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NSE‘s ₹22,561.5-crore IPO will dominate the week’s primary market activity, accounting for more than 90% of the value of issues opening for subscription.

The issue opens on September 17 and closes on September 21. Markets will remain shut on Monday, September 14, for Ganesh Chaturthi.

ET Bureau

The ₹24,500 crore worth of IPOs opening for subscription during September 14-18 would be the highest since October 2025, when issues worth around ₹29,000 crore hit the market during the week of October 6-10.
Read more: Inside NSE IPO journey: Why India’s largest exchange took 10 long years to reach Dalal Street

Live Events

Among other mainboard offerings, Hero Motors, SS Retail and Jindal Supreme India will open on September 16 and close on September 18. Hero Motors will raise around ₹1,000 crore, while SS Retail and Jindal Supreme India will raise ₹500 crore and ₹125 crore, respectively.
Two mainboard IPOs-Veegaland Developers and Manika Plastech- that opened last week will close during the week. Six SME IPOs that opened last week will also close during the week.Read more: Nifty may rebound to 23,800; Rupak De picks Apollo, Laurus Labs and Eternal for the week

Stock Market Debutants

The week will also see a flurry of listings, with 10 mainboard companies set to make their stock market debuts. Pranav Construction will list on September 15, followed by Glass Wall Systems India, Prasol Chemicals and Kanohar Electricals on September 16. Six companies – Asset Reconstruction Co India, Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects, Karamtara Engineering and Rentomojo – will list on September 17. Four SME companies are also scheduled to list during the week. Apana Logistics will make its debut on September 15, while Infrax Renewable, Vinod Texworld and Amtech Esters will list on September 17.

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MELBOURNE — Shares of Sunrise Energy Metals Ltd. tumbled 12.59% in a heavy session on the Australian Securities Exchange, closing at $19.335 as investors booked profits after one of the most dramatic runs seen on the local resources board this year.

The stock shed $2.785 a share, wiping hundreds of millions of dollars off the company’s market value in a single day of trading. The retreat came without any fresh company-specific announcement to explain it, extending a pattern of sharp swings that has defined Sunrise Energy Metals’ trading in recent weeks as the scandium developer’s valuation has climbed far ahead of its earnings.

The selloff pulled shares well off the company’s 52-week high of $20.50, touched in August, though the stock remains dramatically higher than the roughly $1.30 level it traded at just a year ago. That run — driven by a string of government-backed financing announcements and surging interest in critical minerals — has made Sunrise Energy Metals one of the standout performers on the ASX materials board, and also one of its most volatile.

Melbourne-based Sunrise Energy Metals is developing the Syerston Scandium Project near Fifield in central-west New South Wales, alongside the adjacent Sunrise Nickel-Cobalt Project, one of the largest cobalt-rich nickel laterite deposits in the world. The company, formerly known as Clean TeQ Holdings, has positioned itself as a potential source of primary scandium supply outside China, a metal used in aluminum-scandium alloys, solid oxide fuel cells and, increasingly, next-generation semiconductor materials.

That positioning has drawn Washington’s attention. Sunrise Energy Metals has disclosed a $400 million investment tied to the U.S. Department of Defense to help finance the Syerston project, part of a broader push by the U.S. and its allies to build critical minerals supply chains independent of China. The company has also received a letter of interest from the U.S. Export-Import Bank for up to $67 million in debt financing, and last month it secured a conditional $400 million loan tied to the project, while separately exploring a possible U.S. stock market listing.

Those catalysts fueled an extraordinary run for the shares over the past year, at one point pushing the stock up more than 1,200% from its 52-week low. Sunrise Energy Metals has also been evaluating an expansion case that could lift potential scandium oxide production capacity from 60 tonnes to 180 tonnes per annum, and in September the company issued a corporate presentation reaffirming that the mineral resource, ore reserve and production-target assumptions underpinning its feasibility study remained unchanged.

Even so, the company remains pre-revenue in any meaningful sense, with the Syerston project yet to reach a final investment decision, which management has targeted for the September 2026 quarter. Financial filings show the company posted a net loss for the period and continues to report negative operating cash flow, underscoring that its market valuation rests heavily on future project economics rather than current earnings. Analyst coverage of the stock remains thin, with brokers who do cover the name offering a consensus price target near $20, according to market data compiled ahead of the session.

Friday’s decline was not confined to Sunrise Energy Metals. ASX-listed critical minerals and rare earth names have shown a pattern of sudden, sector-wide pullbacks in recent weeks even as underlying project news for individual companies stayed positive, a dynamic traders have attributed to swings in investor sentiment around spodumene and rare earth pricing rather than to deteriorating fundamentals at any single company. Materials-sector benchmarks on the ASX have likewise shown bouts of weakness during the same stretch.

For a stock that has become a favorite among momentum traders chasing exposure to the critical minerals theme, the size of Friday’s drop is a reminder of how thinly some of these names trade relative to their market capitalization, and how quickly gains can unwind once buying momentum stalls. Average daily volume for Sunrise Energy Metals has run in the range of 600,000 to 800,000 shares, a level that can amplify price swings when large blocks change hands in either direction.

Company documents show Sunrise Energy Metals has continued to issue new shares tied to option conversions and employee incentive plans in recent months, modestly expanding its share count even as the stock price surged. The company’s most recent annual general meeting was held in November, and its next scheduled earnings update is expected in the coming weeks as part of its regular quarterly reporting cycle.

For now, the company’s underlying construction and financing timeline appears unchanged. Procurement of long-lead equipment items for Syerston, including boilers and heater vessels, has already gone to tender ahead of the targeted final investment decision, and the company has separately made a small strategic equity investment in a U.S. semiconductor materials developer working with aluminum-scandium nitride technology, a move aimed at extending Sunrise’s exposure into downstream applications for the metal.

Whether Friday’s pullback marks a pause in the stock’s rally or the start of a deeper correction will likely depend on newsflow around the Syerston financing package and the timing of the final investment decision, both of which remain the key catalysts investors are watching heading into the back half of the year.

DEVENS, Mass. — South Korea’s Hyundai Motor Group has become an investor in Commonwealth Fusion Systems, the Massachusetts-based nuclear fusion company backed by Bill Gates, marking the automaker’s first move into the fusion energy sector as it looks to help build the company’s planned commercial power plants.

Commonwealth Fusion Systems, known as CFS, announced the investment on September 10, saying Hyundai joined as part of the company’s recently completed $1 billion capital raise. The size of Hyundai’s contribution was not disclosed, but the company said the investment marks the first step in a partnership between the two firms as they explore engineering and industrial collaboration on future commercial fusion plants known as ARC.

“Fusion energy has the potential to play an important role in addressing growing global energy demand while supporting a more sustainable future,” said Hokeun Chung, executive vice president of Hyundai Motor Group. Chung added that Hyundai intends to contribute more than just capital to the relationship. “CFS has demonstrated strong technical progress toward commercial fusion energy, and we look forward to exploring opportunities to contribute our industrial, engineering and infrastructure expertise as the industry advances,” he said.

Bob Mumgaard, chief executive and co-founder of CFS, framed the partnership as part of a broader strategy to line up industrial partners ahead of the company’s planned entry into commercial power generation. “As we prepare to put fusion energy on the grid in the early 2030s, we see partnerships with leading industrial and energy companies like Hyundai as an important component to helping us scale our ARC power plant business,” Mumgaard said.

The $1 billion raise that brought Hyundai on board was completed in late July and pushed CFS’s total capital raised since its founding to $4 billion, the company said, cementing its position as the best-funded private fusion company in the world. The round drew a mix of pension funds, sovereign wealth funds, and infrastructure and industrial investors, and stands as the largest single funding round in the fusion industry globally since CFS’s own $1.8 billion Series B round in 2021. It follows an $863 million raise the company completed in 2025.

CFS was spun out of the Massachusetts Institute of Technology in 2018 and has built its approach around high-temperature superconducting, or HTS, magnets, a technology the company says is central to making fusion power commercially viable. The magnets are used to confine superheated plasma inside a donut-shaped chamber known as a tokamak, generating far stronger magnetic fields than earlier designs while keeping the overall reactor more compact.

That magnet architecture was first developed for SPARC, a demonstration tokamak that CFS is currently assembling at its headquarters in Devens, Massachusetts. SPARC is designed to demonstrate net energy gain, meaning it would produce more energy from the fusion reaction than is required to sustain it, on a commercially relevant basis. The company has said it is targeting that milestone for 2027.

The core physics assumptions underpinning CFS’s next-generation commercial plant, known as ARC, received a further boost in June 2026, when a peer-reviewed research study formally validated the plasma physics models behind the design. According to those validated models, the ARC plant is expected to generate approximately 1.1 gigawatts of fusion power, translating into roughly 400 megawatts of net electricity delivered to the grid.

CFS is developing its first ARC commercial plant, called the Fall Line Fusion Power Station, in Chesterfield County, Virginia, with a startup targeted for the early 2030s. Regional utility Dominion Energy is collaborating with CFS on site development for the project. Technology giant Google and Italian energy supplier Eni, both of which are also investors in CFS, have separately signed long-term power purchase agreements to buy more than half of the plant’s total electrical output once it comes online.

As part of preparations to begin delivering power commercially, CFS has submitted an interconnection application to PJM Interconnection, which operates the largest wholesale electricity market in the United States. The filing marks the first time any fusion developer has formally applied to connect a plant directly to a regional high-voltage grid, according to the company.

Hyundai’s investment adds the automaker to a growing list of industrial and energy companies backing CFS as the fusion sector attracts increasing interest from strategic corporate investors rather than purely financial backers. The companies said they also plan to explore ways to support fusion energy development in South Korea, an area of interest as the country has prioritized fusion research under its national “7 SEED” initiative aimed at advancing next-generation energy technologies.

CFS’s total funding puts it well ahead of rival fusion developers. The company’s $4 billion in cumulative capital compares with roughly $1.5 billion each raised by U.S.-based competitors TAE Technologies and Helion Energy, and $752 million raised by Proxima Fusion, currently the best-funded fusion company in Europe. Altogether, CFS’s funding represents close to 30% of the estimated $14.2 billion invested in fusion energy companies worldwide to date, excluding Chinese firms, for which detailed funding figures are not publicly available.

For Hyundai, the move into fusion follows the company’s earlier bets on hydrogen fuel-cell technology as it looks to diversify its exposure across next-generation energy sources. Executives at the automaker have framed the investment as a long-term strategic play tied to rising global electricity demand, including demand driven by energy-intensive industries such as advanced manufacturing and data centers, rather than an immediate commercial venture.

Neither company has disclosed a specific timeline for when engineering collaboration under the new partnership might begin, and CFS said further details on the scope of the relationship, including any potential Korean fusion power projects, would be worked out as the companies continue discussions in the months ahead.

FUNDAMENTALS

Spot gold was down 0.5% at $4,327.80 an ounce by 0119 GMT after posting a third consecutive weekly ‌decline on Friday. U.S. ⁠gold ⁠futures for December delivery fell nearly 1% to $4,368.60.
Traders are pricing in about an ​86% chance of a U.S. rate hike at the central bank’s policy meeting ​on September 15-16, up from about 67% prior to inflation data last week, according to the CME FedWatch Tool.

U.S. consumer prices accelerated ​in August, while a key measure of underlying ⁠inflation posted ‌its largest increase in four months, data on Friday ​showed, reinforcing ​expectations that the Fed will raise interest rates this ⁠week.

Although gold is typically seen as an ​inflation hedge, higher interest rates tend to diminish non-yielding ​bullion’s appeal to investors.

Live Events

Oil prices jumped more than 2% on Monday after fresh Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.
Middle East diplomacy appeared to falter ‌after a meeting between Iran and other Gulf states was postponed.Goldman Sachs saidon Friday it still sees upside ​risk to its ​forecast for gold ⁠to reach $4,900 an ounce by the end of 2026, although it expects price volatility to remain elevated.

Elsewhere, two European Central Bank policymakers ​left the door open to further rate hikes if conflict-driven increases in energy prices feed through to broader inflation in the euro zone.

Among other metals, spot silver slipped 1.1% to $63.75 per ounce on Monday, platinum dropped 0.8% to $1,782.50, and palladium slid 0.7% to $1,290.36.

LONDON — Prince George has begun the next chapter of his education at Eton College, following his father into one of Britain’s most storied schools, even as royal watchers note that adjusting to the institution’s centuries-old customs and internal vocabulary can be its own learning curve for new pupils and their families.

The 13-year-old, who is second in line to the British throne, arrived at Eton on September 8 for his first day, accompanied by his parents, Prince William and Catherine, the Princess of Wales. The family was greeted by the school’s head master, Simon Henderson, in scenes that echoed William’s own arrival at Eton three decades earlier. George, who wore a jacket, shirt and tie for his arrival, later changed into the school’s traditional uniform of a black tailcoat, waistcoat and pinstriped trousers with a stiff white collar.

The move to Eton marks a significant milestone for the future king, who previously attended Lambrook School, a private preparatory school in Berkshire also attended by his younger siblings, Princess Charlotte, 11, and eight-year-old Prince Louis. Lambrook, which only educates pupils through Year 8, has long served as a regular feeder school into Eton, sending a steady stream of boys on to the College over the years.

Melanie Sanderson, managing editor of The Good Schools Guide, said the transition to Eton brings with it a distinctive institutional culture that can take some adjustment, even for a family with deep ties to the school. “Eton has its own language—they call year groups different things,” Sanderson told PEOPLE. “It’s from a bygone era, but of course, when your dad has been through that system, it’s probably been part of his vernacular for most of his life. As parents, you do talk about your school days, and your kids can relate to that. I’m confident that he will be very well prepared.”

Sanderson noted that George’s previous school should have eased the path considerably. “Lambrook is really used to sending boys off to Eton,” she said. “It’s a regular feeder for Eton College and lots of boys would have trodden that path before, so it’s nothing new. It’s a prep school, so its absolute purpose is to prepare its boys and girls for their next school.”

George’s enrollment continues a family tradition stretching back generations, though not an unbroken one. William attended Eton from 1995 to 2000, becoming the first heir in the direct line to the throne to be educated there. His father, King Charles, was instead sent to Gordonstoun, the rugged Scottish boarding school also attended by Charles’s own father, Prince Philip, who reportedly found his time there difficult. William, by contrast, has spoken warmly of his years at Eton, recalling in the past how he would walk over to nearby Windsor Castle on weekends for tea with his grandmother, the late Queen Elizabeth II. George’s uncle, Prince Harry, also attended Eton before William and Kate’s own three children were born.

Founded in 1440 by King Henry VI, Eton College sits just outside Windsor, within easy reach of Adelaide Cottage, where William, Kate and their three children currently live. The proximity to the family home has been cited as one of the practical factors behind the decision to send George there rather than to Marlborough College, the Wiltshire school where Kate herself was educated and which had been seen as a rival contender for years before the announcement. Unlike Marlborough, which is co-educational, Eton remains an all-boys school, meaning Charlotte will not be able to join her brother there when her own time comes to move on from Lambrook.

Fees at Eton run to roughly $88,000 a year, placing it among the most expensive schools in the country. The College’s roll call of alumni includes 20 former British prime ministers, among them Boris Johnson and David Cameron, along with actors Tom Hiddleston, Hugh Laurie, Eddie Redmayne and Damian Lewis, writers George Orwell and Ian Fleming, and adventurer Bear Grylls. Admission is known to be rigorous, with prospective pupils generally required to register years in advance and to sit entrance examinations and interviews before being offered a place.

Reports in the lead-up to George’s enrollment had suggested Eton officials were taking additional precautions ahead of his arrival, with specific accommodations at the school reportedly reviewed and upgraded to meet the security requirements associated with housing a future monarch on campus. Neither Kensington Palace nor Eton College has detailed those arrangements publicly, in keeping with the family’s general approach of allowing limited media access around the children’s schooling while preserving their day-to-day privacy once term is underway.

For William and Kate, George’s arrival at Eton also represents a milestone in balancing the demands of royal life with a desire to give their children as conventional an upbringing as possible within the constraints of their position. The couple has previously spoken about wanting their children to experience ordinary school life, even as media and public interest in George, as second in line to the throne, remains intense. School officials and royal commentators alike have suggested that whatever adjustment period lies ahead for George at Eton, from the institution’s particular jargon to its long list of traditions, is one his father is uniquely positioned to help him navigate, given his own formative years spent within the same walls three decades before.

As George settles into his new routine, attention will likely turn to how the family manages the balance between his education and his public role in the years ahead, with Eton’s five-year program setting the stage for the next phase of his life before any expected move to university.