Geopolitical shock has re-priced Indian equities sharply. India's benchmark NSE (National Stock Exchange) Nifty 50 slid to 23,151.10, an 11-month low, extending losses for a second consecutive session, as broader indices shed over 8% in 2026. Moneylife’s market breadth indicators re-entered bearish territory last week as the Gulf War intensified, underscoring renewed fragility in internal momentum. The escalation has added pressure to global sentiment, with fewer stocks able to sustain above their 20-, 50- and 200-day exponential moving averages (EMAs). This reversal highlights how external shocks are compounding structural weakness, pushing breadth deeper into negative territory. The move signals that markets remain highly vulnerable and any sustained recovery will require both easing geopolitical tensions and stronger participation across segments.
On Friday, over 439 stocks fell more than 4.5%, while nearly 1,019 declined over 3%, marking deepened broad-based weakness across the market. Previously, on Monday, more than 300 stocks fell over 4.5% and nearly 900 slipped more than 3%. Similar broad-based selling pressure was also evident on 2nd March and 4th March, following the 28 February 2026 strike by the United States and Israel on Iran.
The BSE (Bombay Stock Exchange) Sensex trades at a P/E (price-to-earnings) ratio of 21.3, and the Nifty 50 at 21.2 — still commanding a material premium over EM (emerging market) peers: China's SSE Composite at 10.2x, Indonesia's JKSE at 13.7x, and Brazil's Bovespa at 11.5x. Only South Korea's KOSPI, at 22.9x, trades above Indian valuations, reflecting that, despite the correction, Indian equities remain relatively expensive in a risk-off world.
The proximate cause is crude oil. Brent surged above US$97/barrel — briefly crossing US$100 — driven by supply fears following the escalation of the Iran - Israel and United States conflict and the closure of the Strait of Hormuz. Sector damage was broad-based: the Nifty Auto index fell 3.2%, FMCG (fast-moving consumer goods) 1.8%, and the private bank and realty indices shed approximately 1.6%.
The Indian rupee fell to a fresh low of ₹92.5 per US dollar. A weaker rupee, combined with elevated crude, exacerbates India's current account pressures and further dampens risk appetite for FPI (foreign portfolio investor) flows — adding a second-order headwind to equity valuations already under pressure.
West Asia Crisis: Supply Chains under Siege
The Iran conflict is not merely a geopolitical abstraction — its material costs are landing directly on India's export economy and energy supply chain. An estimated 40,000–45,000 Indian containers are stranded in transit or at international ports, representing a cargo backlog valued between US$1.0bn (billion) and US$1.5bn. Basmati rice alone accounts for approximately 400,000 tonnes of the stranded volume. Exporters face fivefold increases in rerouting costs, with French shipping giant CMA CGM levying an emergency Strait of Hormuz surcharge of US$2,000–4,000/container, on top of baseline freight rates of US$800–1,500.
Daily contingency surcharges from shipping lines add a further ₹3,000–5,000/container. Freight rates overall have surged 70%–80% from pre-crisis levels. The ministry of commerce and industry has solicited tariff code and value-wise breakdowns from goods exporters of affected shipments, while service exporters have been asked to report supply chain and digital infrastructure disruptions. NVOCCC (non-vessel operating common carrier) operators in the Persian Gulf — which handle many of the stranded boxes — are bearing the brunt of port congestion at Khorfakkan, Fujairah and Jebel Ali.
Aluminium Market Crisis-driven Opportunity
The aluminium market has inverted into a crisis-driven opportunity for Indian producers. The LME (London Metal Exchange) aluminium price surged 7.8% in a single week to US$3,385.5/tonne, up nearly 9% year-to-date, as GCC (Gulf Cooperation Council) smelters — representing 8.5% of global production and 6.5% of global exports, spanning Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain — faced shutdowns and force majeure declarations. Indian integrated producers, led by NALCO (National Aluminium Company), Hindalco Industries, and Vedanta, rallied and the aluminium recycler Arfin India also surged. Analysts forecast LME aluminium to hold in the ₹26,000–₹28,000/tonne range through FY26-27, with geopolitical upside risk. NALCO's captive coal mines, supplying 57% of its coal requirements, provide meaningful insulation from input cost volatility.
The LPG Crunch
The Strait of Hormuz disruption has exposed the structural fragility of India's LPG (liquefied petroleum gas) supply chain. India's natural gas consumption had risen to an estimated 1,095mnscm (million standard cubic metres) in 2026, while India's share in Qatar's LNG (liquefied natural gas) exports has declined from 56.83% in FY16-17 to 46.70% in FY25-26 — a narrowing dependency that, nonetheless, leaves significant exposure.
A ministry of petroleum and natural gas notification dated 5 March 2026 prioritised domestic cooking gas over commercial supply, prompting distributors to restrict LPG allocations to commercial users and raise prices by up to 30%. The cascading effects have been severe: packaged food manufacturers — including Parle Products, Cornitos, Britannia and Bikaji Foods — have either halted LPG-dependent production lines or shifted to induction and kettle-based alternatives, with the transition gradual and costly. PNG (piped natural gas), the fallback, is now itself subject to rationing, with suppliers imposing premiums of at least 30%.
The crisis coincides with a seasonal demand surge and the tailwind of GST (goods and services tax) cuts introduced in September — compressing margins precisely when volumes should be expanding. Decline in prices of top packaged food FMCG stocks from their open on 2 March 2026.
QSR (quick-service restaurant) chains, such as Jubilant FoodWorks, Westlife Foodworld and Domino's, have reported operational disruptions. Shares of Eternal (Zomato) and Swiggy fell on investor concern over supply constraints from 2 March 2026. Smaller operators, lacking the capital to retrofit electric cooking equipment, are disproportionately exposed. The catering and events sector — wedding planners, iftar organisers, school lunch programmes — faces cancellations and elevated cylinder costs. Some restaurants have reverted to charcoal-based cooking or simplified menus. Analysts warn the squeeze may persist well into April.
The LPG shortage has also struck AC (air-conditioner) manufacturers. Polystyrene and powder-coating LPG are critical inputs; copper prices have surged 25% in recent weeks and aluminium has reached record highs and steel costs have risen sharply compounding cost inflation. Godrej Enterprises reports strained supply chains for refrigerants, washing machines and ACs.
Bluestar anticipates significant production impacts if LPG supplies remain constrained. Voltas expects a 25% reduction in room AC sales for the current fiscal year, attributing the decline primarily to supply-side constraints. Panasonic Life Solutions India continues to monitor the volatile situation, balancing production schedules with cautious inventory management.
In an interview the management of PG Electroplast, said it is facing significant production disruptions at its AC manufacturing plants due to acute LPG shortages, with two of its four plants shuttered for three days last week, resulting in a 50% production cut during that period. March, which, typically, contributes 12%-15% of annual sales, has been particularly affected, potentially causing a 1%-2% revenue shortfall for FY25-26, with risks of further impact if supply issues persist. The company is managing production daily amid uncertain LPG availability and is actively pursuing alternative gas sources expected within seven to 10 days, with minimal cost to retrofit existing machinery. Additionally, steep polymer price increases of 40%-50% for polypropylene, Acrylonitrile Butadiene Styrene (ABS) and High Impact Polystyrene (HIPS) compound the operational challenges.
PG Electroplast aims to recover lost ground in April and May, contingent on LPG supply normalisation and a prolonged summer. The combined effect — LPG shortage, surging non-ferrous metals and peak summer demand — threatens a harsher-than-expected summer sales season for the sector. Epack Durable flagged potential gas supply constraints due to Middle East geopolitical tensions. It has temporarily halted some production for the West Asia market but expects no material impact on overall operations. It is working with suppliers and exploring alternatives.
Pharma & Medical Devices: Dual Pressures
India's medical devices sector is being squeezed from two directions simultaneously. PP (polypropylene) prices — the critical input for syringes, IV (intravenous) bags, catheters and surgical components — have surged over ₹55/kg (kilogram) since December, with plastic raw materials costs up 25%–35% in a fortnight. SMEs (small and medium enterprises), which constitute 90% of the medical devices market, are most exposed. Adani Total Gas has further restricted daily gas supply to 40% of contracted quantities, further curtailing production capacity.
In pharmaceuticals, the government has banned all promotional advertising of GLP-1 (glucagon-like peptide-1) class drugs — used for diabetes and obesity management — across all media platforms, citing widespread misuse. The regulatory intervention arrives as patents on semaglutide (marketed as Ozempic and Wegovy by Novo Nordisk) and tirzepatide (Mounjaro, by Eli Lilly) are set to expire, catalysing a wave of generic entrants. Semaglutide's domestic market share has already risen to 21% from 13% in two months, driven by lower generic pricing.
A Delhi High Court bench has permitted Dr Reddy's Laboratories to manufacture semaglutide for export, rejecting a patent challenge — providing legal clarity that will accelerate generic production timelines. The Indian pharmaceuticals landscape is undergoing a major shift as the patent for semaglutide (the active ingredient in blockbuster GLP-1 drugs like Ozempic and Wegovy) expires on 20 March 2026. This ‘patent cliff’ has triggered an aggressive race among domestic manufacturers to launch affordable generic versions, potentially slashing prices by up to 50%–90%. Over 50 branded generics are expected to enter the market.
Key players preparing for ‘Day 1’ launches or early 2026 entries include: Sun Pharmaceutical Industries: Plans to launch under the brand names Noveltreat (for weight management) and Sematrinity (for type-2 diabetes). Zydus Lifesciences: Entering the market with brands like Semaglyn, Mashema and Altreme. Dr Reddy’s Laboratories: Launching its version, Obeda, with plans to sell 12mn (million) pens in the first year. Alkem Laboratories: Has already secured regulatory approvals to manufacture and sell generic semaglutide for both weight loss and diabetes. Natco Pharma & MSN Laboratories: Both have received favourable recommendations for injectable semaglutide formulations.
Torrent Pharmaceuticals is differentiating itself by focusing on a synthetic oral formulation of semaglutide (generic Rybelsus) and injectable versions. In January 2026, the CDSCO’s subject expert committee (SEC) gave a favourable recommendation for Torrent's oral semaglutide tablets in 3mg, 7mg, and 14mg strengths. Significant price surge was noticed in this stock from their open on 2 March 2026.
Pharmaceuticals exporters, operating under the aegis of Pharmexcil (Pharmaceuticals Export Promotion Council of India), have appealed for freight subsidies as shipping charges double to US$4,000–8,000/shipment. The Middle East — UAE, Saudi Arabia, Oman, Kuwait and Yemen — accounts for 5.58% of India's total exports, predominantly generics and vaccines. Exporters are actively exploring alternative logistics routes to sustain supply continuity.
Trade & Tariffs: Washington's Section 301 Probe
Washington's latest salvo in its trade offensive signals a broader strategic intent to reshape global manufacturing dynamics, with India squarely in the crosshairs. The USTR (United States trade representative) has initiated tariff investigations against 16 trading partners — including India — under Section 301(b) of the Trade Act of 1974. The probe targets alleged structural excess capacity and production subsidies in manufacturing that Washington claims adversely impact its reindustrialisation agenda. Sectors under scrutiny include steel, aluminium, automobiles, batteries, electronics, chemicals, machinery, semiconductors and solar modules. Other named parties include: China, the EU (European Union), Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, South Korea, Vietnam, Taiwan, Bangladesh, Mexico and Japan.
The investigation follows a US Supreme Court ruling that invalidated the Trump administration's country-specific reciprocal tariffs, which had imposed a blanket 10% surcharge on imports for 150 days under Section 122. Should the Section 301 probe conclude unfavourably, Washington has signalled retaliatory trade measures. For India, the probe lands at a moment of existing export stress: freight costs are elevated, containers are stranded and the rupee is under pressure. New compliance costs — and the risk of sector-specific tariffs — would further complicate India's export calculus, particularly in electronics and pharmaceuticals where the US is a critical destination.
Electronics & FDI: Dixon's JV Ladder and The PN3 Thaw
India's largest electronics contract manufacturer, Dixon Technologies, has received MeitY (ministry of electronics and information technology) approval under PN3 (Press Note 3) to establish a joint venture (JV) with China's HKC Overseas. Dixon will hold a 74% stake in DDTPL (Dixon Display Technologies Private Limited), manufacturing LCD (liquid crystal display), TFT-LCD (thin film transistor LCD), and touch display modules for mobiles, notebooks, TVs, monitors and industrial applications. Production is slated for FY26-27.
The approval is one rung on a multi-step backward integration ladder Dixon is climbing simultaneously. The company has progressed through injection moulding, sheet metal and adaptors (operational); camera modules via the Q Tech acquisition (51% stake, revenue of ₹2,000 crore); precision mechanics through a binding term sheet with China's Chongqing Yuhai; an SSD (solid-state drive)/memory module JV with Taiwan's Inventec (operational Q1FY26-27); and an early-stage ECMS (electronics component manufacturing scheme) application for lithium-ion batteries. Across this ecosystem, Dixon's effective blended ownership of the full value chain is expected to dilute from near 100% toward 65%–75% by FY29–30, as minority JV structures cede a share of future EBITDA (earnings before interest, taxes, depreciation, and amortisation) to foreign partners.
Peers are replicating the playbook. Optiemus Electronics (OEL) committed a US$100mn+ JV with London-based Nothing for smartphone and wearable manufacturing, creating over 1,800 jobs, alongside partnerships with Taiwan's ASRock for motherboards and Wistron under PLI (production linked incentive). Syrma SGS Technology is integrating PCB (printed circuit board) manufacturing to cut import reliance; Kaynes Technology is pursuing HDI (high-density interconnect) and multi-layer PCB approvals.
The regulatory backdrop has shifted materially. The Union Cabinet has eased PN3 — which has governed FDI (foreign direct investment) from LBC (land border country) nations, including China, since April 2020. Over 600 pending LBC investment proposals were awaiting clearance as of early-2026. The amendments now allow automatic approval for stakes below 10%, with a streamlined 60-day processing window for capital goods, electronics, poly-silicon wafers, advanced batteries and rare earth magnets. China's direct FDI into India remains negligible — approximately US$6.47mn in 2025 — but the indirect dependency is vast: China accounts for 33% of India's auto-component imports (US$4bn in H1FY25-26) and 40%–60% of electronic product imports. The PN3 thaw signals a pragmatic recalibration: technology and capital inflows from Chinese partners are now viewed as necessary for India's manufacturing ambitions, provided strategic safeguards remain intact.
Banking: Farm Loan Waivers in Maharashtra Rattle Credit Discipline
Maharashtra's announcement of the Punvashlok Ahilyadevi farm loan waiver scheme — offering relief of up to ₹2 lakh per eligible farmer, with ₹20,000 crore earmarked for waivers and ₹15,000 crore in incentives for regular re-payers— sent the Bank Nifty plunging 6.97%, its steepest single-week fall. The scheme is expected to benefit 5mn farmers with outstanding crop loan dues as of September 2025.
PSBs (public sector banks), with heavier agricultural loan exposure, bore the brunt. Union Bank of India fell sharply; Federal Bank and IDFC First Bank each declined; and Canara Bank also slipped. The Nifty PSU Bank index dropped nearly 7.27% in a week; private banks fell 2.8%. The concern is structural, not merely sentimental: historical data shows farm NPAs (non-performing assets) at SBI (State Bank of India) surged to 16% in FY19-20 following prior state-level waivers, compared to HDFC Bank's agricultural NPA ratio of 3.8% in FY24-25 versus SBI's 8.4%. Market analysts caution that waivers undermine credit discipline, may incentivise strategic defaults, and could trigger rising delinquencies — with Bihar, India's largest microfinance market, identified as particularly vulnerable. Despite the immediate sell-off, analysts view beaten-down bank valuations as a potential entry point, contingent on repayment trend monitoring through FY25-26.
Defence: Conflict as Catalyst
India's defence sector has outperformed the broader market since the onset of the West Asia crisis. The conflict has sharpened investor focus on strategic vulnerabilities and accelerated expectations of government procurement. Bharat Dynamics rose on expectations of increased missile system orders; Astra Microwave Products advanced on supply-chain expansion prospects; Bharat Electronics Limited and Garden Reach Shipbuilders also gained, reflecting their roles in radar, electronics, and naval shipbuilding. Mazagon Dock Shipbuilders and Cochin Shipyard saw modest declines, likely reflecting project-cycle timing. Majority of Defence Stocks prices surged from their 2 March 2026 open.
The broader thesis is intact: the combination of the West Asia conflict, ongoing border tensions with Pakistan and China, and the government's AatmaNirbhar Bharat defence manufacturing push creates a durable multi-year investment case for domestic defence firms. Institutional investors view geopolitical escalation as a catalyst for expedited procurement — particularly in missiles, naval platforms and aerospace — and for increased Budgetary allocations. The defence sector's ability to outperform in a market downturn underscores its emerging role as a defensive-growth hybrid in India's equity landscape.
Reliance: Anatomy of a US$300bn Headline
The number demands immediate interrogation. When president Trump declared a 'historic US$300bn deal' on Truth Social, the figure was not — as headline readers might assume — the construction cost of a refinery. It is a composite: the total estimated value of a binding 20-year off-take agreement between AFR (America First Refining) and RIL (Reliance Industries Limited), blending crude procurement (US$125bn), refined product output of 50bn gallons (US$175bn) and the lifecycle economics of the venture. The actual capital cost to build the refinery is estimated at US$3bn–US$4bn — a large infrastructure commitment, but a figure of an entirely different order of magnitude. Phase-1 alone, a naphtha hydro-treater and reformer processing 50,000bpd–55,000bpd (barrels per day), is costed at approximately US$1.2bn, with first operations targeted for 2027. Full capacity across three phases reaches approximately 164,000bpd–168,000bpd. A more realistic completion horizon for the full facility — given the complexity of greenfield refinery construction — sits in the 2030–2032 range, though an aggressive EPC (engineering-procurement-construction) schedule could compress that timeline.
RIL's role is that of anchor investor and exclusive off-taker — a minority financial partner in AFR, having provided a nine-figure investment at a 10-figure project valuation, in exchange for the right to purchase, process and distribute at least 80% of output. The refinery, to be built at the Port of Brownsville on a 240-acre site, will process exclusively 47° API light shale crude from the Permian Basin and Bakken fields — oil that most existing US refineries, designed for heavier foreign grades, cannot efficiently handle. RIL, with a market-capitalisation of ₹18.82 lakh crore (approximately US$240bn) and the world's largest integrated single-site refinery at Jamnagar processing 1.4mnbpd (million barrels per day), brings operational credibility to a project that has spent 12 years in development.
The strategic logic is layered. For the US, the project addresses a structural deficit: no greenfield refinery of scale has been built since 1976, even as shale output has surged. The deal is also explicitly framed as a remedy for America's trade deficit, which stood at approximately US$901bn at end-2025 and is on an expanding trajectory — with AFR positioning its export revenue to RIL as a direct offset. For RIL, this is a 20-year supply hedge against Middle Eastern instability — the very instability now choking its home market through the Strait of Hormuz. Having built its refining empire partly on Gulf crude, locking in two decades of US shale at contracted terms is a material diversification of feedstock risk. The diplomatic optics — an Indian conglomerate funding America's first new refinery in half a century, at a moment of India-US trade friction and active USTR scrutiny — are unlikely to be lost on either government.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Ramco Systems will deploy its next‑gen aviation Maintenance, Repair, and Operations (MRO) software at Tata Advanced Systems’ upcoming defence facility for the C‑130J Super Hercules. The platform will digitise maintenance, supply chain and quality processes with advanced mobile and artificial intelligence (AI)‑driven tools.
TVS Supply Chain Solutions had set up a 40,000sqft (square feet) warehouse at FTWZ Mannur village near Chennai to support Caterpillar’s global supply chain. The facility, with 4,000 pallet positions, offers connectivity to major ports along the Chennai–Bengaluru Corridor.
Dr Lal PathLabs received national company law tribunal (NCLT) approval for dissolution of its wholly-owned subsidiary Suburban Diagnostics (India) Pvt Ltd, completing the voluntary liquidation process. Suburban, incorporated in 2002, operated pathology centres in Maharashtra and contributed ₹164.03 crore turnover (7.37% of consolidated revenue) in FY23-24. The liquidation, approved in 2025, was conducted under the Insolvency and Bankruptcy Code, 2016, with claims settled and assets distributed.
Akzo Nobel India received a draft tax assessment order from the income-tax department proposing additions of ₹111.63 crore for assessment year (AY)2023–24. The order, issued under Section 143(3), covers corporate tax and transfer pricing provisions. As it is only a draft, the final financial impact remains undetermined, pending further submissions or appeal.
Blue Star launched 125 new AC models for summer 2026, including its premium ‘Iconia’ range and advanced energy efficient, hot & cold, and anti-virus variants. The portfolio complies with updated bureau of energy efficiency (BEE) standards and leverages Blue Star’s scalable manufacturing capacity of 1.4–1.8mn units. With a network spanning 900 towns and 10,000 outlets, the company aims to strengthen its presence in India’s growing cooling market.
Sterling and Wilson Renewable Energy confirmed that the Maharashtra GST authorities conducted a search at its Mumbai office. The investigation relates to alleged non-payment of taxes under the GST Act, 2017.
Bajel Projects signed a collaboration agreement with NIIF and AnantGrid to boost India’s power transmission infrastructure. The partnership combines NIIF’s investment, AnantGrid’s project management and Bajel’s EPC expertise. It aligns with India’s 500GW (gigawatt) renewable energy by 2030 target, focusing on grid modernisation and private sector participation.
Borosil will set up a new glassware facility in Bharuch (Gujarat) with a capital expenditure (capex) of ₹42 crore, targeted for commercial production by December 2026. It will also expand its Jaipur borosilicate glass furnace capacity from 25TPD (tonnes per day) to 32TPD with an investment of ₹50 crore, aligned to the rebuild cycle in January 2028.
PTC Industries’ subsidiary, Trac Precision Solutions, has entered a five-year strategic collaboration with Coolbrook Oy to manufacture aerofoil components for its RotoDynamic Heater (RDH) technology. RDH, capable of reaching 1700°C, is designed to electrify high temperature industrial processes in sectors like steel, cement and petrochemicals, replacing fossil fuel combustion.
Aurobindo Pharma’s (unit-4 (APL Healthcare, Andhra Pradesh) has been classified as ‘voluntary action indicated’ (VAI) by the US food and drug administration (US FDA), officially closing its recent inspection. The inspection, conducted on 8–17 December 2025, had resulted in a Form 483 with five observations. The latest establishment inspection report (EIR) confirms the facility’s status as VAI, meaning the inspection is closed without further regulatory action.
Dalmia Bharat received a favourable ruling from the appellate tribunal under Prevention of Money Laundering Act (PMLA), 2002, reducing alleged proceeds of crime against its subsidiary Dalmia Cement (Bharat) Ltd from ₹793.34 crore to ₹92.52 crore. The tribunal’s order, dated 9 March 2026 and received on 11 March 2026, partially allowed Dalmia Cement’s appeal against the enforcement directorate’s (ED’s) provisional attachment order of 31 March 2025 which had covered land parcels. It will also apply to ED for release or substitution of attached land parcels, reflecting its intent to safeguard assets while continuing the legal process.
AbhiBus, the bus-ticketing arm of Ixigo partnered with Uber to integrate intercity bus bookings directly into the Uber app. This move expands Uber’s mobility ecosystem while giving travellers seamless access to AbhiBus’s nationwide network of 600,000+ routes and 6,200+ operators. Users can now search, compare and book bus tickets without leaving Uber, powered by AbhiBus’s inventory and booking technology.
ABB will invest US$75mn in India in 2026, expanding manufacturing and R&D across renewables, rail, and data centres. The plan covers facilities in Bengaluru, Hyderabad, Nasik and Vadodara, boosting electrification, motion and automation businesses. This builds on past investments, taking ABB’s India spend to over US$230mn in a decade, aligned with ‘Make in India’.
GAIL (India) and RailTel Corporation of India signed an MoU (memorandum of understanding) on 5 March 2026, to jointly strengthen India’s digital infrastructure. The partnership will combine GAIL’s energy network with RailTel’s telecom expertise to build more reliable nationwide communication systems.
Reliance Industries started maximising LPG output at Jamnagar, ensuring uninterrupted cooking fuel supply for households. Additionally, KG D6 natural gas is being diverted to priority sectors, in line with government allocation guidelines, to keep critical industries running smoothly. Reliance Industries (-1.07%) purchased at least 6mn barrels of Russian Urals crude for March 2026 delivery, taking advantage of US sanctions waiver and responding to supply disruptions from the Middle East due to the ongoing Iran war.
Raymond Realty signed definitive agreements to develop a premium residential project in Kandivali (Mumbai), with an estimated Gross Development Value (GDV) of ₹3,000 crore. This marks its third project in the western suburbs and seventh joint development in Mumbai, taking the its total ongoing and planned portfolio to nearly ₹43,000 crore.
Bharat Forge, in collaboration with Liebherr Aerospace, has inaugurated a Landing gear components machining facility in Pune. Located in Mundhwa, the advanced centre offers original equipment manufacturers (OEM) approved precision machining for landing gear components.
Paytm clarified that Nation Payment Corporation India (NPCI)’s fee revision for RuPay credit card on Unified Payment Interface (UPI) (effective 1 April 2026) will have no material financial impact. Third-party application provider (TPAP) fees were cut to 6bps (basis points) (non-industry) and 3bps (industry), but this affects only consumer UPI app revenue. Paytm’s core earnings come from merchant MDR, with margins above 4 bps, supported by high-margin products like post-paid, EMI (equated monthly instalment) and RuPay credit card on UPI.
Gopal Snacks received an interim insurance payment of ₹17 crore for fire‑affected assets at its Rajkot unit. In FY26, total insurance receipts stand at ₹37 crore, with further payments expected as asset restatement continues.
Servotech Renewable Power System, in collaboration with Electra EV, has secured a 20-year patent for an innovative electric vehicle (EV) charging device. The technology enables fast direct current charging of low-voltage EVs via CCS2 infrastructure, solving interoperability challenges. It supports small commercial EVs and last-mile mobility, ensuring safe, efficient charging and wider adoption in India’s EV ecosystem.
SBI Life Insurance received an income-tax assessment order of ₹537.75 crore for FY23-24. The demand includes ₹441.24 crore tax and ₹96.51 crore interest, with no penalty imposed. The order, issued on 11 March 2026 by the faceless assessment unit, disallowed exemptions under Sections 10(15) and 10(23AAB), taxed income under Section 56 and applied a 30% corporate tax rate instead of Section 115B.
Adani Enterprises set up a new wholly-owned subsidiary, CORR Tollways Ltd. (CTL), to manage the Chennai outer ring road (CORR) project. CTL will handle tolling, operations and maintenance across phase-1 (Vandalur–Nemilichery) and phase-2 (Nemilichery–Minjur on TPP Road) under concession from the Tamil Nadu state highways authority (TANSHA).
CreditAccess Grameen signed a US$75mn syndicated social loan facility qualifying as External Commercial Borrowing under the Reserve Bank of India’s (RBI’s) automatic route. HSBC led the arrangement with participation from banks in India (Gift City), Qatar, Mauritius, China and Sri Lanka. Aligned with the Social Loan Principles 2023, the three to five year facility strengthens CA Grameen’s funding base, adding to over US$300mn commitments in FY25-26.
Orders
Optiemus Electronics (OEL) entered a manufacturing agreement with Ai+ Smartphone to produce mobile phones and smart devices in India. The collaboration involves an investment of ₹125 crore over five years, creating about 1,200 jobs. Production will begin in April 2026 at OEL’s Noida facility, targeting 3mn smartphones, along with tablets, Internet of Things (IoT) devices, and wearables to support Ai+’s broader portfolio.
Interarch Building Solutions secured a ₹44-crore domestic order for a pre-engineered steel building system. The project scope covers design, engineering, manufacturing, supply and erection, with a seven month completion timeline. A 5% advance payment accompanies the order, though the customer remains undisclosed for confidentiality reasons.
Zaggle Prepaid Ocean Services secured a three-year domestic contract with CNH Industrial India to provide its propel reward platform. The deal covers employee rewards and recognition programmes, with no related-party involvement.
Omnitech Engineering secured a ₹920-crore international contract from Weatherford Products GmbH under a five-year master purchase agreement. The deal involves an annual consideration of US$20.1mn plus GST, strengthening Omnitech’s global footprint. The contract is not a related-party transaction, with no promoter group interest in Weatherford.
DilipBuildcon received a letter of intent (LoI) from RECPDCL for a major intra-state transmission project in Karnataka. The scope includes a ₹1,850-crore engineering-procurement-construction (EPC) contract for a 400kV (kilovolt) Mekhali substation and transmission lines in Belagavi. To be executed under BOOT (build, own, operate, transfer) via tariff based competitive bidding, the project has a 24-month timeline and a 35-year concession period.
Wipro signed a multi-year contract with TruStage to modernise its retirement services operations. The deal involves upgrading core technology and processes to enhance digital experiences, efficiency and agility. Led by Wipro’s consulting tem, the engagement will deliver a strategic innovation roadmap for TruStage’s future-ready retirement services business.
Jindal Steel declared the preferred bidder for the Rengalaberha north‑east extension and Nuagan west iron ore block in Odisha, offering a 111.15% premium to the state government. The block, located in Keonjhar district, spans 84 hectares and was part of a tranche of 12 mineral blocks auctioned in December 2025. Explored up to the G2 level, government records estimate 38mn tonnes of iron ore resources within the block.
Enviro Infra Engineers (+4.51%) been awarded a ₹411.08-crore project under AMRUT 2.0 for the Aurangabad sewerage network and STP scheme in Bihar. The scope includes EPC of a 20MLD (Million Liters per Day) sewage treatment plant, eight pumping stations and a 196km sewerage network, along with five years of operation & management (O&M).
Acme Solar signed two power purchase agreements (PPAs) with SJVN for 450MW (megawatt)/1,800MWh (megawatt-hour) through its subsidiary Acme Greentech Seventh Pvt Ltd. The agreements, part of the tranche FDRE-4 tender, run for 25 years starting 2 March 2026. Projects will connect to ISTS sub-stations in Rajasthan’s high irradiation zones, delivering four hours of assured peak power during non-solar hours with 90% monthly and annual availability.
VA Tech Wabag secured a public-private-partnership (PPP) contract from CMWSSB for a 45MLD Tertiary Treatment Reverse Osmosis (TTRO) plant at Kodungaiyur (Chennai). The scope covers refurbishment, financing, operation, maintenance and transfer of the facility, originally commissioned in 2019. Wabag will restore full treatment capacity within 18 months and then operate it for 18.5 years, supplying treated wastewater to industries in the Manali-Ennore and Manali-Minjur corridors.
Mergers/Acquisitions / Fund Raise / Stake Sale
Aster DM Healthcare received 96.68% shareholder approval for its merger with Quality Care India Ltd (QCIL), paving the way to form one of India’s top-3 hospital chains. The strong backing includes a majority of minority shareholders and creditors, marking a key milestone in the scheme of amalgamation. With prior clearances from the competition commission of India (CCI) and stock exchanges, the merger is expected to close in the next quarter, pending final approval from the national company law tribunal (NCLT).
Bharat Forge (announced an equity infusion of ₹160 crore (€15mn) into its wholly-owned German subsidiary, Bharat Forge Global Holding GmbH (BFGH). The investment is aimed at strengthening BFGH’s capital reserves, while maintaining Bharat Forge’s 100% equity control. BFGH, incorporated in 2003, serves as the holding company for Bharat Forge’s overseas investments, with subsidiaries in Germany, Sweden and France.
TCS sold a 49% stake in HyperVault AI data Centre to TPG Terabyte BidcoPte. Ltd. HyperVault received an investment of about ₹1,993.6 crore, while TCS did not directly receive consideration. The deal ends HyperVault’s status as a wholly-owned subsidiary, marking TCS’s strategic partnership with global asset manager TPG.
Top gainers and losers of the major indices for the week are given in the table below:
