23/03/2026
BIG PICTURE
* Iran threatens to 'completely' close Strait of Hormuz and hit power plants after Trump ultimatum
TOP EVENTS MONDAY
* Board Meetings of:
+ Biogen Pharmachem Industries, to consider issue of bonus shares.
+ Euro Pratik Sales, to consider declaration of interim dividend.
+ Gconnect Logitech and Supply Chain, to consider preferential issue of equity shares.
+ GTV Engineering to consider issue of equity shares.
+ Housing and Urban Development Corp., to consider declaration of interim dividend.
+ Mittal Life Style, to consider raising of funds.
+ SM Gold, to consider rights issue of equity shares.
+ Sobhagya Merchantile, to consider preferential issue of equity shares.
+ Starlineps Enterprises, to consider allotment of equity shares and convertible warrants in to equity shares.
+ Vedanta, to consider declaration of interim dividend.
* Annual General Meetings of: DIC India
GLOBAL MARKETS
* US: Most major US indices closed in the red on Friday as tensions mount in the US-Iran war. Over the weekend both countries traded threats as the conflict in West Asia enters its fourth week. Futures of major US indices were nearly flat while oil prices continued their climb with the May futures of Brent Crude oil touching $112 per barrel.
* Asia: Asian indices tumbled in early trade on Monday with South Korea's Kospi falling over 4% due to sell-offs stemming from a de-risking sentiment as the US-Iran war intensifies. Crude oil prices fell slightly on Monday from Friday's close, however still remain nearly 55% higher than their pre-war levels. The surge in oil prices has hit Asian equities hard as most countries in the region are heavily dependant on oil imports from West Asia.
IPO WATCH
=========
* Flipkart group's Chief Financial Officer Sriram Venkataraman is stepping down from his position, according to several media reports. Ravi Iyer, a Flipkart veteran of more than 12 years and the CFO of the company's marketplace unit, will oversee the broader finance organisation, Reuters reported. The development comes amid the Walmart-owned company's plans for an initial public offering later this year or the next year.
* Central Mine Planning & Design Institute's initial public offering saw tepid demand from investors on the opening day, receiving bids for 5.24 million shares against 79.79 million shares on offer, or around 7%. The price band for the public issue has been set at RS 163-RS 172 per share. The company had raised RS 4.70 billion from anchor investors Thursday.
* Innovision will list on bourses Monday. The issue price has been set at RS 519 per share. The company's initial public offering, which ended Tuesday, was subscribed 3.3 times. The company received bids for 21.27 million shares against almost 6.40 million shares on offer.
* Polite Powertech has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of 12.5 million shares. The offer includes a fresh issue of 10 million shares and an offer for sale of 2.5 million shares. The face value of each of these shares is RS 10.
SECTOR NEWS
===========
* AVIATION: The Delhi High Court upheld two arbitral awards passed in 2016 asking to pay RS 579.25 million and RS 781,768 to All India Aircraft Engineers Association and Indian Aircraft Technicians Associations, respectively, along with interests.
Indian airline players, IndiGo, Air India, and SpiceJet have raised strong objections to the government's decision asking them not to levy any charges for the selection of at least 60% seats on flights. These companies said that they would raise airfares to recover lost revenue. The Federation of India Airlines has urged the civil aviation ministry to withdraw the decision.
* COMMODITY: Demand for gold in India could see a recovery around key festivals in April and the wedding season in smaller towns, but the overall buying interest will depend on prices of the yellow metal, according to Kavita Chacko, research head, India, at the World Gold Council.
* ECONOMY: The Central Board of the Reserve Bank of India Friday approved the central bank's budget for 2026-27 (Apr-Mar). The board, which held its 622nd meeting in Patna, also approved the central bank's medium-term strategy framework, Utkarsh 3.0, for three years starting 2026, RBI said in a press release.
Spending under the government's flagship subsidy scheme to encourage solar rooftops – the PM Surya Ghar Muft Bijli Yojana – may reach RS 300 billion-RS 350 billion in 2026-27 (Apr-Mar), exceeding the Budget Estimate of RS 220 billion for the year, a power ministry official said. This would be on the back of strong interest visible amongst eligible beneficiaries.
The central government's outstanding borrowing from the Reserve Bank of India under the ways and means advances facility was nil on Mar. 13.
Finance Minister Nirmala Sitharaman urged income tax department to work on reducing litigation and using technology to curb tax evasion. "My expectation (is to) reduce litigation aggressively. With clearer provisions, there should be a measurable reduction in cases," she said.
* ENERGY: Power distribution companies in India are currently not in a position to make investment towards vehicle-to-grid technology, Hindustan Power Exchange Managing Director Harish Saran said.
The government is not looking to introduce production-linked incentive scheme to increase local manufacturing of power transmission and distribution equipment, a power ministry official told Informist Saturday. "There's a huge market, people are coming...as of now we've not thought much on the PLI. Only for steel we thought...cold-rolled grain oriented but it be not worth it," the official said.
* FMCG: Amid the military conflict in West Asia, a shortage of containers for transporting raw materials, logistical challenges in shipping finished goods, and volatility in crude prices are expected to weigh on the performance of Indian consumer goods companies operating in the region, according to industry officials.
* FERTILISERS: The Centre has successfully implemented the direct benefit transfer in fertilisers system to ensure efficient subsidy disbursal and availability to farmers, Minister of State for the Ministry of Chemicals and Fertilisers, Anupriya Patel, said in a written reply to the Lok Sabha Friday.
The government clarified there was no proposal to increase the price of urea and the the size of urea bags has already been reduced as a policy measure to promote balanced fertiliser use and improve soil health. The reduction in bag size--from 50 kilogram to 45 kg and in certain cases to 40 kg--has been implemented with the objective to curb excessive consumption of urea and encouraging judicious and efficient application of fertilisers by farmers, a release by the Ministry of Chemicals and Fertilizers said.
* INDUSTRY: The growth of India's eight core industries slowed to 2.3% on year in February, because of fall in production of refinery products, natural gas, and crude oil sectors. The growth in production of the electricity sector was also marginal for the month.
* OIL AND GAS: The west coast of Gujarat and Maharashtra are expected to receive eight liquefied natural gas cargoes by Mar. 31, said senior Gujarat government officials. These imports will help fill the gap in natural gas supply arising out of the Israel-US war on Iran and the consequent turmoil in West Asia.
The increase in price of premium petrol is unlikely to affect most consumers as it accounts for only 2-4% of total petrol sales in the country, the government said Friday. Oil-marketing companies have raised the price of premium petrol by RS 2.0-RS 2.3 per litre, effective immediately.
* SHIPPING: With the West Asia war continuing to escalate, some of the merchant vessels stranded near the Strait of Hormuz are running out of fresh water and food provisions, and India's maritime regulator has pushed ship managers and other relevant stakeholders to facilitate immediate supplies to them, according to people aware of the matter.
* TELECOMMUNICATIONS: India's telecom sector, one of the major consumers of diesel, is bracing for higher operating expenses following the hike in the price of bulk diesel by RS 22 per litre from Mar. 21 sold to industrial users by oil marketing companies due to the spike in global oil prices.
VODADONE IDEA and Bharat Sanchar Nigam have started talks on sharing towers, both fibre and even spectrum, to reduce input costs and improve network reach for both operators and potentially accelerate 5G rollout.
STOCKS
======
* ATLANTA ELECTRICALS: Plans to focus on boosting exports, developing products for power transmission, expanding its presence in the renewable sector, and foraying into railway segment in 2026-27 (Apr-Mar), Chairman and Managing Director Niral Patel said. The company is planning capital expenditure of around RS 2.60 billion for the next financial year.
* ASHOK LEYLAND: Said it has invested up to RS 3.75 billion in its UK subsidiary, Optare Plc. The acquisition process is expected to be completed by Mar. 31. Upon completion, Ashok Leyland's shareholding in Optare will increase slightly from 93% to 93.28%.
* BHARTI AIRTEL: The company said it has completed the necessary corporate actions for credit of 391 million fully paid-up equity shares to the demat accounts of eligible shareholders. The company has also received listing and trading approvals from the National Stock Exchange and BSE.
* CAPRI GLOBAL CAPITAL: Moody's Ratings Friday assigned "Ba3" long-term corporate family rating to the company based on its diversified business operations, strong capital, and profitability, the rating agency said in a press release. The rating is also based on improved capitalisation after the company raised funds last year.
* DEVYANI INTERNATIONAL: The company will infuse about RS 3.47 billion in Thailand-based quick service restaurant business Restaurants Development Co. The company will route the investment through its Dubai-based subsidiary Devyani International DMCC and group entity Yellow Palm Co.
* ETERNAL: The company's food delivery business, Zomato, has raised its platform fee by nearly 20% to RS 14.9 per order from RS 12.5 earlier, CNBC-TV18 reported. The move comes amid limited supply of liquefied petroleum gas. This hike in fees is seen strengthening the business' unit economics. Zomato had last raised its platform fee in September.
* ERIS LIFESCIENCES: Launched Semaglutide shots under the 'SUNDAE' brand in India. The drug is introduced in multi-dose vial formats at a starting price of RS 1,290 per month for the 2 mg/1.5 ml and 4 mg/3 ml variants.
* HDFC BANK: Fired three senior executives for their involvement in mis-selling of additional tier-1 bonds of Credit Suisse, according to media reports. The bank terminated the services of Sampath Kumar, group head of branch banking; Harsh Gupta, executive vice-president of Middle East, Africa, and NRI onshore business; and Payal Mandhyan, senior vice president.
The managing director and chief executive officer said there is no connection between the abrupt resignation of Atanu Chakraborty as part-time chairman of the bank and the lenders' action against some employees on account of gaps in requirements regarding taking on board clients at its DIFC branch in the United Arab Emirates.
* HFCL: The company informed exchanges that its board will meet Wednesday to mull raising funds by issuing warrants convertible into equity shares on a preferential basis to promoters or promoter group entities of the company.
* INDIAN OIL CORP: Has raised the price of its industrial fuel by nearly RS 22, or 25%, to RS 109.59 per litre from RS 87.67 per litre, CNBC-TV18 reported.
The company said it will ensure there would be no increase in regular automotive fuel prices in India despite surge in fuel prices across the world, as per its post on social media platform X. However, the company has raised price of premium petrol sold as 'XP-95' by RS 2 per litre. This petrol variety constitutes 5% of total petrol sales of the company.
* KOTAK MAHINDRA BANK: The bank is one step closer to acquiring the India retail business of Deutsche Bank in a deal valued at about RS 45 billion after being selected as the preferred buyer, multiple people familiar with the matter said. A deal is expected to be signed and announced as early as next week, they said, requesting anonymity as the discussions are private.
* LARSEN & TOUBRO: It is largely business as usual for the engineering major in West Asia, but with visible stress lines on the supply chain. Nearly 95% of L&T project sites in the region remain operational, with the company shutting only those located close to military bases, said Subramanian Sarma, deputy managing director and president. The remaining 5% have been temporarily closed as a precaution.
* NHPC: State-run NHPC is looking to commission two pumped storage projects over the next five years, including a 640-megawatt project in Madhya Pradesh and a 1,000-MW project at Masinta in Odisha, a senior company official said.
The company has seen muted response to its rooftop solar tenders under the PM Surya Ghar: Muft Bijli Yojana, with developers showing limited interest due to the fragmented nature of installations, a senior company official said Saturday.
The company plans to expand its capacity to 12,000 megawatts for the financial year 2026-27 (Apr-Mar), from 9,000 megawatts in FY26, a senior company official said. "We have a (capacity addition) target of at least 3,000 megawatts this coming financial year. That would make the total capacity expansion to around 12,000 megawatts," the official said.
The company is not looking to participate in the Small Hydro Power Project Development Scheme, approved by the government recently with an outlay of RS 25.84 billion.
* PATEL ENGINEERING: The company has received an order worth RS 2.31 billion for the pre-construction works of the 1,125-megawatt Dorjilung Hydroelectric Power Project in Bhutan.
* POWER FINANCE CORP.: The company's Chairman and Managing Director Parminder Chopra said the government needs to clearly define 'green' under the green taxonomy framework to realise the benefits of green financing, Friday. Ambiguity in the definition has kept the greenium, or the premium on green bonds, lower than it could be, she said.
The government has started work on the proposed merger of Power Finance Corp. and REC, and the process may take around one year to complete, a senior power ministry official said. "It was proposed in the Budget and the work has been initiated. Generally these things take 10-12 months at least," the official told Informist.
The State-owned company may look to raise more funds domestically rather than borrowing overseas aggressively amid the ongoing geopolitical uncertainties, a senior official from the company said. "Given the geopolitical issues that have come up over the last 15 days, it seems comfortable to raise funds domestically. In the past, we have raised funds through external commercial borrowing and may look to do so again if things settle down," the official told Informist.
The company has selected merchant banker for the proposed merger with REC, a senior company official said. "We had floated the tender and we have selected the banker to handle the merger," the official told Informist.
* POWER GRID CORP. OF INDIA: Expects to merge 28 wholly-owned subsidiaries into two entities in four to five months, a top company official said. The official also said that the company may get the RS 50-billion loan from Union Bank of India in four to five months.
* RAILTEL CORP. OF INDIA: Received an order worth RS 1.60 billion to provide services of cloud-based integrated newsroom for Doordarshan News, DD India, and regional news units of Doordarshan. The order is expected to be executed by Mar. 18, 2029.
* REC: The company's board will meet Wednesday to discuss the non-banking finance company's borrowing program for 2026-27 (Apr-Mar. The company's board had approved market borrowing of RS 1.70 trillion in the current financial year.
* RELIANCE INDUSTRIES: Plans to explore uranium mining outside India to control costs and reduce dependency on imports. An official said rising geopolitical tensions pose a risk to imports of uranium, which is used in nuclear reactors. The official, however, did not specify the locations of potential uranium mines being looked at.
* SONA BLW PRECISION FORGINGS: Its board has approved the capital expenditure budget for 2026-27 (Apr-Mar). The approval includes a capital expenditure allocation of RS 622 million for gear capacity improvement in the company's driveline business.
* STATE BANK OF INDIA: Received an order from the income tax department to pay RS 63.38 billion. This is after the tax department made some disallowances for the assessment year 2023-24.
* TATA CAPITAL: Has received a reassessment order from tax authorities, raising a demand of RS 4.13 billion for the financial year 2017-18, it said. The order, issued by the Deputy Commissioner of Income Tax, Mumbai under the Income-tax Act and uploaded on Mar. 20, 2026, pertains to Tata Capital Financial Services, which has been merged with Tata Capital with effect from Apr. 1, 2023.
* TATA MOTORS PASSENGER VEHICLES: Has overcome the shortage of natural gas at its Sanand plants and maintained production at both the plants at normal levels despite a 50% cut in natural gas supply by Gujarat Gas since Mar. 6, multiple shop floor personnel working at these two plants in Sanand said.
The company announced an increase in prices of passenger vehicles with internal combustion engine by an average 0.5% from Apr. 1. The price hike would vary across models and variants.
* TATA STEEL: The company has commissioned a RS 32 billion scrap-based electric arc furnace at Ludhiana, Punjab. The capacity of the furnace is about 750,000 million tonnes per annum.
* THOMAS COOK (INDIA): The board of Thomas Cook (India) Friday approved a proposal for the demerger of its resorts and resort management business into Sterling Holiday Resorts. Through this demerger, the company aims to streamline its existing capital structure and improve its earnings per share, the travel company said in a press release.
* VARROC ENGINEERING: Filed an update with bourses over its outstanding claim instituted by its step-down subsidiary Varroc Electronics Romania S.R.L. under the supply agreement executed with France-based Op Mobility Lighting Holding Plastic Omnium Group Co.
* VEDANTA: The Supreme Court rejected its plea seeking the benefit of lower tax for procuring high-speed diesel by issuance of Form C for the period Jul-Dec 2017. Under the Central Sales Tax Act, to qualify for lower rates, the purchasing dealer must typically furnish a prescribed declaration known as form C to the selling dealer, confirming that the goods are for authorised purposes.
Founder and chairman of Vedanta group, Anil Agarwal, pointed out the critical gaps in the country's mining sector. Agarwal called for immediate reforms to operationalise auctioned mineral blocks. In a LinkedIn post, he said that nearly 85% of mining blocks auctioned in the past decade remain non-operational in the country.
* WAAREE ENERGIES: The company informed exchanges that Jignesh Devchandbhai Rathod will take charge as chief executive officer effective Saturday. This comes after Amit Ashok Paithankar resigned from the post of whole-time director and CEO, effective Friday, much earlier than May 15 decided earlier.
* WIPRO: Announced the launch of its Wipro AI-Data Center (AI-DC) solution, a standardised and secure stack designed to accelerate enterprise-scale adoption of artificial intelligence while modernising core data centre infrastructure and transform customer experience operations.
