After two weeks of rallies, Indian equity indices closed sharply lower this week with the NIFTY down by 615 points and the Sensex down by 2,050 points. The downturn was triggered by US president Donald Trump's announcement of reciprocal tariffs, including a 26% levy on Indian imports, sparking a global market selloff with US equity markets selling off significantly. The IT sector was hit hardest, with the NIFTY IT index plunging 9.15% in a week, due to concerns about technology export implications.
India's manufacturing sector surged in March, reaching an eight-month high, according to HSBC's purchasing managers' index (PMI). Output and new orders grew at their fastest pace since July, driven by strong domestic demand and improved customer conditions. Finished goods inventories fell sharply, indicating robust sales. Despite this positive growth, input costs rose at the fastest rate in seven months, potentially impacting future prices. The following is the weekly trend of Indian markets.
News
The Reserve Bank of India (RBI) reprimanded Bajaj Finance for failing to identify potential risks to customers in its co-branded credit card business. RBI's letter criticised the non-bank lender for not proactively addressing critical gaps in its agreements with partner banks like RBL Bank and DBS India. Bajaj Finance's co-branded cards were a major source of customer complaints in FY23-24, despite the company having agreed to halt new sourcing of these cards in Q3FY24-25.
Mahindra & Mahindra (M&M) reported 23% rise in its overall auto sales (including exports) at 83,894 vehicles for March. In the utility vehicles segment, M&M sold 48,048 vehicles in the domestic market, a growth of 18% and, overall, 50,835 vehicles, including exports. The domestic sales for commercial vehicles stood at 23,951. The company closed the year with 551,487 SUVs (sports utility vehicles), the highest-ever in its history, with a growth of 20% year-on-year (y-o-y).
AGI Greenpac received approval for setting up a new container glass plant (greenfield project) in Madhya Pradesh. It will be adding 500TPD (tonnes per day) capacity, while the existing capacity stood at 2,000TPD. The proposed capacity is to be added within a two-year period. The investment required for the project is around Rs700 crore. The board of directors of the company, at its meeting held on 31 March 2025, has inter-alia approved the proposal.
Ola Electric Mobility registered 23,430 units in March 2025 (as per the VAHAN portal), reflecting strong demand across urban and rural markets. As shared earlier, the shift to in-house vehicle registrations in February led to temporary disruptions. While the transition continues, daily registration volumes and backlog clearance are steadily improving.
Glenmark Pharmaceuticals’ US-based subsidiary—Glenmark Pharmaceuticals Inc, USA—launched vancomycin hydrochloride for injection USP, 750mg/vial, 1.25g/vial and 1.5g/vial (single-dose vial). Glenmark’s vancomycin hydrochloride for injection USP, 750mg/vial, 1.25g/vial and 1.5g/vial (single-dose vial) is bio-equivalent and therapeutically equivalent to the reference listed drug, Vancomycin Hydrochloride for injection USP, 750mg/vial, 1.25g/vial and 1.5g/vial of Mylan Laboratories, NDA 209481.
Morepen Laboratories received approval from the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) in China for its Loratadine (anti-allergy API).
Adani Green Energy’s (AGEL) wholly-owned step-down subsidiary—Adani Renewable Energy Fifty Seven—operationalised incremental solar power project of 25MW at Khavda (Gujarat). With operationalisation of this plant, AGEL’s total operational renewable generation capacity has increased to 14,242.9MW.
Eicher Motors’ motorcycle division has reported 34% rise in sales at 101,021 units in March 2025 compared to 75,551 motorcycles sold in March 2024. The company’s sales of models with engine capacity up to 350cc increased by 32% at 87,312 units in March 2025 against 66,363 units in the same period a year ago. The sales of its models with engine capacity exceeding 350cc increased by 49% at 13,709 units in March 2025 against 9,188 units in March last year. The company’s sales from international business increased by 36% at 12,971 units in March 2025 against 9,507 units in the same period a year ago.
Waaree Energies inaugurated advanced 5.4GW solar cell giga factory facility in Chikhli (Gujarat). Spread across 150 acres, with a built-up area of 101 acres, this facility stands as a testament to its commitment to a sustainable energy future for the country.
The United States Food and Drug Administration (US FDA) conducted a routine current good manufacturing practices (cGMP) inspection at the unit-2 facility of OneSource Specialty Pharma located at Bengaluru. The inspection has concluded with four observations.
Paras Defence and Space Technologies (PARAS) signed a memorandum of understanding (MoU) with MicroCon Vision (MicroCon), part and the Rafael group, Israel. MicroCon has experience and expertise in the design, development, production and marketing of ISR (intelligence, surveillance and reconnaissance) payloads and EO/IR (electro-optical/infra-red)-seekers for drones and unmanned aerial vehicles. PARAS and MicroCon will be exclusive partners in India for working together on the Micro ISR payloads.
Emcure Pharmaceuticals’ wholly-owned subsidiary—Emcutix Biopharmaceuticals—signed exclusive in-licensing agreement with WiQo. The strategic partnership grants Emcutix the rights to import, promote, distribute and sell WiQo's product PRX-PLUS in India. The collaboration is set to redefine the landscape of non-invasive skin treatments in the region.
JSW Energy added 3.6GW (gigawatts) of generation capacity during FY24-25, marking the highest annual capacity addition in the company's history. The installed generation capacity at the end of FY24-25 stands at 10.9GW, significantly surpassing the 10GW capacity target set for FY24-25.
Power Grid Corporation of India (-0.88%) declared as successful bidder under tariff-based competitive bidding to establish inter-state transmission system for the project, namely, transmission system for evacuation of power from Mahan Energen Limited generating station in Madhya Pradesh under build, own, operate and transfer (BOOT) basis. The project comprises 400kV (kilovolt) D/C transmission line and associated bays at existing Rewa PS (PG) sub-station in Madhya Pradesh.
Shilpa Medicare’s marketing partner—Amneal Pharmaceuticals—launched BORUZU, (Bortezomib for injection3.5mg/1.4ml), a new presentation of bortezomib for ready-to-use subcutaneous administration or intravenous (IV) administration in the U. market. This new ready-to-use oncology product reduces the compounding preparation steps typically required with administration The product has already been granted permanent J-code by US Centers for Medicare & Medicaid Services (CMS).
Piramal Finance, a non-bank lender, raised over Rs2,300 crore (approximately $265mn—million) through an external commercial borrowing (ECB) facility. The three-year loan, led by several international banks, is priced at just under 9% which is 15-20bps basis points lower than the prevailing domestic market rates. Piramal Finance may increase the loan to US$300mn due to a greenshoe option.
Gland Pharma received approval from the US FDA for acetaminophen injection, 10mg/mL (500mg/50mL and 1000mg/100mL). The product is bio-equivalent and therapeutically equivalent to the reference listed drug (RLD), acetaminophen injection, 500mg/50mL (10mg/mL) and 1000mg/100mL (10 mg/mL), of B. Braun Medical, Inc.
BLS International Services’ subsidiary—BLS International FZE—completed the subscription of 99.99% of the share capital of BLS Worldwide Services Inc, a company incorporated under the laws of the Republic of the Philippines. As a result of this subscription, BLS Worldwide Services Inc is now a step-down subsidiary of the company.
Lupin’s wholly owned subsidiary—Lupin Healthcare (UK)—acquired Renascience Pharma (Renascience), a UK-based pharmaceuticals company for Rs135 crore. It is the sole UK supplier of four specialty products, including injectables for infectious diseases and treatments for ear pain and cardiovascular conditions.
Orders
Kirloskar Oil Engines received an order from ministry of defence, government of India, represented by the Indian Navy. The order is for the design and development of medium speed marine diesel engine of 6MW capacity under the Make-I scheme. The order is to be executed within 36 months.
Shakti Pumps (India) received letter of award (LoA) from Maharashtra energy department agency (MEDA) for 445 off-grid solar photovoltaic water pumping system (SPWPS) at various locations across Maharashtra under component-B of PM-KUSUM scheme. The total amount of the work order is for around Rs12.42 crore. The order is expected to be completed within 120 days from the date of issue of work order.
Bharat Electronics (BEL) signed a contract with Indian Air Force valued at Rs593.22 crore for providing maintenance services for the Akash missile system which was supplied by BEL.
Sterling and Wilson Renewable Energy bagged three domestic projects worth Rs1,470 crore. The first letter of award is for a wind engineering-procurement-construction (EPC) from a private IPP (independent power producers) for a hybrid project in Rajasthan. The scope of work includes EPC of a 69.3MW wind balance of plant, and 58MW AC/75 MWp DC Solar BoS (balance of system), along with 132kV / 33kV pooling substation.
Larsen & Toubro (L&T) secured large orders for its power transmission & distribution (PT&D) vertical in India and abroad. It has won an order for setting up a 765kV gas insulated substation (GIS) in western India and another order for the turnkey construction of a transmission line associated with evacuation of power in the same region. In Saudi Arabia, the vertical received orders for setting up two 380kV overhead lines. The combined length of these transmission lines exceeds 130 route kilometres and are meant for ensuring reliable power supply to the key townships around Riyadh.
Kalpataru Projects International secured new orders of around Rs621 crore. The company has received orders in the buildings and factories (B&F) business in India. It has also received order in the railway business in India.
HBL Engineering received five letters of acceptances from Central Railway. The total value of all the five contracts is Rs762.56 crore. Each of the contracts has to be completed in 18 months. It received letter of acceptances for the provision of Kavach across 413 stations, covering 3,900km.
Investment/ Acquisition / Stake Stale
Sterlite Technologies (STL) successfully completed the demerger of its global services business. The services business will transition from Sterlite Technologies (STL) to STL Networks under the brand name ‘Invenia’. This milestone marks the culmination of a strategic initiative to create two specialised, future-ready organisations poised for accelerated growth.
Alivus Life Sciences (+0.51%) entered into share purchase-cum-subscription shareholders’ agreement and power supply agreement with Torrent Urja 19 for consumption and supply of renewable energy (RE). It will acquire minimum 9.21% stake in Torrent Urja 19.
Tata Steel acquired additional 1,24,90,000 equity shares of face value Rs10 each aggregating Rs12.49 crore in Indian Foundation for Quality Management (IFQM). After the acquisition, the company’s aggregate shareholding in IFQM has increased from 9.09% to 16.66%.
ITC acquired Century Pulp & Paper from the Aditya Birla group for Rs3,498 crore. Century Pulp & Paper has manufacturing capacity of 480,000TPA (tonnes per annum). Aditya Birla Real Estate divested the business to streamline its focus on real estate development and unlock value for shareholders.
Sandhar Technologies’ wholly-owned subsidiary—SandharAscast—successfully acquired the high-pressure and low-pressure aluminium die casting business of Sundaram-Clayton (SCL) (at its Hosur Plant), a prominent player in the sector. This acquisition represents a pivotal expansion of SandharAscast's operations. The acquisition is being made via all-cash deal valued at Rs163 crore, subject to adjustments as per the terms outlined in the business transfer agreement at the time of deal closure.
Jindal Steel and Power acquired Allied Strips (ASL), a Haryana-based steel products manufacturer, for Rs217.5 crore in an all-cash deal. The acquisition, conducted through Jindal Steel Odisha (JSO), a subsidiary, will expand Jindal Steel's product portfolio and create synergies with its existing steel manufacturing operations.
UltraTech Cement, India's largest cement producer, will acquire Wonder WallCare, a wall putty manufacturer, for Rs235 crore. The deal, expected to close within 90 days, will significantly boost UltraTech's value-added product portfolio. Wonder WallCare has a manufacturing plant in Rajasthan with a capacity of 600,000TPA.
Top gainers and losers of the major indices for the week are given in the table below:
