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BUSINESS

Piramal-Bain Capital fund IndiaRF Invests Rs 310 Crore in Primacy Industries

FSN E-Commerce Ventures Ltd, Swan Energy Ltd, Aurobindo Pharma Ltd and United Breweries Ltd are stocks to surge in volume on BSE today.

India Resurgence Fund (IndiaRF) is a joint venture between Piramal Enterprises Ltd and Bain Capital Credit has said that it has invested Rs 310 crore ($42 million) in Primacy Industries Ltd. The investment proceeds will be used towards strengthening the balance sheet of Primacy and providing fresh capital to fuel its growth plans.

Primacy is a manufacturer in the fast-growing contracting business for fragrance-based consumer products in air care, personal care and health and hygiene categories. With an operating footprint across India, the US, Europe, Middle East and Australian markets, Primacy caters to some of the largest retailers and consumer products companies in the US, Europe and India. On the back of its manufacturing, design strengths, reliable and collaborative supply chain, Primacy is well-positioned to provide various product solutions to meet the demands of global brands and private labels, the fund said in its statement.

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MARKETS

BEML Shares Extend Gains on Rs 405 Crore Contract

Ali Waghbakriwala

Shares of BEML jumped 7% and hit an intraday high of Rs 3,367.90 on 28 March after the company announced receiving a contract worth Rs 405 crore from Bengaluru Metro Rail Corporation Limited (BMRCL).

The contract under Bengaluru Metro Rail Projects includes comprehensive maintenance and staff training for a maximum of fifteen (15) years, as well as the design, production, delivery, installation, testing, and commissioning of standard gauge metro vehicles.

BEML announced plans to construct a mining equipment manufacturing factory in Chhattisgarh in the interim. This plant will primarily produce dump trucks, water sprinklers, and high-performance motor graders. According to the corporation, this will satisfy the rising demand in the mining and infrastructure sectors.

BEML, a well-known multi-technology “Schedule A” company under the Ministry of Defense, is vital to India’s primary industries, which include mining, construction, rail, power, and defence, thanks to its excellent products.

On 12 March 2025, Siemens India and BEML signed a non-binding Memorandum of Understanding (MoU) to jointly explore opportunities in the semi-high-speed and suburban passenger train segments, as well as the metro and commuter rail markets. 

Additionally, BEML and Dragflow S.R.L., Italy Forge, signed an MOU to Strengthen Indigenous Dredging Solutions.
 
Last month, BEML and a renowned South Korean company, STX Engine, signed a strategic partnership to jointly develop, manufacture, and market battle tank engines, marine engines, spare parts, and engine aggregates.   The agreement involves engine component servicing and maintenance to suit India’s defence needs, in addition to looking into export opportunities to friendly nations.

At 3:30 pm, the shares of BEML closed 2.85% higher at Rs 3,230 on NSE. 

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MARKETS

Force Motors Shares Soar 7% on Securing Order for Force Gurkha Light

Ali Waghbakriwala

Shares of Force Motors Ltd soared 7% on Friday, 28 March, after the company announced signing a contract with the Indian Defence Forces for an order of 2,978 automobiles.

In its regulatory filing, the company announced, “We are pleased to inform you that the company has signed a landmark contract for an order of 2978 vehicles from Indian Defence Forces i.e. by Directorate General of Capb, Devp (CD-13/14) General Staff Branch, IHQ of MoD (Army) New Delhi.”

Force Motors was chosen as the Indian Defence Forces’ L1 provider for the acquisition of 2,978 Force Gurkha light vehicles (GS 4X4 800 kg Soft Top). The deal will be completed in multiple phases over a maximum of three years. 

Force Motors has been in the defence business for a long time with the Gurkha LSV (Light Strike Vehicle), a vehicle renowned for its durability, off-road skills, and adaptability. 
 
The Force Gurkha, in particular, has been engineered to flourish in the most demanding circumstances thanks to its unparalleled performance, greater ground clearance, the highest water-wading capacity in its class, and exceptional manoeuvrability.

“We are honored to continue our association with the Indian Defence Forces through this substantial order. Our vehicles are designed with a focus on quality, reliability, ruggedness, and performance, aligning perfectly with the operational needs of our defence personnel. This order is a testament to the trust and confidence Indian Defence Forces place in Force Motors,” said Prasan Firodia, managing director of Force Motors.

Shri N. K. Firodia established Force Motors Limited in 1958 with the intention of providing the general population with affordable, reliable, and efficient transportation. With an emphasis on the design, development, and manufacturing of cars, components, and parts, it is today a fully integrated automotive company.

At 1:39 pm, the shares of Force Motors were trading 2.78% higher at Rs 9,032 on NSE.

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MARKETS

Adani Green Shares Trade Higher as Arm Secures 400 MW Solar Power Project 

Ali Waghbakriwala

Shares of Adani Green Energy were trading 1% higher on Friday, 28 March, after the company’s wholly-owned subsidiary, Adani Renewable Energy Holding Twelve Ltd, secured a project from Uttar Pradesh Power Corporation Limited. 

In its regulatory filing, the company said that they have secured a Letter of Award (LoA) granting the company’s subsidiary the rights to supply 400 megawatts (MW) of solar power to Uttar Pradesh Power Corporation Limited for a period of 25 years. 

Solar power would come from a grid-connected solar photovoltaic (PV) power plant that is under development in Rajasthan. The power supply has been set at a fixed price of Rs 2.57 per kWh.

The order supports the nation’s growing solar power capacity and raises Adani Green Energy’s profile in the renewable energy sector, per an exchange filing.

The company confirmed that neither the promoter nor the promoter group have any interest in Uttar Pradesh Power Corporation Limited. 

Adani Green Energy is a leading global player in the renewable energy sector, specializing in the development and operation of solar, wind, hybrid, and hydropower plants across India. With India’s largest operational renewable portfolio of 11.7 GW, AGEL is dedicated to expanding its capacity to 50 GW by 2030, reinforcing its commitment to sustainable energy solutions.

However, at 12:47 pm, the shares of Adani Green Energy shed all their early gains and were trading 0.28% lower at Rs 957.20 on NSE.

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MARKETS

Godrej Properties Shares Gain 1% on Selling 90 Homes worth Rs 1,000 Crore 

Ali Waghbakriwala

Shares of Godrej Properties Ltd were trading in the green and 1% higher on 28 March after the company announced that it had sold almost 90 homes costing more than Rs 1,000 crore on the first day of its upscale project, “Godrej Astra,” in Gurugram. 

According to an exchange filing, “Godrej Astra” is located in the Golf Course Road micro-market and takes up about 2.76 acres of property.

The filing added, “With its well-planned infrastructure and proximity to prominent landmarks, the location offers residents a premium lifestyle and convenient connectivity. This is GPL’s second launch in the prime Golf Course Road micro-market.” The company already has a big office building nearby.

According to the company’s website, 3BHK homes in the upmarket building start at Rs 11 crore.

Speaking about the launch, Godrej Properties MD & CEO Gaurav Pandey said, “We are delighted with the response to our luxury project, Godrej Astra. We’d like to take this opportunity to extend our gratitude to our customers and all stakeholders for their trust and confidence in Godrej Properties. We will do our best to ensure an exceptional living experience for the residents of Godrej Astra. Gurugram is an extremely important market for Godrej Properties and we look forward to further strengthening our presence there in the coming years.”

Notably, the upscale residential real estate on Gurugram’s Golf Course Road is well-known.   When the most expensive real estate transaction in India was finalized in the area earlier in 2024, it garnered national attention. Rishi Parti, the CEO and founder of Gurugram-based Info-X Software Technology, paid an incredible Rs 190 crore for an ultra-luxurious penthouse in The Camellias by DLF on the Golf Course Road.

At 11:24 am, the shares of Godrej Properties were trading % higher at Rs 2,133.90 on NSE.

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MARKETS

Stocks Under F&O Ban 

Ali Waghbakriwala

Under the futures and options (F&O) segment, no stocks were banned from trade on Friday, 28 March, by the National Stock Exchange (NSE). 

Derivative contracts of these stocks were banned as the open market interest for these securities has crossed 95% of the market-wide position limit (MWPL) set by the exchanges. The MWPL is the maximum number of contracts that can be opened at any particular time.

The ban will be lifted once the position falls below 80%. Traders will get penalised for buying or selling these securities. They will be available for trading in the cash market. 

The open interest for F&O contracts of Hindustan Copper declined below the 80% limit. Hence, it was removed from the list on Friday.

The National Stock Exchange updates the list of securities on the F&O ban list daily. This list serves as a guide for traders and investors in the market. Traders who trade in indices do not encounter a situation of security ban.

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