March 16, 2026

TOP NEWS

Hindalco: Company denies extrusions operations halt report, says overall operations largely unaffected. Hindalco has not halted operations of its Aluminium Extrusions business. The communication issued to Aluminium Extrusions customers follows a Force Majeure declaration by certain gas suppliers and was a routine business intimation regarding a potential supply disruption in a segment of the Extrusions business. The Aluminium Extrusions segment constitutes a small portion of Hindalco’s production capacity, and the potential impact is currently limited to less than 0.1% of the Company’s overall operations. All other Downstream and Upstream operations including Primary Aluminium continue to operate normally, supported by captive power and alternate energy arrangements. Positive

Waaree Energies: Announces India’s Largest Solar Ingot & Wafer Facility in Nagpur Key highlights: 1. 10 GW ingot capacity + 10 GW wafer capacity 2. Spread across 300 acres 3. Investment of around ₹6,200 crore 4. Expected to create 8,000+ jobs This project strengthens India’s upstream solar manufacturing ecosystem, reduces import dependence, and supports the country’s clean energy and Atmanirbhar Bharat goals. With this, Waaree continues expanding its manufacturing footprint, which already includes ~22.3 GW solar module capacity and 5.4 GW solar cell capacity globally.

Ramky Infrastructure: announced the execution of a Concession Agreement between the Maharashtra Industrial Development Corporation (MIDC) and its subsidiary Maha Integrated Life Sciences City (MILeS City) for the development of a High-Tech Pharmaceutical Park at the Dighi Port Industrial Area in Raigad, Maharashtra. The project will be implemented on a Public-Private Partnership (PPP) basis under the Design, Build, Finance, Operate, and Transfer (DBFOT) model, with an estimated project cost of Rs 3,000 crore, including the operating income to be generated during the 90-year operation period. Positive

IDBI Bank: As per the media news Government cancelled the strategic disinvestment of the lender. Sources mentioned that the financial bids received for the stake sale were below the reserve price set for the transaction. The Centre currently holds a 45.48% stake in IDBI Bank, while Life Insurance Corporation of India (LIC) owns another 49.24%. The government had planned to sell a combined 60.7% stake in IDBI Bank, comprising 30.48% held by the Centre and 30.24% held by LIC. After the divestment, the Centre was expected to retain a 15% stake, while LIC would hold 19%. As part of the proposed transaction, the government intended to divest its 30.48% stake in IDBI Bank, valued at roughly Rs 30,000 crore at current market prices. Negative read through for IDBI bank. Negative

Va Tech wabag: company has won an order from the Chennai Metropolitan Water Supply and Sewerage Board to develop a transmission network for the Greater Chennai City. The JV will establish the city-wise water grid platform. It has classified the order as a "mega" one, which means that the order size is worth Rs 1,000 crore, taking the overall order book size past Rs 16,300 crore. Positive

Salasar Techno: lags operational hits as West Asia conflict disrupts LPG supplies. Production, material deliveries, and EPC projects are all facing delays. Production, material delivery, and EPC operations impacted due to LPG supply disruption Exports to the Gulf region affected amid the LPG supply issues Company coordinating with OMCs and authorities to secure LPG supply and stabilize operations.

JSW Steel: Company have informed the exchanges that it is developing the Minas de Revuboè coking coal mining project in the Moatize coal basin of Tete Province, Mozambique. The project offers access to approximately 850 mt of coal reserves, with the potential to produce over 250 mt of useable coking coal, a crucial raw ingredient for steelmaking. Positive

Interglobe Aviation: The company has introduced a fuel charge on domestic and international routes, effective March 14, due to the significant surge in fuel prices following ongoing geopolitical issues in the Middle East. IATA’s Jet Fuel Monitor indicates over an 85% increase in fuel prices for the region.

Data patterns: The company has received an order worth Rs 288 crore from the Indian Meteorological Department (IMD) for the supply of 32 units of Doppler Weather Radars.

Adani power: The company has received a Letter of Award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for the supply of 1,600 MW thermal power under a long-term Power Supply Agreement.

Tejas network: Tejas Networks received purchase order to supply 4G RAN solutions for mobile network expansion project in South Asia.  Order involves deploying multiband radio products across multiple locations in operator's network. Management highlighted that progress in expanding international wireless business and global 4G/5G mobility stack.

War update: The United States and Israel conducted airstrikes targeting Iranian military sites, nuclear facilities, missile infrastructure, oil targets including Kharg Island, and locations in Tehran such as Mehrabad International Airport and the Supreme Leader's compound, as part of operations like Operation Roaring Lion and Operation Epic Fury. Iran responded by closing the Strait of Hormuz, launching ballistic missiles at Israel including Tel Aviv, issuing evacuation warnings for areas in Dubai and Doha, and imposing a nationwide internet blackout. President Donald Trump urged NATO allies and oil-importing nations to contribute naval forces to reopen the strait amid surging global oil prices above $100 per barrel. Crude oil hike will impact negatively for BPCL, HPCL, Paint companies, Tyre companies, Aviation companies etc. Positive for upstream companies such as ONGC and Oil India.

Macro Wrap

• The US-Israel war on Iran enters its third week, market volatility is not likely to dissipate materially this week, Last Friday, the DJIA, the S&P 500, and the Nasdaq Composite Index fell 0.3%, 0.6%, and 0.9% respectively. For the week, the DJIA fell 1.9%, the S&P500 declined 1.6%, and the Nasdaq Composite Index dropped 1.3%.
• The Dollar Index surged 0.6% last Friday to close around 100.36 and gained 1.4% for the week. The USD remained the primary beneficiary of safe haven flows and the hawkish shift in long-term interest rate expectations The US 2Y yield fell 2bp to 3.72% last Friday, The US 10Y yield rose 1.5bp to 4.28% last Friday. Gold prices fell 1.2% last Friday to USD5,019 and fell 2.9% last week. It has opened lower in early Asian hours by 0.7% to below the USD5,000 level.
• Brent crude oil was the focal point of volatility, rallying 11% last week to hit a high of USD119.5 before closing Friday just above USD103 per barrel. Brent oil prices are only modestly higher at the Asian open this morning, at around USD104.60.
• China’s home price declines eased in February, suggesting the property downturn may be bottoming. New-home prices in 70 cities fell 0.28% from January, while resale values dropped 0.43%, the smallest decline in 10 months. Officials pledged city-specific policies to curb supply and reduce inventory.
• The Chinese Industrial output rose 6.3% from the same period in the previous year, National Bureau of Statistics data showed on Monday, up from the 5.2% growth clocked in December. It beat a 5% expansion, marked the quickest growth since September last year. While constructions fell by 23.%, Retail sales, a gauge of consumption, jumped 2.8%, quickening from the 0.9% pace in December for their biggest gain since October last year. Overall housing still remains a bigger drag on the economy. Sentimentally negative for metals and other commodities.
• US strikes hit Kharg Island as the Middle East conflict persisted. Trump warned Iran's energy infrastructure could be targeted if the Strait of Hormuz stays closed. While traders await a US-led coalition to escort ships, the IEA said oil from a record reserve release will soon reach Asia, underscoring supply pressure. Positive for Crude oil and negative for INR and broader market.
• President Donald Trump said he is “demanding” other countries help defend the Strait of Hormuz as it remains effectively closed to oil tankers. Speaking on Air Force One, he said nations reliant on the route for energy should help secure it, adding China depends heavily on the corridor. Trump also warned he could delay a summit with Xi Jinping if Beijing does not help unblock the strait.
• The University of Michigan Consumer Sentiment Index dropped to 55.5 in March 2026 due to the US-Iran conflict and rising gas prices, marking a three-month low. Nationwide personal finance expectations fell 7.5%, while inflation expectations held at 3.4%.
• US GDP grew an annualised 0.7% in Q4 2025, revised down from 1.4% and the weakest since Q1’s contraction, amid lower exports, consumption, government spending and investment, while imports fell by less than first estimated.

OTHER NEWS

Lloyds Metals: This is in furtherance of the intimation given by the Company on 18th September, 2024 and 25th September, 2024, wherein we informed you that the Company had allotted 2,67,42,000 and 1,00,53,000 convertible warrants respectively to Promoters and Non-Promoters of the Company aggregating to total allotment of 3,67,95,000 convertible warrants on Preferential Allotment basis through resolution passed at the Extraordinary General Meeting of the Company held on 29th July, 2024. The issue price of Rs. 740 (Rupees Seven Hundred and Forty) per warrant, out of which Rs. 259 (Rupees Two Hundred and Fifty-Nine) (35% of the issue price) per warrant, was received as the initial subscription amount at the time of allotment of the warrants. Positive

Bajel Projects: The company has an EPC contract worth over Rs 700 crore from Maharashtra State Electricity Transmission Co. (MSETCL) for the establishment of a 400/220 kV AIS substation at Saswad, Pune, along with its associated transmission lines.

SEAMEC: The company, in consortium with Supreme Hydro Pvt Ltd, has received an ONGC contract worth ~Rs. 410.7 crore for Operation & Maintenance of the vessel “Samudra Sevak” for 2026–2028.

A B Infrabuild: The company has received a Letter of Acceptance from East Coast Railways for construction of a Railway Over Bridge (ROB) between Icchapuram and Jhadupudi stations. The project value is ~Rs. 66.96 crore with an execution period of 24 months.

Coal India: Company aims to ensure power at just price amid West Asia Crisis that endangers global shipping lanes and imported coal costs, a senior official of the company said. Coal India Ltd (CIL) contributes to 80 per cent of total domestic coal production and 75 per cent of total coal-based generation.