This week, markets continued to fall as the Gulf war escalated. However, the fall was muted as all indices rebounded sharply for the first three days of the week, on hopes of an early resolution to the crisis. The trends of the major indices in the course of the week's trading are given in the table below:
The Strait of Hormuz — through which approximately 20mnbpd (million barrels per day) flow, representing roughly 20% of global petroleum consumption — has been effectively closed to commercial traffic. Iran's army has explicitly threatened that ‘not a litre of oil’ will pass through the strait, warning of US$200/barrel if the conflict persists. Brent crude remains high, putting pressure on India which is heavily dependent on crude oil imports. Qatar, which supplies 20% of global liquefied natural gas (LNG), declared force majeure on its gas exports after Iranian drone attacks. Saudi Aramco's Ras Tanura terminal — one of the world's largest crude export facilities — shut down due to strikes. Airlines globally, including IndiGo and Air India, have announced fare hikes as jet fuel costs spike and Gulf airspace has been closed.
The most sobering thread running through this week's economic news is the cascading effect of West Asian conflict on India's manufacturing. An acute propane shortage — propane being a by-product of liquefied petroleum gas (LPG) and a critical fuel for boilers and reactors — threatens to halt operations at approximately 200 pharmaceuticals manufacturing facilities within seven to10 days. Key manufacturing hubs in Gujarat, Maharashtra, Telangana and Andhra Pradesh are already reporting disruptions to boiler operations, with supplies of paracetamol, vitamins, hormones, syringes and gloves at risk. Industry body Pharmexcil (Pharmaceuticals Export Promotion Council) has flagged that interrupted LNG import routes and surging gas prices are simultaneously compressing margins and forcing emergency operational adjustments. The pharmaceuticals sector's vulnerability — reliant on stable energy for sterilisation, granulation, and boiler operations — has been laid bare.
The contagion is felt equally in the auto sector. Major car-makers, including Ashok Leyland, Tata Motors, Maruti Suzuki, and Mahindra & Mahindra, have each reported declining sales figures, with share prices reflecting weaker consumer sentiment, strained supply lines and elevated freight and commodity costs. Inventories are building as demand softens — a dangerous combination that risks squeezing earnings in the near term. Meanwhile, the cement industry faces a parallel margin squeeze: elevated input costs for coal and clinker, combined with constrained inventories, are expected to erode operating margins once current stockpiles deplete. Analysts caution that, while construction and infrastructure demand remains robust, manufacturers' ability to pass on cost increases to customers will determine the duration of the pain. Companies with stronger balance sheets are better placed; but the broader sector outlook is cautious.
News
In corporate news, the abrupt resignation of HDFC Bank's part-time chairman, a former senior government official, midway through his extended term ending in 2027, rattled markets this week, after his departure letter cited practices ‘not in congruence with my personal values and ethics’ — without specifying what those practices were. The Reserve Bank of India (RBI) moved swiftly to contain the fallout, stating that it had found no material concerns regarding HDFC Bank's conduct or governance, describing it as a domestic systemically important bank (D-SIB) with sound financials, a professionally-run board and sufficient liquidity. RBI simultaneously approved a veteran insider, Keki Mistry, as interim part-time chairman for three months.
Fino Payments Bank clarified that it is not under investigation by any authority other than the Directorate General of GST Intelligence, Hyderabad. The ongoing probe relates to programme managers and merchants across multiple banks and is not connected to Fino’s goods and services tax (GST) compliance. The Bank also addressed inaccuracies in media reports, rejecting references to court proceedings, such as bail rejections. It reiterated that it does not engage in gaming or betting activities and remains committed to governance, compliance and transparency, while continuing to cooperate with authorities.
Izmo Microsystems partnered with CCRAFT SA and Alcyon Photonics to build a full silicon photonics value chain. The collaboration spans design, packaging and production for datacom, telecom aerospace, and sensor markets.
Suprajit Engineering’s promoter, K Ajith Kumar Rai, acquired 10,000 shares on 13 March 2026 via the open market. His holding rose to 38,25,380 shares (2.79% of voting capital), up from 2.78%. The transaction, valued at ₹4,049,600, reflects the promoter group’s ongoing investment in the company, listed on the Bombay Stock Exchange (BSE) and the National Sock Exchange (NSE).
MTNL defaulted on ₹9,188 crore in principal and interest payments to multiple banks as of 28 February 2026. The overdue includes ₹7,794.34 crore principal and ₹1,393.39 crore interest, with ₹2,095.72 crore principal overdue. Its largest exposure is to Union Bank of India (₹4,007.88 crore), while overall financial indebtedness stands at ₹36,216 crore, comprising bank loans, Sovereign Gold Bonds and a department of telecommunications (DoT) loan for SG bond interest.
Lloyds Metals & Energy commenced commercial production of copper cathodes from its 12,000TPA (tonnes per annum) plant in the Katanga copper belt, Congo. The facility, with 50% interest held by Lloyds, covers 16 mining licences and high grade oxide deposits, confirming operational readiness with its first output. Production is expected to ramp to 10,000–12,000 tonnes in 2026, nearly 15,000 tonnes in 2027, with a pathway to 30,000TPA capacity over the medium term, marking its entry into the global copper value chain.
Intellect Design Arena approved a 50:50 joint venture (JV) with UK-based Fintel PLC to build an AI-led financial advisory platform for the UK market. The entity will be incorporated in the UK, with a five-member board (two nominees each from Intellect and Fintel, plus one independent director). Initial capital and share issuance details will be finalised at incorporation, with further appointments determined by the JV’s board.
Power Finance Corporation (PFC) dissolved its wholly-owned subsidiary, Ghogarpalli Integrated Power Company Limited (GIPCL), effective 16 March 2026. The entity, incorporated in May 2008 as an SPV (special purpose vehicle) for a 4,000MW (megawatt) ultra mega power project in Odisha, was struck off under Section 248 of the Companies Act, 2013 after the project’s closure. The ministry of power approved the dissolution on 27 November 2025, with filings to the ministry of corporate Affairs culminating in the official strike off.
Adani Enterprises received national company law tribunal (NCLT) Allahabad bench’s approval for its resolution plan for Jaiprakash Associates. The order was orally pronounced on 17 March 2026, endorsing the plan submitted on 14 October 2025 after Adani Enterprises was named the successful resolution applicant. Implementation may be carried out by Adani Enterprises or associated entities such as Adani Power Limited and Adani Infra (India) Limited.
Hindustan Copper (+3.27%) was fined ₹9,77,040 each by NSE and BSE for non-compliance with SEBI’s (Securities and Exchnage Board of India’s) corporate governance rules. The penalty stems from lapses in board composition and committee constitution for the quarter ending 31 December 2025, with director appointments managed by the government of India (GoI) through the ministry of mines. It has sought an exemption from payment, citing ongoing efforts to appoint five independent directors, and has informed its promoter, the GoI, to fill the vacant positions.
Delhivery expanded its economy air parcel service to UK, Canada and Australia under Delhivery International. This builds on its December 2025 USA launch, boosting micro, small and medium enterprises (MSME) exports like apparel, handicrafts and electronics. The move leverages Delhivery’s domestic network linking tier-2/tier-3 cities to global hubs, aligning with upcoming trade agreements.
TCS (+2.05%) and Pearson have entered a multi-year partnership to advance AI-powered learning and assessment for global industries. The collaboration combines Pearson’s enterprise learning expertise with TCS’ Contextual AI and TCS iON platforms, aiming to bridge skill gaps, modernise workforce training, and drive innovation through scalable, cloud led transformation.
Zydus Lifesciences and Torrent Pharma had entered a licensing and supply agreement to co market semaglutide injection in India. Under the deal, Zydus will manufacture and supply, marketing it as SEMAGLYN™, MASHEMA™ and ALTERME™, while Torrent will co-market under SEMBOLIC™, leveraging its chronic therapy reach. The product, a 15mg/3ml prefilled cartridge with reusable pen device, is designed to improve patient convenience and adherence in the CNS and chronic therapy space.
Ahluwalia Contracts (India) secured a ₹393.04 crore order from the airport authority of India (AAI) for the development of a greenfield airport in Bundi (Kota, Rajasthan). The scope includes construction of a building as part of the new airport project, with completion targeted in 18 months.
Orders
BEML secured its first overseas metro rolling stock order, valued at $60 million, marking a major international breakthrough. The contract covers design, manufacture, supply, testing, and commissioning of stainless-steel standard gauge metro trains for the African region.
Danish Power secured a ₹48.77 crore domestic order from leading engineering-procurement-construction (EPC) and independent power producing (IPP) companies for inverter duty transformers and accessories. The scope covers design, manufacture, testing and supply, with execution expected in six to eight months. It confirmed no promoter group interest in awarding entities, underscoring its specialised capability in transformer supply for the power sector.
Tejas Networks won a South Asia contract to supply 4G Radio Access Network solutions for a mobile operator’s network expansion. Its multiband radio products will be deployed across multiple sites, marking a step in broadening its international wireless customer base.
Mastek (UK) Ltd, a wholly-owned arm of Mastek, secured a £15mn (million) contract with the UK’s Financial Conduct Authority (FCA) to strengthen its digital delivery hub (DDH). The two-year deal, extendable by another two years, positions Mastek as a specialist partner for high-integrity regulatory bodies. Through digital engineering and service management expertise, Mastek will help modernise FCA processes as part of the UK government’s broader regulatory transformation initiative to enhance consumer protection and market resilience.
Kalpataru Projects International (KPIL) announced new orders worth nearly ₹2,471 crore, strengthening its portfolio in power transmission & distribution (T&D) and civil infrastructure. The wins include an underground metro rail project in India via a JV/consortium, alongside domestic and international T&D projects. Additionally, KPIL secured contracts in the buildings & factories (B&F) segment within India, reinforcing its diversified order-book across sectors and geographies.
Bharat Electronics (+2.29%) secured fresh orders worth ₹1,011 crore since its last disclosure on 25 February 2026. Key contracts cover communication equipment, radar warning/jamming systems, fire control systems, electro optic sights, and fighter aircraft safety systems. Additional supplies include high energy lasers, train supervision systems, head up displays, software, jammers, shelters, components, upgrades, spares and services.
Mergers/Acquisitions / Fund Raise / Stake Sale/Investments
SamvardhanaMotherson International acquired 1,408,867 shares of Yutaka Giken Co Ltd (YGCL) at JPY ₹3,024 per share, representing 9.51% of YGCL’s issued capital. This forms part of Motherson’s broader plan to acquire 81% of YGCL and 11% of Shinnichi Kogyo, with regulatory clearances obtained under the competition laws of China, Brazil, Mexico, Japan and US followed by a large shareholding report submission to Japan’s Kanto Local Finance Bureau.
Mankind Pharma acquired the Rivotril brand from Roche for the Indian market, gaining exclusive rights to manufacture, market and distribute clonazepam under its innovator brand. This acquisition strengthens Mankind’s presence in chronic therapies, particularly the CNS (central nervous system) segment, where Rivotril holds strong clinical recognition.
UltraTech Cement will acquire a 26.18% equity stake in Sunsure Solarpark Seven Pvt Ltd for up to ₹19.2 crore in cash. Sunsure Solarpark Seven is an SPV incorporated on 20 July 2022, with no turnover in the past three years and not a related-party transaction. It is anSPV established to set up 60MWp (megawatt-hourDC / 40MW AC solar power project with an integrated battery energy storage system (BESS) at Charkhari (Uttar Pradesh).
Natco Pharma scheduled a board meeting on 24 March 2026 to consider a demerger of its agrosciences division. The plan involves spinning off the agri business into its wholly-owned subsidiary, Natco Crop Health Sciences Ltd, on a going concern basis.
Vedanta approved the allotment of ₹2,575 crore non-convertible debentures (NCD) on a private placement basis. The issue comprises 2,57,500 unsecured, redeemable, rated, and listed debentures, each with a face value of ₹1,00,000. This move, cleared by the committee of directors, supports the company’s strategic financial management and liquidity plans.
Clean Max Enviro Energy Solutions agreed to acquire 100% equity in Kintech Solarbikaner for ₹38.06 crore, in a cash transaction to be completed by 31 March 2026. The move strengthens Clean Max’s renewable energy capacity in Gujarat, particularly in its wind solar hybrid portfolio. KintechSolarbikaner, incorporated in May 2023, has not yet generated turnover and reported a net worth of ₹82,690 in FY24-25. The acquisition is not a related party transaction and requires no regulatory approvals, positioning Clean Max to expand its footprint in India’s renewable energy sector.
HFCL revised the timeline for its stake sale in Nivetti Systems Pvt Ltd, now targeting completion by 30 June 2026 instead of the earlier 15 March 2026. The change follows an addendum to the share purchase agreement executed between HFCL, buyer Trinity Tech Solutions and Nivetti Systems.
Union Bank of India approved plans to raise up to ₹25,000 crore through long-term and green bonds. The Bank will target ₹20,000 crore via long-term bonds for infrastructure and affordable housing, with a possible ₹7,500 crore tranche (₹3,000 crore base issue plus ₹4,500 crore green shoe option) of 10-year tenor before 31 March 2026. Additionally, it will issue ₹5,000 crore in green or sustainable bonds in one or more tranches.
Leela Palaces Hotels & Resorts approved a ₹231.2 crore investment into its wholly-owned subsidiary Leela Luxe Hotels & Resorts Pvt Ltd. The move involves acquiring 2,31,20,000 equity shares at ₹100 each (including a ₹90 premium per share) on a rights basis.
Top gainers and losers of the major indices for the week are given in the table below:
