March 24, 2026

March 24, 2026

TOP NEWS

LG Electronics: Received a draft assessment order from the Income Tax Department for the financial year 2022–23, proposing disallowances of Rs 572.8 crore. The company said it will file objections before the Dispute Resolution Panel against the draft assessment order. Negative

GR Infraprojects : The company has secured a Letter of Award from the National Highways Authority of India for a highway project worth Rs 2440.87 crore for the construction of a four-lane greenfield section of NH-33 in Bihar. The order must be completed within 910 days under the Hybrid Annuity Mode.

Tata Power: Officially executed a supplementary PPA for its Tata Power Mundra Plant with Gujarat Urja Vikas Nigam Limited (GUVNL). The energy major expects to expand these agreements across its regional network, stating that the supplementary PPA shall also be executed with the states of Maharashtra, Rajasthan, Punjab, and Haryana.  

Coal India : Coal India Limited (CIL) has announced that its Board approved providing a corporate guarantee of up to ₹3,160 crore to its subsidiary CIL Rajasthan Akshay Urja Limited (CRAUL). The guarantee will fund the CAPEX of CRAUL’s 875 MW solar PV project, marking a significant step in CIL’s renewable energy initiatives. This move aligns with CIL’s strategic diversification into renewable energy while supporting India’s transition to clean energy.

Secondly, CIL’s board also gave an in-principal approval to divest up to 35% stake in its subsidiary Southeastern Coalfields Limited (SECL). The board also approved up to a 25% stake sale in another wholly owned subsidiary Mahanadi Coalfields Limited (MCL) through an offer for sale. Positive

Asian Paints: As per media sources, the company has planned prices hikes of 6-8% to be implemented in two phases starting April, spanning categories such as emulsions, enamels, and wood finishes. While the move signals an attempt to offset input cost pressures, it reflects a balancing act between protecting margins and sustaining volumes. The latest hike comes after a period of subdued pricing following the sharp 24% increase in FY22, with subsequent years seeing either modest hikes or declines, indicating limited pricing power amid easing input costs and soft demand. The pricing move also comes amid rising competitive intensity, with higher discounts and incentive-led strategies remaining prevalent across companies, particularly in project and B2B segments. The combination of pricing actions and elevated discounting suggests that the sector is simultaneously pushing for margin protection while competing aggressively for volumes.

Gokaldas exports: The government on Monday restored full benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to provide support to exporters facing elevated freight costs and war-related trade risks arising from disruptions in the Gulf and the wider West Asia maritime corridor. Refunds under the scheme range from 0.3-3.9%. The scheme is valid till March-end.

Olectra Greentech/ JBM Auto: Centre to deploy 10,000 AC e-buses in 116 cities by 2027. The government on Monday informed the Rajya Sabha that 10,000 air-conditioned e-buses would be provided to 116 cities across 26 states/UTs by the end of 2027 under the PM-eBus Sewa Scheme, and a new scheme would be launched thereafter to provide another 35,000 e-buses.

Piramal Finance: Moodys rating has changed its outlook on the company to positive as the rating agency expects that Piramal Finance’s asset quality and profitability will further improve going ahead, the company’s twin strategy of increasing retail and mid-market exposures while reducing the legacy lumpy real estate exposures will help granularize the loan book and reduce the risk of volatility in its asset quality. Positive

MACRO WRAP

• Global macro headlines have been very choppy since, with many Iranian officials denying that negotiations are taking place while President Trump effectively doubles-down on the claim. Markets are left striking a balance between welcoming the tentative news of possible de-escalation while weighing the immense uncertainty still clouding this progress.
• US equity markets rallied sharply last night following President Trump's announcement to postpone military strikes on Iran. The S&P 500 rose 1.2% to 6,581.00, while the Nasdaq increased 1.4% to 21,946.76, and the Dow gained 1.4% to 46,208.47. This "relief rally" was driven by eased geopolitical tensions and falling oil prices.
• The 2Y and 10Y treasuries dropped –5bps and –3bps to 3.85% and 4.35% respectively. Near-term pricing for the Fed has pared back, with the small chance of a rate hike this year now appearing slimmer.
• The Russian oil port of Primorsk, a key facility for the nation’s exports of crude and fuels, suspended tanker loadings after an overnight drone strike caused a fire.  Primorsk is a vital cog in Russia’s oil industry, exporting well over 1 million barrels of crude oil and diesel every day with annual capacity of around 75 million tons/yr. Russia launched a combined missile and drone attack on multiple Ukrainian cities overnight on March 24. Positive for Crude oil.
• Russia’s oil exports to India rose by 27% month-on-month (m/m) in March to 1.4mn barrels per day, while Urals crude traded at a $5 per barrel premium to Brent in the Indian market amid supply disruptions in the Middle East,
• Japan's annual inflation dropped to 1.3% in February 2026, the lowest since March 2022. Food, transport, and clothing inflation slowed, while energy costs fell sharply. Inflation rose for household items, communications, and recreation. Core inflation fell to 1.6%, below the central bank's 2% target. Monthly CPI decreased by 0.2%, marking a three-month decline.

VIEWPOINT

Dee Development Engineers Ltd

Rating: Buy    Reco Price: Rs 249    Price Target: Rs 340

• Initial expansion at Anjar and commissioning of 30,000 tonne capacity were completed. Seamless pipes’ backward capacity also became operational.
• Order inflow also robust at Rs 754 crore, (including a landmark order of HRSG piping from US based OEM for a contract value of Rs 364 crore.
• Shortfall of Rs 20-30 crore to hit FY26 financials as geopolitical tensions delay dispatches. Management eyes FY27 revenue of Rs 1,500 crore with order inflows of Rs 2,000 crore and margins of 18-20%.
• We expect the company to clock a strong revenue/PAT CAGR of 30%/61% respectively over FY25-28E. At CMP, the stock trades at a P/E of 16x/9x its FY2027E/FY2028E EPS, presenting an attractive investment opportunity. We remain positive for a revised PT of Rs. 340.

Valuation                                                                                                          Rs Crore

OTHER NEWS

HDFC Bank: The private lender has engaged external law firms to examine the resignation letter of former part-time chairman Atanu Chakraborty, who stepped down last week citing differences with the bank over “values and ethics”

Hindustan Zinc/Tata Steel: Hindustan Zinc has entered a partnership with Tata Steel to broaden the use of its low-carbon zinc offering, EcoZen, in steel production.