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PRE-MARKET INDIAN STOCKS NEWS: Power Grid Corporation of India (PWGR IS) received an LoI worth INR 11.52bln to establish an inter-state transmission system

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PRE-MARKET INDIAN STOCKS NEWS: Power Grid Corporation of India (PWGR IS) received an LoI worth INR 11.52bln to establish an inter-state transmission system

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Bharat Forge (BHFC IS) - Co.’s wholly owned subsidiary Kalyani Strategic Systems signed an MoU with FN Herstal to pursue local manufacturing of small arms, integrated weapon systems and counter-UAS solutions. (Moneycontrol)

Cipla (CIPLA IS) - Co.’s subsidiary Invagen Pharmaceuticals entered a strategic partnership with Qilu Pharmaceutical for the exclusive US licensing and supply of QL2107, a biosimilar to Keytruda. (Moneycontrol)

Gland Pharma (GLAND IS) - Fosun Pharma Industrial is reportedly looking to sell a 5% stake in the Co. via a block deal worth INR 22.80bln, with a floor price of INR 2,763/shr. (Moneycontrol)

Indian Energy Exchange (IEX IS) - Co. August electricity traded volume rose 20.2% Y/Y to 13.94 BU, while real-time electricity market volume rose 10.6% Y/Y to 5.6 BU. (Moneycontrol)

Power Grid Corporation of India (PWGR IS) - Co. received an LoI worth INR 11.52bln to establish an inter-state transmission system for integrating renewable power from Gujarat’s Lakadia REZ Phase II on a BOOT basis. (Moneycontrol)

Rail Vikas Nigam (RVNL IS) - Co. emerged as the lowest bidder for a contract from East Coast Railway. (Moneycontrol)

Key Stocks Trading Ex-Dividend - AIA Engineering (AIAE IS), Coal India (COAL IS), Oil and Natural Gas Corporation (ONGC IS) and Oil India (OINL IS). (Moneycontrol)

Context

Pre-market roundups of this kind set the opening narrative for Indian equities rather than reprice the index: order-flow names such as Power Grid and RVNL trade on the headline size of the award against their existing order books, and LoI or L1 status has historically been treated as intent rather than revenue, with the market typically marking only a fraction until contracts are formally signed. The Power Grid item is the standard BOOT transmission template tied to renewable evacuation corridors, a programme under which the incumbent has consistently taken the largest share of inter-state projects, so the award is consistent with form rather than a shift in competitive position. The Gland Pharma block is the item with the cleaner precedent: promoter stake sales via block deals at a floor discount have tended to pressure the stock toward the floor price in the session, with the overhang question being whether further sell-downs follow. Bharat Forge's small-arms MoU fits the pattern of defence indigenisation tie-ups, where MoUs precede actual orders by a wide margin and initial moves often fade. Ex-dividend dates on Coal India, ONGC and Oil India will mechanically weigh on the energy-heavy benchmarks at the open.

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