Coforge’s $2.35 billion Encora deal tops India’s stocks-to-watch list for Dec. 29

NEW YORK, December 28, 2025, 22:48 ET

Coforge agreed to buy U.S.-based Encora and plans a $550 million share sale to help fund the deal.
Punjab National Bank reported a 24.34 billion-rupee borrowal fraud to India’s banking regulator.
Timex Group India’s promoter plans to sell up to an 8.93% stake via an offer-for-sale on Dec. 29–30.

Indian stocks were set for a firmer start on Monday, with IT services firm Coforge in focus after it agreed to buy U.S.-based Encora in a deal valued at $2.35 billion on an enterprise-value basis, according to Moneycontrol. GIFT Nifty futures rose 40 points to 26,100, Upstox reported. ^[1]

The deal lands in the final stretch of year-end trading, when big corporate announcements can drive sharp moves in individual shares even if broader volumes thin out. Investors also had fresh catalysts ranging from stake sales to regulatory filings and contract wins. ^[2]

Coforge, a mid-tier Indian IT services provider that competes with larger peers such as Infosys and Wipro, said it signed a definitive agreement to acquire 100% of Encora from Advent International, Warburg Pincus and other minority shareholders. Moneycontrol put the purchase consideration at 17,032.6 crore rupees, and said Coforge’s board approved raising up to $550 million through a qualified institutional placement, a share sale to institutional investors. ^[3]

Upstox said Encora is an “AI-native” services firm and that Coforge expects the combined entity to have revenue of about $2.5 billion. ^[4]

State-run Coal India was also in focus after sources told Upstox that India’s Prime Minister’s Office directed the coal ministry to map and list the miner’s subsidiaries by 2030, a move aimed at tighter governance and asset monetisation. Coal India accounts for more than 80% of India’s domestic coal output, Upstox said. ^[5]

Punjab National Bank said it reported a borrowal fraud of 24.34 billion rupees to the Reserve Bank of India against the former promoters of SREI Equipment Finance and SREI Infrastructure Finance, Moneycontrol reported. The companies were resolved under India’s Corporate Insolvency Resolution Process, the bankruptcy framework overseen by the National Company Law Tribunal. ^[6]

Timex Group India drew attention after Moneycontrol said its promoter, Timex Group Luxury Watches BV, will sell an 8.93% stake through an offer-for-sale on Dec. 29–30. The floor price was set at 275 rupees per share, and the deal includes a “green shoe” option that lets sellers increase the size if demand is strong. ^[7]

Mining firm Vedanta was named the successful bidder for the Depo Graphite–Vanadium block under India’s critical minerals auctions, Moneycontrol reported. ^[8]

Renewables-linked names were in focus after Solarworld Energy Solutions won an engineering, procurement and construction, or EPC, package for a 250 MWac (megawatts alternating current) grid-connected solar project worth 7.25 billion rupees from NTPC Renewable Energy, Moneycontrol said. ^[9]

Diamond Power Infrastructure received a letter of intent for power-cable supplies worth 661.8 million rupees from EPC contractor Hild Projects, Moneycontrol reported. Defence-linked Avantel won a 41.6 million-rupee contract for maintenance of satcom equipment from India’s naval aviation headquarters, it said. ^[10]

NBCC (India) was in focus after Moneycontrol reported it reached a settlement with the Delhi government over long-pending litigation tied to 42.46 acres of land, with the parcel to be split equally and a perpetual lease deed to be executed for NBCC’s share. ^[11]

Suzlon Energy drew attention after Moneycontrol said Vivek Srivastava resigned as CEO of the company’s WTG division — short for wind turbine generator — effective Dec. 26. ^[12]

GMR Airports was on watch after Upstox said the group cleared the qualifying round to bid for Saudi Arabia’s $800 million new Taif International Airport project, which will be developed under a public-private partnership using a build-transfer-operate contract. ^[13]

InterGlobe Aviation’s IndiGo was in focus after Upstox said the carrier cancelled 57 flights across its network, citing bad weather at multiple airports. ^[14]

Hindustan Zinc shares were flagged by Upstox after silver futures hit record levels in India’s market, a move that can influence sentiment around companies linked to the metal cycle. ^[15]

In healthcare, Sun Pharma Managing Director Kirti Ganorkar told PTI that “improving access to GLP-1 treatments in the coming years will be a key driver” for India’s pharmaceutical industry, Upstox reported. GLP-1 receptor agonists are a class of drugs used to treat type 2 diabetes and obesity by helping regulate blood sugar and appetite. ^[16]

Ola Electric also stayed in focus after it said it scaled up deliveries of its S1 Pro+ scooter powered by its domestically made “4680 Bharat Cell” battery pack across several southern states, Upstox reported. ^[17]