Geopolitical shocks have sharply re-priced Indian equities. Moneylife’s market breadth indicators remained in bearish territory for nearly 90 days as the Gulf War intensified. Fewer stocks are able to sustain above their 20-, 50-, and 200-day exponential moving averages (EMAs). The scale of declines has been striking. On Monday, more than 1,167 stocks fell over 4.5%, while nearly 1,876 slipped more than 3%, reflecting broad-based weakness across the market. On Friday, the pressure persisted, with 804 stocks down over 4.5% and 1,321 declining more than 3%. These repeated episodes of heavy selling highlight the intensity of market stress, with breadth deteriorating sharply and internal momentum continuing to erode. The trends of the major indices in the course of the week's trading are given in the table below:
News
According to news reports, the government is moving to cancel 6–7GW (gigawatt) of renewable energy tenders deemed financially unviable, part of a broader clean‑up of India’s stranded 42GW capacity. The reason highlighted was that prices discovered were too high, with no buyers likely and the problem was that earlier tenders were ‘vanilla solar and vanilla wind’, misaligned with state demand and load profiles. Updated guidelines allow cancellation of unexecuted awarded orders after 12 months. States are being nudged to meet Renewable Consumption Obligations under the Energy Conservation Act. Despite cancellations, the government remains confident of adding 50GW renewable capacity by FY25-26, building on 266.7GW installed as of February 2026. This is claimed to be a reset of tender design, from oversupply of generic projects to demand aligned, storage integrated bids that can actually be absorbed by state grids.
PVR INOX opened a three-screen multiplex at DLF Midtown Plaza (Moti Nagar, New Delhi), strengthening its footprint in the capital. The cinema offers 414 seats with premium recliners, advanced projection, Dolby 7.1 surround sound, and next-gen 3D systems. Designed with hospitality-inspired social spaces, themed interiors, it aims to serve as a premium entertainment hub for 15,000+ families in West Delhi.
Wipro expanded its South Korea operations with a new innovation lab in Seoul, part of the Wipro Innovation Network (WIN). The lab will deliver advanced technology solutions locally and globally. Wipro, employing several hundred professionals in the country, is also investing in academic partnerships to up-skill talent and create opportunities for early career professionals in advanced tech programmes.
Jubilant Ingrevia’s subsidiary, Jubilant Agro Sciences, has commenced commercial production of agro-intermediates at its Bharuch site. This marks a key milestone under its CDMO (contract development and manufacturing organisation) agreement with a leading agro-chemicals company.
Bosch Limited and Tata AutoComp Systems have formed a 50:50 joint venture (JV) to drive growth in India’s e mobility sector, pending regulatory approvals. Operations are expected to begin by mid-2026, with a focus on engineering, manufacturing, and sales of eAxle systems and electric motors. Headquartered in Pune, the JV aims to accelerate sustainable technology adoption and strengthen both companies’ regional presence in the e-mobility space.
PowerBuild Batteries, a subsidiary of Time Technoplast, achieved a major milestone with Central Power Research Institute’s (CPRI) certification for its OPzS (Ortsfest PanZerplatte S-Flüssig) stationary (tubular) batteries housed in transparent SAN (styrene acrylonitrile) containers. India’s power generation battery demand is estimated at ₹3,000 crore–₹4,000 crore, with OPzS gaining traction due to utility demand and replacement cycles.
Escorts Kubota received an allotment of 154 acres (623,291sqmtr – square metres.) from Yamuna expressway industrial development authority (YEIDA) in Sector 10, Gautam Buddha Nagar, Uttar Pradesh, for its upcoming greenfield project. The allotment, formalised via letter dated 24 March 2026, marks a major step in expanding Escorts Kubota’s production capacity and industrial footprint within the strategically located YEIDA Industrial Area.
Jindal Stainless commissioned its 1.2MTPA (million tonnes per annum) stainless steel melt shop in Indonesia, ahead of schedule, taking total melting capacity to 4.2MTPA (3MTPA in India). Expansion plans include a 1.1MTPA Hot Rolled Annealed and Pickled line (Q4FY26-27) and 0.17MTPA cold rolling capacity (Q2FY26-27) in Jajpur, part of a ₹1,900 crore investment. Additionally, ₹900 crore is earmarked for cold rolling facilities in Hisar and Kharagpur (Q2FY27-28), raising cold rolling capacity from 2.05MTPA in FY25-26 to 2.67MTPA by FY27-28. Once complete, cold rolling will form 64% of total melt capacity, supporting Jindal’s target of nearly 3.5MTPA sales by FY28-29 with double-digit compounded annual growth rate (CAGR).
Maruti Suzuki’s approved an investment of ₹10,189 crore to set up its first phase of capacity at Khoraj industrial estate, targeting 250,000 vehicles annually by 2029 (subject to demand).This will add to its existing 2.4MNUPA–2.6MNUPA (million units per annum) capacity across Gurugram, Manesar, Kharkhoda and Hansalpur (including the amalgamated Suzuki Motor Gujarat).The project, financed through internal accruals, includes a new plant and common infrastructure, driven by anticipated growth in domestic demand and exports.
Godawari Power & Ispat will set up a new 1.0MTPA integrated steel plant at Sarora (Raipur district, Chhattisgarh), with an estimated investment of ₹7,000 crore. The facility will produce structural steel and wire rods, addressing rising demand, and is expected to be completed in three years and six months. Funding will be through a 1:1 mix of debt and internal accruals, complementing its existing 0.5MTPA Siltara plant (operating >95% capacity).
Power Mech Projects reduced its order-book by ₹1,563 crore after the annulment of a 250MW (megawatt)/1,000MWh (megawatt-hour) battery storage tender by WBSEDCL at Goaltore. The cancellation, due to administrative and procedural exigencies, was not linked to any bidder default. Bid security and performance guarantees for PM Green Pvt Ltd have been fully released, marking a notable adjustment in projected financials.
Cochin Shipyard formed a JV with HBL Engineering (+0.96%) to develop electric mobility and energy storage solutions for the maritime sector, under the name Green Maritime Propulsion Pvt Ltd based in Hyderabad. The JV will start with ₹9 crore capital, with HBL holding 60% and Cochin Shipyard 40%, subscribed at face value. Governance will be through a five-member board, with HBL nominating three directors (including the managing director/chief executive officer -- MD/CEO) and Cochin Shipyard two (including chairman), focusing on solutions for domestic and global electric/hybrid propulsion markets.
Global Health Ltd. (Medanta) will establish a 400-bed multi-specialty hospital in Varanasi, approved by its board on 25 March 2026. The project, with an investment of ₹550 crore, will be developed on a prime freehold land parcel under a build to suit and lease arrangement with Shripal Hospitality LLP and others.
Bharat Dynamics will expand capacity with two new facilities in Ibrahimpatnam (Telangana) and Jhansi (Uttar Pradesh), set to begin production in FY26-27. The Telangana unit will house eight assembly lines plus rocket motor and warhead testing facilities, while Jhansi will focus on propellant manufacturing, grad rocket production and research & development (R&D) in energetics. These projects support its ₹26,000 crore order-book and expected ₹15,000 crore additional orders in FY26-27.
Ceigall India, through its subsidiaries, has signed two power purchase agreements (PPAs) with MSEDCL (Maharashtra State Electricity Distribution Company Limited) for a combined 337MW solar capacity under the Mukhyamantri Saur Krushi Vahini Yojana 2.0. The projects—190MW across four districts (₹772 crore engineering-procurement-construction -- EPC) and 147MW across two districts (₹597 crore EPC)—carry a total EPC value of ₹1,369 crore. Completion is expected within 18 months, with a 25-year supply commitment at tariffs ranging from ₹2.72–₹2.86/unit.
Puravankara had planned to launch 30 projects in south India and Mumbai over the next 24 months, spanning 51.14mnsqft (million square feet) with a GDV of over ₹55,000 crore. Strong pre sales of ₹3,859 crore and collections of ₹3,045 crore in 9MFY25-26 highlight demand momentum. The expansion is expected to generate 8mn (million) man days of employment annually and support 250+ ancillary industries.
Transrail Lighting disclosed that the income-tax (I-T) department began a search and seizure operation at its offices and factories on 24 March 2026. The company confirmed its officers are fully cooperating with authorities during the ongoing process. It assured stakeholders that updates on impact and developments will be shared in due course.
Lupin received tentative US food and drug administration (US FDA) approval for its Pitolisant tablets (4.45mg and 17.8mg). The products, to be manufactured at its Nagpur facility, are deemed bioequivalent to Wakix® under approved labelling.
PG Electroplast addressed LPG supply disruptions caused by Middle East tensions by installing alternative energy solutions at its plants. Production of room AC units has nearly normalised, mitigating the impact of restricted gas supplies. The company continues to monitor the situation while ensuring operations remain stable.
Saatvik Green Energy’s subsidiary, Saatvik Solar Industries, has signed a 99-year lease agreement with MP industrial development corporation for 185 acres in the Mohasa–Babai manufacturing zone, Narmadapuram. The deal, valued at ₹11.17 crore (excluding charges/duties), is aimed at future capacity expansion and operational synergies with Saatvik’s existing facility.
Utkarsh Small Finance Bank has approved the sale of two pools of stressed unsecured micro-finance institution (MFI_ loans to an asset reconstruction company (ARC). Pool-1: ₹1,016.24 crore outstanding, reserve price ₹133.10 crore, sale via cash and security receipts. Pool-2: ₹474.75 crore outstanding, reserve price ₹62.19 crore, also cash and security receipts. The move reflects efforts to resolve non-performing assets (NPAs) and strengthen asset quality.
HFCL will expand its defence business via HFCL Advance Systems Private Limited (HASPL) with ₹175 crore investment, consolidating Spiral, Raddef, and its thermal weapon sight unit. The move positions HFCL in aeronautics and aerostructures, backed by a confirmed ₹1,570 crore export order-book. Separately, HFCL will invest ₹580 crore to set up a pre-form manufacturing facility for optical fibre backward integration. Capacity will add 300–310MT (metric tonnes) annually, supporting Optical Fiber Cable expansion to 33.90mn fkm (fiber kilometers) . The facility is slated for completion by July 2029, financed through accruals, debt and fund-raises.
Prestige group and Arihant group, via Canopy Living LLP, have jointly acquired a 16.331 acre land parcel in Padi (Chennai). The planned premium residential project will span 3.6mnsqft saleable area, with an estimated ₹5,000 crore revenue potential. Located near Anna Nagar, one of Chennai’s prime micro markets, this is among the largest land deals in the city, in a decade.
Mphasis has received an I-T assessment order and demand notice of ₹2,286.86 crore for assessment year (AY) 2023 24, under Section 143(3) read with 144B. The company believes that there will be no material financial impact, citing supportive High Court precedents and pending Supreme Court matters on similar issues. Mphasis plans to file a rectification petition to address computational infirmities in the order.
Acme Solar commissioned an additional 4MW of its Gujarat wind project, raising total operational capacity to 92MW out of 100MW planned. The project, located in Dhakaniya (Sayla Taluka, Surendranagar district), is being developed by ACME Eco Clean Energy Pvt Ltd.
Ramkrishna Forgings has approved vesting of 165,176 employee stock option plan (ESOPs) under its 2023 scheme. 164,413 options at ₹556/share 763 options at ₹687/share. These form part of earlier grants (Feb 2024 and Jan 2025) and must be exercised within four years of vesting.
AIA Engineering (AIA) clarified that PNG (piped natural gas) is its primary fuel source, with LPG (liquefied natural gas) used only in limited heat treatment processes. The company confirmed that there was no disruption in PNG or LPG supplies, and all plants are operating normally. To strengthen resilience, AIA is modifying fuel systems to add light diesel oil (LDO) as an additional option alongside PNG and LPG.
Jupiter Life Line Hospitals secured an 80‑year lease for a 10,026sqmtr. plot in Bandra Kurla Complex (Mumbai), at a one‑time premium of ₹354 crore. The company plans to build a 400‑bed hospital, developed in phases, subject to approvals.
PCBL Chemical commissioned an additional 30,000MT carbon black capacity at its Tamil Nadu unit on 27 March 2026. This brownfield expansion strengthens production under PCBL (TN) Ltd, a wholly-owned subsidiary. The move supports long-term growth and meets rising demand from tyres, plastics and allied industries.
Coal India will invest ₹3,300 crore to set up eight new coking coal washeries by FY29-30. These will add 21.5MT/Y (metric tonne per year ) washing capacity, boosting supply of higher grade coal for steelmaking. Currently operating 10 washeries (18.35MT/Y), CIL’s capacity will nearly double. Distribution: five washeries under Central Coalfields (14.5MT/Y), three under Bharat Coking Coal (7MT/Y).
Orders
Azad Engineering signed an eight-year long-term contract & price agreement (LTCPA) with Mitsubishi Heavy Industries (MHI) (Japan), becoming a single source supplier partner for hot section Nozzle Vane Segments of gas turbine engines. This marks a strategic leap from cold section airfoils to critical combustion components, strengthening Azad’s role in advanced turbine manufacturing. The agreement integrates production into MHI’s dedicated lean facility, serving global power generation platforms and underscoring the partnership’s long-term importance.
Seamec Limited, in consortium with Supreme Hydro, has won an ONGC contract worth ₹329.92 crore (inclusive of GST) for operation & maintenance of MSV ‘Samudra Prabha’. The engagement, awarded under e-tender ZW5CC26001, will run for 698 days, commencing within 60 days of the notification of award (NOA).
Avantel (+7.49%) secured a rate contract worth ₹459.90 crore from Zetwerk Manufacturing Businesses for satellite communication equipment supply and annual maintenance contract (AMC). The deal includes one-year onsite warranty and five-year AMC support, to be executed over three years.
Oriana Power secured three EPC orders worth ₹162.68 crore for solar projects with 32MW capacity and 20MWh battery energy storage system (BESS) in Jodhpur. The contracts include a 16MW/10MWh project for Kesari Alloys (₹74.34 crore + ₹50 lakh O&M) and two 8MW/5MWh projects for Ramayna Ispat and Duggar Fiber (₹44.17 crore each + ₹25 lakh O&M). Scope covers design, supply, installation, testing, commissioning and two years of O&M, strengthening Oriana’s presence in solar plus storage solutions.
RITES secured a ₹105.69-crore contract from RDSO (Research Designs and Standards Organisation) Lucknow for the comprehensive maintenance of the Gudha–Thathana Mithri test track in the Jodhpur division of north west railway (NWR). The project will run for 60 months from the letter of award (LoA) date, ensuring the upkeep and operational efficiency of a track critical to railway research and standards development.
Kalpataru Projects International secured ₹4,439 crore worth of new transmission & distribution (T&D) orders across Africa, India and Sweden. The contracts include a 400kV (kilovolt) transmission line with substations in Africa, transmission line projects in India, and a sub-station project in Sweden. These wins reinforce KPIL’s position as a leading EPC player in global transmission and distribution infrastructure.
BPCL, through its JV NeuEN Green Energy Pvt Ltd (50:50 with Sembcorp Green Hydrogen India), has secured a landmark contract to supply 10,000TPA (tonnes per annum) of green hydrogen to Numaligarh Refinery Ltd (NRL). The JV will build a 10KTPA green hydrogen facility at NRL’s Assam refinery, with commercial operations slated for 2028 under a long term off-take arrangement.
Mergers/Acquisitions / Fund Raise / Stake Sale
Aegis Vopak Terminals assigned its rights to acquire a 36,000MT ammonia storage terminal at Pipavav Port to its subsidiary Aegis Terminal (Pipavav) Limited (ATPL). The move strengthens asset management and leverages ATPL’s operational role. Aegis Vopak currently holds 96% in ATPL, which will adjust to 86% after Itochu’s share transfer, retaining majority control.
JSW Energy has acquired Raigarh Champa Rail Infrastructure Pvt Ltd (RCRIPL) via the insolvency resolution process, approved by national company law tribunal (NCLT), Hyderabad on 21 January 2026. RCRIPL provides critical railway infrastructure to JSW Mahanadi Power’s 3,600MW Chhattisgarh plant (1,800MW operational, rest under construction). The acquisition gives JSW full operational control, reducing dependency risks and ensuring efficient rail connectivity for the power project.
Polyplex Corporation will acquire a 51% stake in TechNovaPrintrite for ₹6,210 lakh cash, valuing the business at ₹127.21 crore enterprise value. The deal strengthens Polyplex’s digital print media portfolio, with TechNovaPrintrite reporting nearly ₹206 crore–₹218crore turnover over FY23–25. Completion is expected within three months, subject to closing conditions.
Kajaria Ceramics acquired 9,50,000 shares (10% stake) in Kajaria Surfaces for ₹1.16 crore, making it a wholly-owned subsidiary. Kajaria Surfaces, engaged in tile manufacturing, reported ₹109.97 crore turnover and ₹1.09 crore profit after tax (PAT) in FY24-25.
Tata Steel acquired 178,57,14,286 equity shares in T Steel Holdings Pte Ltd (TSHP) for US$180mn (₹1,680.27 crore) on 24 March 2026. Despite the infusion, TSHP remains a wholly-owned foreign subsidiary, reinforcing Tata Steel’s international growth strategy.
Kotak Mahindra Bank, via its subsidiary Kotak Mahindra Capital Company (KMCC), announced the sale of 6,82,090 equity shares of Infina Finance, representing 30.99% stake, for about ₹1,293.91 crore. The divestment is structured across three buyers: Derive Trading & Resorts Pvt Ltd and Bright Star Investments Pvt Ltd – 2,17,899 shares (9.90%) for ₹413.35 crore, Estate of Shri Rakesh Jhunjhunwala (via Trusts) – 2,66,321 shares (12.10%) for ₹505.21 crore and KF Trust – 1,97,870 shares (8.99%) for ₹375.36 crore. Post-transaction, KMCC’s stake will reduce to 19%, and Infina will cease to be an associate company of Kotak Mahindra Bank.
Apollo Hospitals completed the acquisition of 41,650,638 equity shares (30.58%) of Apollo Health and Lifestyle Ltd (AHLL) from IFC and IFC EAF Apollo Investment Company, for a total consideration of ₹1254 crore. With this transaction, Apollo Hospitals’ effective shareholding in AHLL rises to 99.42%, consolidating near total ownership.
Exide Industries invested ₹450 crore in its subsidiary Exide Energy Solutions through a rights issue, keeping its stake at 100%. The funds will support EESL’s Bengaluru greenfield lithium-ion battery plant and meet financial needs, raising total investment in the unit to ₹4,802.23 crore.
Adani Enterprises completed the early full redemption of ₹1,950 crore non-convertible debentures (NCDs) on 25 March 2026, as agreed with debenture-holders. The redemption covered two unlisted, secured series—₹1,250 crore (issued July 2023) and ₹700 crore (issued October 2023). This move strengthens Adani’s balance sheet by settling obligations ahead of schedule.
Sula Vineyards, via its subsidiary Artisan Spirits, will acquire assets of Domaine Chandon India in Dindori (Nasik) from Moët Hennessy India for ₹20 crore. The deal, under an asset purchase agreement, covers land, buildings and plant & machinery, subject to closing conditions. Strategically located near Sula’s existing winery, the acquisition is expected to strengthen its wine tourism business, its fastest growing segment.
L&T Technology Services divested its Smart World & Communication (SWC) business to AMI Paradigm Solutions Pvt Ltd for ₹452 crore, formed by ParadigmIT and AM Intelligence Labs. The move aligns with LTTS’s Lakshya Plan, focusing capital on engineering intelligence (EI) and six large technology bets.
JSW Steel’s subsidiary, JSW Natural Resources Ltd, has completed the acquisition of a 92.19% stake and shareholder loans in Minas de RevuboeLimitada. The deal, valued at US$74.24mn, was finalised on 25 March 2026 via escrow transfers under definitive agreements.
Manappuram Finance raised ₹2,192 crore via preferential issue, approved on 26 March 2026.9.29 crore equity shares allotted at ₹236/share to BC Asia Investments XXV Ltd (Mauritius). An equal number of warrants at ₹236 issued to BC Asia Investments XIV Ltd (Mauritius). Warrants can be exercised between four and 18 months from allotment. This strengthens the company’s capital base and investor backing.
Top gainers and losers of the major indices for the week are given in the table below:
