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The Congress Working Committee (CWC) held a landmark meeting in Patna on September 24, its first in Bihar since Independence, as the party sharpened its focus on the upcoming state assembly elections and mounted a fresh attack on the Bharatiya Janata Party (BJP) over alleged electoral malpractice."Vote Chori" emerged as a dominant motif of the party's poll strategy structure that took shape at the meeting, and with this, all focus has now shifted to the poll-bound state.The extended session, which brought together permanent and special invitees alongside chief ministers, Pradesh Congress Committee presidents and Legislature Party leaders, began at Sadaqat Ashram in the morning. Party president Mallikarjun Kharge inaugurated the proceedings by unfurling the Congress flag at the state headquarters.Senior figures, including Rahul Gandhi, treasurer Ajay Maken, general secretaries KC Venugopal, Jairam Ramesh and Sachin Pilot and Bihar unit chief Rajesh Kumar, were among those present.The timing and venue of the meeting underscored the centrality of Bihar to the Congress’s immediate political plans. Assembly elections are expected in November, and sources said resolutions were likely to be passed to guide campaign strategy and set the tone for coalition talks with Mahagathbandhan allies.The meeting follows Gandhi’s recent “Voter Adhikar Yatra” and successive press conferences, in which he alleged systematic deletion of Congress votes and accused the Election Commission (EC) of favouring the BJP. These interventions, party insiders said, have energised grassroots workers in the state and brought the issue of electoral fairness to the fore."Vote Chori"The Congress has framed “vote chori” — or vote theft — as a central theme of its campaign. Gandhi, now Leader of Opposition in the Lok Sabha, has directly accused Chief Election Commissioner Gyanesh Kumar of shielding those “destroying democracy.”He recently cited examples from a Karnataka assembly constituency to argue that Congress votes were being deliberately removed from rolls.The EC, for its part, dismissed the allegations as “incorrect and baseless.” It is conducting a Special Intensive Revision (SIR) of electoral rolls in Bihar, a process the Congress claims is being misused to its disadvantage.The CWC discussions also come as seat-sharing negotiations within the Mahagathbandhan coalition gather pace. Party leaders stressed that the meeting aimed to project unity, send a strong message on the integrity of elections and prepare for what could turn out to be a closely contested battle later this year.

Shares of Sri Lotus Developers and Realty surged as much as 5.5% in intraday trade on Wednesday, hitting a high of Rs 195.75 on the BSE, after domestic brokerage house Motilal Oswal initiated coverage on the stock with a ‘Buy’ rating and a target price of Rs 250. The target implies an upside potential of over 27.7% from the day’s intraday peak.The sharp uptick in the stock price came after the brokerage’s coverage initiation report was made public, drawing investor attention to the company’s strong fundamentals and sectoral tailwinds.Motilal Oswal’s note outlined a compelling investment thesis for Sri Lotus Developers and Realty, citing favorable industry dynamics, improving operating metrics, and a robust project pipeline.According to the brokerage, Sri Lotus Developers and Realty is well-positioned to benefit from the ongoing structural growth in India’s real estate sector, particularly in the mid-income and affordable housing segments. The company’s presence in high-demand micro-markets, along with its execution track record and asset-light development model, were highlighted as key strengths.The report also pointed to the company’s healthy balance sheet, low leverage, and prudent capital allocation approach as supportive factors for sustained growth. Motilal Oswal expects revenue visibility to improve further on the back of upcoming launches and better monetization of existing land banks.Additionally, the company’s investments in digitization, customer outreach, and streamlined approval processes are seen as catalysts for margin expansion and faster inventory churn.Motilal Oswal’s analysts believe that the stock is undervalued relative to its peers when compared on metrics like price-to-book and EV/EBITDA. The target price of Rs 250 reflects a blend of valuation multiples applied to projected earnings and asset base, supported by expected improvements in profitability and scale.The brokerage also cited regulatory tailwinds, rising urban demand, and government incentives for housing as broader enablers that can benefit players like Sri Lotus Developers and Realty.This favorable assessment appears to have triggered renewed buying interest in the counter, pushing the stock to its day’s high amid strong trading volumes.Also read: Who is Shrikant Badve, the newest addition to India’s billionaire club?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Gold prices eased on Wednesday, slipping Rs 900 from their record high of Rs 1,14,179 after US Federal Reserve officials tempered expectations around immediate rate cuts. Despite the pullback, the yellow metal remains up by Rs 9,600 month-to-date, keeping bullish sentiment alive amid global uncertainty.Gold October futures prices were trading at Rs 1,13,400/10 grams, lower by Rs 436 or 0.38% around 9:10 am.Silver December futures prices on MCX mirrored the sentiment and opened lower by Rs 312 or 0.23% at Rs 1,34,750/kg. The white metal prices also witnessed an overall surge of Rs 12,877 in the month so far.In the international market, gold prices fell on Wednesday as investors booked profits after hitting a record high in the previous session, while markets weighed US Federal Reserve Chair Jerome Powell's cautious remarks on potential interest rate cuts.Spot gold slipped 0.3% to $3,753.22 per ounce, as of 0224 GMT.On Tuesday, gold and silver settled on a positive note in the domestic market and international markets. Gold October futures contract settled at Rs 1,13,836 per 10 grams with a gain of 1.43% and silver December futures contract settled at Rs 1,35,062 per kilogram with a gain of 1.13%.Gold and silver extended their gains and set new records amid profit-taking in the dollar index and safe-haven buying. Gold prices hit a lifetime high and silver prices hit a 14-1/2-year high in the international markets, while both precious metals set new record highs in the domestic markets.The dollar index dropped again and the rupee slipped to lifetime lows against the US dollar, supporting gold and silver prices. Today, the US Dollar Index (DXY) was hovering near the 97.35 mark, gaining 0.08 or 0.09%.“Robust global central bank buying, increasing ETF inflows and safe-haven buying are supporting gold and silver prices. However, the Fed Chairman shows concerns about inflation and the US job markets, and if the US Fed’s wait-and-see policy on further rate cuts continues, it could limit gains of precious metals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Powell said on Tuesday the central bank needed to continue balancing the competing risks of high inflation and a weakening job market in coming rate decisions, even as his colleagues staked out arguments on both sides of the policy divide.Markets anticipate two more 25-basis-point rate cuts this year, with a 93% probability in October and a 77% probability in December, according to the CME FedWatch tool.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global financial markets and ahead of the US core PCE price index data. Gold is expected to trade in the range of $3,654–3,840 per troy ounce and silver is expected to trade in the range of $42.40–45.50 per troy ounce this week,” he added.How to trade gold?Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Gold has support at Rs 1,13,200–1,12,650 and resistance at Rs 1,14,200–1,14,800Silver has support at Rs 1,33,600–1,32,400 and resistance at Rs 1,36,600–1,38,000Jain suggests buying gold around Rs 1,12,500 with a stop loss of Rs 1,11,880 for a target of Rs 1,14,400 and waiting for some corrective dips in silver before initiating fresh long positions.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 86,496/8 grams while pure gold (24 carat) prices stand at Rs 92,896/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 85,144/8 grams while pure gold (24 carat) prices stand at Rs 91,520/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 85,024/8 grams while pure gold (24 carat) prices stand at Rs 91,352/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 85,184/8 grams while pure gold (24 carat) prices stand at Rs 91,544/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Smallcap Unimech Aerospace & Manufacturing tops the valuation charts in the 18-stock Nifty India Defence Index, trading at a trailing 12-month (TTM) P/E of 291 — nearly six times the industry average. It is followed by midcap PSU Bharat Dynamics (BDL) and largecap Solar Industries, with P/E multiples 2.1x and 2.8x their industry benchmarks, respectively. The premium story doesn’t end there — as many as 12 other stocks in the index also trade above industry multiples, raising a red flag on whether such lofty valuations are truly justified.While there are different metrics to value a stock, one is the price-to-earnings multiple (P/E). Higher the P/E, pricier the stock. The P/E ratio tells you how much investors are willing to pay for each rupee of a company’s earnings.Nitin Jain Senior Research Analyst at Bonanza does not appear surprised with high valuation being commanded by Unimech, Solar and BDL, arguing that there is a good reason why these three stocks have risen sharply viz. better order books, more policy support, rising exports, and strategic tailwinds. Over the next 6-12 months, defence stocks will remain buoyant, especially those withstrong order pipelines, good execution track record, and exposure to exports or indigenisation tailwinds, said Jain, adding that investors may continue to favor them as strategic plays in India’s defence self-reliance narrative.That pretty much explains why defence stocks continue to be the darlings of D-Street, with investors willing to pay a premium on every positive trigger, often sidelining valuation concerns. Others including Paras Defence And Space Technologies, MTAR Technologies, Dynamatic Technologies, Data Patterns (India), DCX Systems, Astra Microwave Products, Zen Technologies, Mishra Dhatu Nigam, BEML, Cochin Shipyard, Mazagon Dock Shipbuilders and Bharat Electronics (BEL) also fall on the wrong side of valuation metrics. Only Garden Reach Shipbuilders (GRSE), Cyient DLM and Hindustan Aeronautics (HAL) trade below their industry P/Es. <iframe title="Defence stocks" aria-label="Table" id="datawrapper-chart-qoqMc" src="https://et-infographics.indiatimes.com/graphs/qoqMc/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="838" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}})}();</script>Echoing the sentiment, Anuj Gupta, Director at Ya Wealth Global Research, said investors remain convinced by the government’s push for the sector and the self-reliance narrative, which in turn is driving demand for defence equipment. He expects the bullish momentum to sustain, especially in sectors like aerospace, nuclear energy and semiconductor.While these stocks hail from the same sector, their line of businesses remain different so a common P/E multiple is not there. Instead, ETMarkets has considered industry P/E to give a more accurate picture. For e.g. comparing GRSE and HAL will not be a like-to-like comparison. Likewise, Paras Defence and MTAR have different P/E multiples. Returns snapshotThe average returns for FY26 are at 32% with double-digit returns from 16 stocks. Unimech's FY26 returns are at 13% while those of Solar Industries and BDL at 30% and 26%, respectively. The stock performance As for other richly valued names like Data Patterns, Astra Microwave, Paras Defence and MTAR, FY26 returns stand at 68%, 61%, 55% and 38%, respectively.State-run GRSE, whose TTM P/E multiple is 53.69, is lower from 57.56 for the industry. Its FY26 returns are 56%. Cient's P/E multiple is 49.09, lower from industry P/E multiple of 113.22. Its returns in the said period are at 5% while Hindustan Aeronautics' (HAL) 16% returns are backed by a P/E multiple of 39.34 times versus industry's 49.58.– Unimech Aerospace share price outlook Unimech's is a smallcap stock with a market capitalisation of Rs 5,360 crore on the NSE. The company is into high-precision engineering solutions. It serves industries such as aerospace, energy, and semiconductors.Jain sees it as a volatile stock with current technical indicators suggesting momentum albeit with risks. On the fundamental side, the company faces execution risk.– Solar Industries share price outlookThe company manufactures UAS and drones, ammunition and high energy material. The company also has business interests in mining and space applications. Jian highlights "very strong growth projections" of 26-31%, calling Solar Industries as one of the more aggressive private players. Yet, he warns investors of unwanted exuberance because of higher risks if margins or order execution slip.Solar Industries is in a positive trend though it has slipped 20% from its 52-week high of Rs 17,820 hit in June this year. Gupta expects the stock to rise from here based on the current technical trends and places a strong support at Rs 12,000 while resistance at Rs 16,000.– BDL share price outlookJain finds PSU stock Bharat Dynamics trading at a significant premium and rules out any big upside unless the company manages to consistently deliver earnings "beyond expectations". Large orders and strong visibility has kept the investor appetite high for this stock, he said. BDL builds guided missile systems and allied equipment for the Indian Armed Forces.Technically, the stock appears in a positive trend, rising by over 11% so far in this month and trading at Rs 1,595, Gupta of Ya Wealth said. He sees a strong support at Rs 1,330 while resistance at Rs 1,700 and expects the stock to continue its uptrend.(Data inputs from Ritesh Presswala)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)