Indian equities struggled to hold on to their opening gains on Tuesday as persistent concerns over elevated crude oil prices and global bond yields ahead of this week's Federal Reserve meeting weighed on sentiment. The weakness came despite gains in IT stocks and HDFC Bank, India's largest private-sector lender.
After opening higher, both benchmarks Nifty 50 and Sensex turned red. HDFC Bank, which carries the highest weightage in the benchmark indices, gained 2.1% after submitting the names of two candidates to the Reserve Bank of India for the CEO position.
The broader market remained under pressure as Brent crude traded at $107, while damage to the Saudi East-West oil pipeline following a Houthi attack added to concerns. Yemeni officials said Yemen's Iran-aligned Houthis had launched another wave of attacks on Saudi Arabia and were digging into positions along Yemen's western coast on the Red Sea.
Against this backdrop, several individual stocks moved sharply in Tuesday's trade. Solar Industries IndiaSolar Industries India shares witnessed sharp swings in early trade on Tuesday, September 15. The stock initially climbed to a 52-week high of ₹22,700, compared with its previous close of ₹22,290 on the NSE, before reversing course.
The scrip subsequently plunged as much as 10.16% to ₹20,025. Despite the day's volatility, the stock has gained 17% in 2 months, 42% in 6 months and 395 in the last 1 year. Over the longer term, it has delivered extraordinary returns, soaring over 916%.
The stock came into focus after Solar Industries India announced on Monday that it would acquire South Africa-based Omnia Holdings Ltd in an all-cash deal valued at approximately $1.355 billion ( ₹12,951 crore). Solar Industries’ wholly owned step-down subsidiary Solar SA Investments Proprietary has signed definitive agreements to acquire all outstanding shares of Omnia through the all-cash transaction.
The deal is subject to customary closing conditions, including the receipt of required regulatory approvals and approval from Omnia shareholders, the company said in an exchange filing on Monday. According to Solar Industries' press release, Omnia is headquartered in South Africa, is listed on the Johannesburg Stock Exchange (JSE) and has a 73-year heritage.“The Solar Group has also steadily expanded its footprint across Africa, building customer relationships, operational capabilities and market access across key mining jurisdictions.
Solar first entered the Southern African Development Community (SADC) region in 2010 with the establishment of a manufacturing facility in Zambia,” the company added. Solar Industries subsequently began operations in South Africa in 2015 through a distribution platform, followed by the commissioning of its Middelburg manufacturing facility in 2017, the company further said.
Bharat ElectronicsDefence stock Bharat Electronics declined 4.2% on Tuesday to hit a day's low of ₹388.20. The stock opened at ₹401.20, compared with its Friday closing price of ₹405.50. Indian stock markets had remained shut on Monday on account of Ganesh Chaturthi.
The stock has declined 5.5% in 1 month and 12% in 6 months, while gaining only 2.5% in the last 1 year. Over 5 years, however, it has delivered multibagger returns, rising 460%. BEL has been in focus after the Defence Acquisition Council (DAC) cleared ₹1.1 lakh crore in new defence deals, with 98% of the orders set to go to Indian companies.
With this, FY27 approvals have crossed ₹1.62 lakh crore. BEL remains a core beneficiary of India's defence-electronics indigenisation drive. Jefferies describes it as the market leader in Indian defence electronics, with its current order book standing at 2.6 times FY26 revenue.
Motilal Oswal has reiterated a BUY recommendation with a target price of ₹530, valuing the stock at 45x two-year forward earnings. BEL is currently trading at 42.2x FY27E EPS, and Motilal Oswal continues to prefer it as its top defence stock. The company had also announced last week: "We wish to inform you that Final Dividend of ₹0.55/- (55%) per equity share of ₹1/- each declared at the 72nd Annual General Meeting of the Company held on 28.08.2026 will be paid on 09.09.2026 to the eligible shareholders."CG Power and Industrial SolutionsCG Power also came under selling pressure, falling 4.2% to ₹870.90 at its day's low.
The stock opened at ₹907.85, against its Friday close of ₹910. Indian markets were closed on Monday for Ganesh Chaturthi. The stock has declined 2% in 1 month and 7% in 3 months, but has gained 23% in 6 months and 10% in the last 1 year. Over 5 years, it has surged 879%.
Recently, CG Power and Industrial Solutions announced the rollout of the first transformer from its new greenfield manufacturing facility at MPIDC, Sehore, Madhya Pradesh, on September 4, 2026. The company said the facility is India's largest single-location power transformer manufacturing facility.
Spread across 50 acres, the plant will manufacture 220 kV to 1200 kV class power transformers and has the capacity to roll out 35 transformers every month. Construction began in October 2025, while a portion of the facility is already operational with 10,000 MVA capacity.
The remaining sections will be commissioned in phases, taking the planned capacity addition to 45,000 MVA and CG Power's total transformer manufacturing capacity to 1,20,000 MVA. The project entails an investment of ₹792 crore, which will be funded through QIP and internal accruals.
The facility is being established to cater to rising demand from renewables, data centres and exports and will also serve utilities, railways, oil and gas and transmission infrastructure projects globally. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
We advise investors to check with certified experts before making any investment decisions.