Pact with National Shipbuilding & Heavy Industries Park. (Positive) *Fortis Health:* Company has signed agreement with eye hospital in New Delhi (Positive) *Venus Pipes:* Ashish Kacholia, Carnelian in pref fund raise (Positive) *Primo Chemicals:* Company acquired balance 51% stake in Flow Tech (Neutral) *Infosys:* Company has announced the expansion of its Indore Development Center (DC) with a new Software Development Block (SDB-2). (Neutral) *Coal India:* Coal Ministry to launch 16th round on Thursday; new blocks up for bidding (Neutral) *IndusInd Bank:* Customers to get exclusive cashback & HYROX race-day benefits (Neutral) *Tempsens:* Revenue at to Rs 119 Cr versus Rs 89 Cr, Ebitda at Rs 23.8 Cr versus Rs 20.6 Cr (Neutral) *GOCL Corp:* Completes monetisation of about 157 acres out of 264.5 acres. (Neutral) *RIL:* Company allots 12 lakh NCDs worth Rs 12,000 Cr via private placement. (Neutral) *Repco Home:* Paiyur Vaidyanathan ceases to be whole-time director and chief development officer (Neutral) *Granules India:* Approves allotment of 2.5 Cr shares to promoter group investor category. (Neutral) *HEG:* Company name to change to HEG Advanced Materials from Sept. 22. (Neutral) *Groww:* Peak XV Partners Investments VI-1 sold 9.17 Cr shares at Rs 191.49 per share. (Neutral) Circuit filter change from 5% to 20%: India Glycol. (Neutral) List of stocks excluded from ASM Framework: ESDS Software, Kennametal India. (Neutral)

34 well-known stocks closed below their previous 52-week lows yesterday. 🔻IEX 🔻ACC 🔻IRFC 🔻RVNL 🔻Pfizer 🔻PGHH 🔻IRCTC 🔻GICRE 🔻Havells 🔻JK Tyre 🔻CSB Bank 🔻Cello World 🔻TVS Holdings 🔻PNC Infratech 🔻Shree Cement 🔻India Cements 🔻Kitex Garments 🔻Jupiter Wagons 🔻CIE Automotive 🔻Bank Of Baroda 🔻Ambuja Cements 🔻Elcid Investments 🔻Ircon International 🔻Himatsingka Seide 🔻Reliance Industries 🔻Ramky Infrastructure 🔻SBI Life Insurance Co 🔻ABM Knowledgeware 🔻Reliance Infrastructure 🔻Max Financial Services 🔻Motherson Sumi Wiring 🔻Tata Consumer Products 🔻Bikaji Foods International 🔻ICICI Lombard General Insurance

*Emkay write up on UPI mdr*: NPCI introduces 0.4% MDR Charge for UPI transactions above Rs 2,000 NPCI has issued a much awaited circular introducing MDR of 0.4% on Person-to-Merchant (P2M) UPI transactions for transaction amounts exceeding Rs 2,000. The finalized MDR framework and threshold structure will take effect from 15-Oct-26. While the circular does not mention the sharing formula for the ecosystem partners, we expect the MDR to be 16bps for the issuing banks, 12bps for the apps and 12 bps for acquiring banks, in line with the earlier media reports. There are certain categories (such as Railways, telecom, insurance, fuel, agricultural inputs,) where MDR for transactions above Rs2000 would be capped at Rs5, while for transactions of Rs 75,000 and above, the MDR will be capped at Rs 300/transaction. Also, merchants receiving up to Rs 100,000/month via UPI QR codes, classified under P2PM, will continue to enjoy 0 MDR on all transactions.   *With this, we believe that Paytm and Pine Labs would see Rs12bn and Rs1.5bn incremental MDR revenue (for FY28) flowing through to them.* While ~67% of the value of P2M GMV is above Rs2000, there is lack of clarity on how much the MDR contribution will be for the exempt merchants/categories. For Paytm, we are conservatively assuming that only 40% of the UPI transactions would eligible for 10bps MDR, after sharing with the banks. We do believe that there could be increased competition initially for the market share considering new profit pool. However, we believe that with large feet-on-street, the company would be able to defend market share.    *Key Highlights:* •High-value transactions: For transactions of Rs 75,000 and above, the MDR will be capped at Rs 300/transaction. •Specified sectors: Railways, telecom, insurance, fuel, agricultural inputs, and similar sectors will attract a flat MDR of Rs 5/transaction on amounts above Rs 2,000. These sectors together account for approximately 46% of total UPI P2M transaction value. •Financial instruments: Payments toward mutual funds, securities, and stockbroking/dealer transactions will attract a nominal MDR of 0.02%, capped at Rs 300. •Small merchants: Merchants receiving up to Rs 100,000/month via UPI QR codes, classified under P2PM, will continue to enjoy 0 MDR on all transactions. •Scope: This MDR framework applies only to direct account-to-merchant-account UPI transactions. Transactions made via Credit Cards linked to UPI are excluded. @Paytm @PineLabs

*News Headlines from Business News Agencies :* *Business Standard :* 📝 Sebi proposes stronger tech resilience norms for exchanges, depositories 📝 NSE IPO draws 'unexpectedly large' demand, anchor book tops ₹6,000 cr: CEO 📝 Foreign investors pull ₹5,109 cr from govt bonds in 3 days amid uncertainty 📝 DBS Bank India expands DBS MAX to simplify multi-gateway digital payment 📝 Cement capacity additions raise near-term concerns of supply overhang 📝 Embassy Developments plans ₹2,000 cr investment in North Bengaluru homes 📝 BHEL, Titagarh Rail sign JV for 35-year Vande Bharat sleeper trains upkeep 📝 Non-life insurance premium rises 10% to ₹27,454.5 crore in August 📝 AI slow down: US-China AI rivalry puts global AI governance at a crossroads 📝 Banks' panel to decide on UPI merchant charges on transactions above ₹2,000 📝 Saudi Arabia warns of 'potential danger' in Mecca, Taif and Jeddah 📝 More than ₹5,100 crore generated through scrap disposal, says Centre *Economic Times :*   📝 India’s semiconductor funding reaches ₹1.34 lakh crore, but capital flows into fewer players 📝 MediaTek launches new mobile chip using TSMC's most advanced technology 📝 Embassy Developments aims Rs 4,500 cr revenue from 2 new housing projects in Bengaluru 📝 Retail inflation at 4.8 per cent highest in 12 yrs of Modi govt: Pralhad Joshi 📝 Rupee slumps 38 paise to close at 95.92 against US dollar 📝 India's August soyoil, palm oil imports rise on stocking 📝 UPI MDR could unlock Rs 22,000 crore revenue pool by FY28: Bernstein 📝 Eurozone bond yields hit 17-year high as Middle East conflict drives inflation fears 📝 DTH operators provide over Rs 11,000 crore against MIB licence-fee demands 📝 Motilal Oswal deploys Zoho platform across 10,000 users and 15 business verticals 📝 India's trade deficit narrows to $26.86 bn in August as gold imports plunge 📝 Uno Minda plans Rs 1,415 crore investment to expand auto component manufacturing *Mint :* 📝 Cement companies' attempts to hike prices may fall flat 📝 Delhi HC orders tax dept to refund ₹783 cr to Teva Israel over Ranbaxy payment 📝 Merchandise exports grow at the fastest pace in a decade in August 📝 Suraksha Group expects to complete Jaypee Infra's stalled housing projects by 2028; to invest ₹3,000 crore 📝 Air India board meets in Mumbai as Tewolde Gebremariam set to take charge, new CEO's salary structure in focus 📝 Solar Industries expects to triple revenue in 2 years with $1.36 bn Omnia buyout 📝 WJTowell & BlueStar Seeks Annulment Of Arbitration Award Before Dubai Court 📝 Government scrap drives generate over ₹5,100 crore in five years as Centre clears old files 📝 Aurobindo Pharma gets US FDA nod to sell first metered-dose asthma inhaler in US.

*🔹Mkt. Updates :* *GIFT NIFTY +31 (23530) from Friday's last trade 23499* *Nikkei +327 pts ,* *Hangseng +16 pts ,* Now @6.52am . Dow -152.09 pts ,Nsdq -146.52 pts, S&P -37.00 pts, Bovespa -1706 pts , Ftse +47 pts , Dax -127 pts , Cac -61 pts , Crude @ $102.69 brl (+1.30) Brent @ $106.97 brl (+1.29) , Gold @ 4330.50 (-21.40), Silver @ $63.51 (-0.62), Euro @ $1.1544 , JPY @ $154.55 , INR @ 95.55 *🔹US GOVT. 10-YR YIELD : 5.00%* *Today's Corporate Action, 15-09-26 Ex Date :* AARTIPHARM Final Dividend - Rs. - 2.0000 AGI Final Dividend - Rs. - 7.0000 AKSHARCHEM Final Dividend - Rs. - 0.5000 ARROWGREEN Final Dividend - Rs. - 5.0000 BELRISE Final Dividend - Rs. - 0.5500 BLUEDART Final Dividend - Rs. - 25.0000 CARYSIL Final Dividend - Rs. - 3.0000 CENTEXT Right Issue of Equity Shares DBL Final Dividend - Rs. - 1.0000 FILATEX Final Dividend - Rs. - 0.3000 FRONTSP Final Dividend - Rs. - 0.7000 HEXAGON Final Dividend - Rs. - 0.3000 HITECHGEAR Final Dividend - Rs. - 4.0000 HPAL Final Dividend - Rs. - 0.4000 ITDC Final Dividend - Rs. - 2.9500 ITL Final Dividend - Rs. - 1.2500 IVC Final Dividend - Rs. - 0.7000 IWP Dividend - Rs. - 0.2000 JKIL Final Dividend - Rs. - 4.0000 KANCHI Final Dividend - Rs. - 1.0000 KNRCON Final Dividend - Rs. - 0.2500 KTKBANK Final Dividend - Rs. - 5.0000 MANAKALUCO Final Dividend - Rs. - 0.0500 NDLVENTURE Final Dividend - Rs. - 0.5000 NIKHILAD Final Dividend - Rs. - 0.2200 POCL Final Dividend - Rs. - 2.0000 SAMKRG Final Dividend - Rs. - 0.5000 SIMMOND Final Dividend - Rs. - 0.8000 SOLEX Dividend - Rs. - 0.5500 SUPERHOUSE Final Dividend - Rs. - 0.8000 SUPTANERY Final Dividend - Rs. - 0.0500 SURAKSHA Final Dividend - Rs. - 0.5000 SYSTMTXC Final Dividend - Rs. - 0.1000 TI Final Dividend - Rs. - 1.0000 TIMETECHNO Final Dividend - Rs. - 1.5000 TPLPLASTEH Final Dividend - Rs. - 1.3000 WEBELSOLAR Final Dividend - Rs. - 0.2500 *Today's Board Meetings, 15-Sep-26 :* Bajaj Holdings & Investment Ltd Financial Services Interim Dividend  CMI Ltd Capital Goods Quarterly Results Maharashtra Scooters Ltd Financial Services Interim Dividend Mobavenue AI Tech Ltd Information Technology Amalgamation Sunshine Pictures Ltd Media  Entertainment & Publication Quarterly Results  Supreme Infrastructure India Ltd Construction General   *SEC. IN F&O BAN FOR* *15-Sep-26 :* *1. BANDHANBNK 2. INOXWIND 3. KAYNES 4. MANAPPURAM 5. SAIL* *Today's Alert :* *RBI to Conduct Auction of SDLS BONDS for INR 359 BILLION*

. *गजानन म्हारे घर आओ,* *विनायक म्हारे घर आओ,* *संग ल्याओ शुभ और लाभ,* *तुम रिद्ध-सिद्ध भी ल्याओ।* *गजानन म्हारे घर आओ ।* *खीर, चूरमा, लाडू, माखन,* *गुड़, मोदक, मेवा जीमो,* *गजानन गुड़, मोदक जीमो,* *गजानन म्हारे घर आओ ।* *मूषक पर आरूढ विनायक* *छाछ-दही-अमरस को प्यालो* *जी भर - भर कर पीवो।* *गजानन म्हारे घर आओ...* *रिद्धि-सिद्धि, शुभ-लाभ* *संग म्हारे घर आज्यो,* *गजानन म्हारे घर आज्यो...* 👏

*The Nifty 100, which tracks India’s 100 largest companies, has been largely flat over the past year. But look underneath and most stocks have fallen sharply from their highs. TCS, ITC, HDFC Bank, Wipro,Infosys,IRFC & many more are down 30-40% from their 52-week highs.*

Video from Hemant Gupta

BIRLA entered cable sector RELIANCE enter ₹10 ice cream sector Meanwhile small start-ups are building Rockets, Quantum Computer, AI etc

SUBROS Final Dividend - Rs. - 3.0000 SUNFLAG Final Dividend - Rs. - 1.0000 SUYOG Final Dividend - Rs. - 1.0000 TALBROAUTO Final Dividend - Rs. - 0.5500 TATVA Final Dividend - Rs. - 2.0000 TECHNOE Final Dividend - Rs. - 7.0000 TEGA Final Dividend - Rs. - 2.0000 TEXRAIL Dividend - Rs. - 0.7500 TRANSRAILL Final Dividend - Rs. - 2.0000 UTTAMSUGAR Final Dividend - Rs. - 2.5000 VENKEYS Final Dividend - Rs. - 10.0000 WAAREEENER Final Dividend - Rs. - 2.0000 ZUARIIND Final Dividend - Rs. - 1.0000 *Today's Board MeetingS, 11-Sep-26 ;* Nanta Tech Ltd General;Preferential Issue of shares   *SEC. IN F&O BAN FOR, 11-Sep-26* *1. BANDHANBNK 2. INOXWIND 3. KAYNES 4. MANAPPURAM 5. SAIL* *Today's Alert :* *RBI to Conduct Auction of GOI BONDS for INR 320 BILLION*