Shares of Engineers India surged 24% in September after the company announced it would execute Dangote’s mega greenfield refinery and petrochemical plant in Kenya. The announcement followed a contract agreement in excess of $450 million with EIL as Project Management Consultant and EPCM consultant for the project. Engineers India, the country’s leading engineering consultancy, said the project would strengthen fuel production in East Africa, reduce import reliance, and supply petroleum products to the global market. The stock’s rally contributed to a 6% decline in the NIFTY500 index overall.

The National Stock Exchange benchmark NIFTY50 index fell as much as 5.75% while the BSE benchmark SENSEX dropped 5.66% or 4,428 points so far this month, data from stock exchanges showed. Multiple factors triggered the selloff, including rising crude oil prices in global markets, surging bond yields in the United States, expectations of a rate hike by the Reserve Bank of India, and foreign institutional investors turning net sellers in September. Brent crude futures for delivery in November surged 1.8% to $107 per barrel as concerns over Middle East supply disruption outweighed signs of recovering crude exports.

Rising crude has ignited fears of spiralling inflation that could negatively impact margins of Indian companies, as India imports the majority of its crude requirements. Persistent selling by FIIs coincided with the United States 10‑year bond yield surging to its highest level in nearly two decades. The yield on the 10‑year US bond surged to 5.27%, its highest level since 2007, triggering a flight of money from emerging markets like India to the safety of US bonds, which offer a risk‑free higher rate of return to global investors.

In the backdrop of all the negativity, five stocks in the NIFTY500 index surged more than 20%. Supreme Petrochem shares rose 23% so far this month, outperforming the NIFTY500 index, which has declined 6.5%. The company reported a strong set of earnings in the first quarter of the current financial year, with net profit more than doubling to ₹236 crore from ₹81 crore in the same period last year. Revenue from operations advanced 22% to ₹1,693 crore, EBITDA jumped 166% to ₹362 crore, and EBITDA margin improved by 11.6 percentage points to 21.36%.

Tega Industries, a Kolkata‑based industrial products maker, gained 21% in September after its subsidiary received a major order from Kalpataru Projects International. The manufacturer of consumables for the mining industry secured an order worth ₹126 crore, covering design, engineering, manufacture, inspection, transportation, and supply of equipment, along with supervision of erection, testing, commissioning and performance guarantee demonstration. The domestic order is expected to be completed over a period of 14 months.

Jubilant Pharmova shares advanced 20% in September to ₹1,057 after the company announced that the US Food and Drug Administration concluded its review of the Establishment Inspection Report for the inspection conducted at Jubilant HollisterStier LLC’s CMO facility in Spokane, Washington, from June 8‑17 2026, and classified the facility as Voluntary Action Indicated. Jubilant HollisterStier LLC is a subsidiary of Jubilant Pharma Holding Inc., which is a subsidiary of Jubilant Pharma Limited, Singapore, a wholly owned subsidiary of the company. Welspun Living also surged 20% after a block deal transaction valued at ₹525.88 crore was recorded during the last Wednesday’s morning block deal window, involving 2,44,71,102 equity shares exchanging hands between undisclosed buyers and sellers.