March 20, 2026

TOP NEWS

India’s trade ministry has recommended imposing anti-dumping duties on imports of a key industrial chemical from China after an investigation found that low-priced shipments were hurting domestic producers. The Directorate General of Trade Remedies (DGTR), under the trade ministry, launched the probe into imports of DASDA following a complaint by Indian chemical maker Deepak Nitrite Limited. The DGTR proposed a reference-price-based duty, under which importers would pay the difference between the arrival price and a reference price of $3,453 per ton if shipments fall below that level. Positive for Deepak Nitrate and Meghmani Organics.

Tata Elxsi has launched the Terumo–Tata Elxsi Offshore Development Center for Terumo Corporation, a global medical innovation company. This center will support the development of Terumo's cardiac and vascular solutions, strengthening engineering and innovation capabilities while enabling continuous lifecycle support across international markets. Positive

Wipro has announced the launch of a new hub at Gujarat International Finance Tec-City (GIFT City), Gandhinagar, to deliver advanced technology services to global banking, financial services, and insurance (BFSI) clients. Positive

Samvardhana Motherson International Ltd (SAMIL) are likely to remain in focus on March 20 after the company entered into a joint venture agreement with a Dubai-based firm. The board of directors has approved the execution of a joint venture agreement with Hellmann Worldwide Logistics (MESA) Holding, a company incorporated under the laws of the Dubai International Financial Centre, United Arab Emirates. The new joint venture company will be incorporated in Dubai, UAE with SAMIL holding majority control with 51%, and Hellmann will hold 49%.

JSW Cement: The company has successfully commissioned its greenfield integrated cement plant in Nagaur, Rajasthan, with a cement grinding capacity of 2.5 MTPA and clinkerisation capacity of 3.3 MTPA. This is its first production unit in North India. With this plant, JSW Cement’s total grinding capacity has increased to 24.1 MTPA. The company’s total clinker manufacturing capacity (including capacity at its joint venture, JSW Cement FZC) now stands at 9.74 MTPA.

NTPC: India’s largest integrated power utility has signed a Memorandum of Understanding (MoU) with a UK based Octopus Energy Group, a leader in clean energy and digital energy platforms, to explore strategic collaboration across the power and energy sector. This MoU marks a significant step in NTPC’s strategy to integrate clean energy, digital transformation, and sustainable energy solutions. Positive

Nestlé India: The company has added a new ‘Munch’ production line at its Sanand, Gujarat factory as part of its capacity expansion plans. The company will invest ~Rs. 225 crore through internal accruals, with the new line expected to add an annual production capacity of about 8,300 tonnes and become operational within FY26. Positive

 

MACRO WRAP

  • The DJIA fell 0.4% to 46,021, the S&P 500 declined 0.3% to 6,606, and the Nasdaq Composite Index dropped 0.3% to 22,091. The Dollar Index fell 0.9% to 99.23 yesterday and down from the recent peak last Friday of 100.36 The US 2Y bond yield shot up nearly 20bp to 3.95% at one point before falling back to close just 2bp higher on the day.
  • Brent oil prices saw extreme volatility, initially surging on strikes against key oil and gas infrastructure before paring gains to settle near USD108.65 per barrel as reopening hopes for the Strait of Hormuz emerged.
  • Gold declined 3.5% to USD4,650 as a broader sell-off in metals took hold. Notably, aluminum suffered its sharpest slide since 2022 as supply-chain fears fluctuated. LME aluminum prices fell by 4.4% to settle at USD3,252.
  • The ECB maintained rates in March 2026 to stabilize inflation at 2%. The Middle East war raises inflation risks and growth uncertainties. Inflation is forecast at 2.6% in 2026, while GDP growth is expected at 0.9% due to the impact of the war. Negative for Euro
  • The Bank of England held the Bank Rate at 3.75% in March 2026 due to rising energy and commodity prices from the Middle East conflict. February's inflation was 0.1%, but CPI could reach 3%-3.5% soon. Negative for GBP
  • US new home sales dropped 17.6% to 587,000 units in January 2026, the sharpest decline since 2013 and lowest since 2022, despite low mortgage rates. Aggressive winter storms hindered viewings, affecting sales in the Northeast (-44%), Midwest (-33.9%), West (-21.6%), and South (-8.1%). Negative for USD
  • US initial jobless claims dropped by 8,000 to 205,000 in mid-March, against expectations of a rise. Continuing claims slightly increased to 1,857,000, continuing their decline since November. Federal employee claims rose by 26 to 643 amid government shutdown impact assessments.

 

INVESTMENT CALL

 

Stock Update: HDFC Bank – Financial health Intact even as corporate governance sparks fly

Reco: BUY                CMP: Rs.800                Target: 1025

  • HDFC Bank is currently navigating a leadership transition following the sudden resignation of its Part-time Chairman and Independent Director, Atanu Chakraborty, on March 18, 2026.
  • While the exit was led by the outgoing executive’s comments on lack of congruence between bank practices and personal ethics, the management maintained that governance frameworks remain robust.
  • We opine that this sudden exit and restructuring of top management will weigh in on the stock in the near term, while core financials remain healthy. Investors will closely monitor the appointment of a permanent Chairman and reappointment of the MD & CEO.
  • Thus, we slightly reduce our core bank multiple to ~2xFY28 BV leading to revised PT of Rs. 1,025, maintain our BUY rating.

 

 

OTHER NEWS

Tata Steel: The UK plans to double tariffs on Chinese and other foreign steel to support its domestic steel industry. Effective from July'26, import quotas on steel imports will be reduced by 60%, while tariffs on imports exceeding these quotas will be increased to 50%. This development is positive for Tata Steel’s UK operations. Positive

Lemon Tree Hotels (LTHL): The company has signed a License Agreement viz. Lemon Tree Resort in Lonavala, Maharashtra. This resort will feature 50 well-appointed rooms, a restaurant, banquet hall, meeting room, swimming pool, spa and a fitness center. The property shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of LTHL.  With 15 operational properties in the state and 14 more in the pipeline, including this signing, LTHL continues to deepen its presence in Maharashtra. Positive

BCCL: Bharat Coking Coal informed the exchanges that it has achieved a record single day coal booking of approximately 2.36-2.37 lakh tonnes.

Reliance Industries : The company's subsidiary Reliance Jio added a net 24.37 lakh mobile subscribers in January 2026, compared to an addition of 29.6 lakh subscribers in December 2025.

Bharti Airtel: The company added a net 44.06 lakh mobile users in January 2026, compared to an addition of 54.28 lakh users in December 2025.

Amber Enterprises India: The company has approved an additional investment of Rs 296.02 crore in its subsidiary, IL JIN Electronics (India), by subscribing to its rights issue. Meanwhile, the Board of Directors of IL JIN Electronics (India) has approved raising additional capital of up to Rs 328.12 crore via a rights issue of equity shares. The said rights issue is intended to support IL JIN’s strategic initiatives.

TCS has signed a Memorandum of Understanding (MoU) with ABB to strengthen the two companies' strategic collaboration across IT infrastructure and applications, digital and industrial AI initiatives, data centres, and other emerging technologies.

ICICI Bank said tax authorities have issued a demand notice of Rs 768.6 crore over an alleged short payment of GST