March 30, 2026

TOP NEWS

War update: Global conflicts are intensifying, headlined by a major US-Israel offensive against Iran and a escalating war in Ukraine. Though US president saying that they are ahead of schedule and war may end up in a few weeks and is having direct communications on the peace talk with Iranian leadership. But there is no formal announcement from the Iran side. Trump also has hinted that he is eyeing the Kharg island to but looks like this war will prolong war for a bit longer period of time. The extreme war escalation was also seen in Russia and Ukraine wherein Ukraine has strike out the gas or energy plants in Russia. So, this has clearly led to brent reaching $115. So, now apart from the IRAN Israel and US tensions, one more thing to be tracked is how the Ukraine and Russia war is escalating since we believe that Puttin wont be silent over Ukraines reaction. The increasing oil prices clearly negative for Paints, aviation and downstream companies(BPCL/HPCL). Positive for upstream companies. Escalating tensions is also negative for L&T since 40% of order book comes from GCC countries.

RBI has directed all authorised dealers (banks) to ensure that their Net Open Position in Rupee (NOP‑INR) in the onshore deliverable USD/INR market does not exceed US$100 million at the end of each business day. The cap applies to onshore deliverable foreign‑exchange positions (i.e., actual dollar–rupee trades in the domestic market), not to offshore or NDF‑only books alone, though banks are expected to manage cross‑market linkages. Banks are required to comply with this limit by 10 April 2026, after which the NOP‑INR at day‑end must stay within the $100‑million ceiling. Negative for banks higher focus on HDFC Bank, ICICI Bank, Axis Bank and Bank of Baroda to be in focus.

Jubilant Foodworks: The company has informed that due to the ongoing geopolitical situation in the Middle East, there are supply constraints on the distribution of commercial LPG across the country. Consequently, the supply of LPG cylinders to certain parts of the company’s store network has been constrained. Operational impact at this stage is limited and being actively managed. The company is taking several steps to conserve LPG and working overtime to move to alternate energy sources like electricity and PNG. Sentimentally negative

Syngene International: The company has named Siddharth Mittal as Managing Director and Chief Executive Officer from July 2026 as Peter Bains exits and Kiran Mazumdar Shaw becomes Executive Chairperson. Negative

Coal India: Company forms 50:50 JV ‘DVC CIL Power Pvt Ltd’ with Damodar valley corporation for power generation & energy projects; initial equity Rs 3,132.96 crore approved. Positive

Hindalco: Iranian missile and drone strikes on March 28, 2026, caused significant damage to Emirates Global Aluminium’s (EGA) Al Taweelah smelter in the UAE and Aluminium Bahrain’s (Alba) major facility, injuring several workers (none life-threatening). These attacks have worsened existing supply disruptions in the Gulf region from the broader conflict, including prior production cuts and shipping issues. With the region accounting for a notable share of global non-Chinese aluminium output, the incidents are expected to tighten supplies further and support higher aluminium prices. This positions Hindalco Industries positively, as the company largely unaffected in its core primary aluminium operations eyes increased exports to markets like Japan, Korea, and Taiwan amid the supply crunch. Positive

Defence stocks: DAC clears proposals worth INR 2.38t lakh cr. YTDFY26 AoN at record levels of INR 6.73 lakh cr (Excl Rafale AoN of INR 3.25 lakh cr) up 3x YoY, vs FY25 approvals of INR 2.2 lakh cr

FOR INDIAN ARMY:

• Air Defence Tracked System (Potential Beneficiary: Bharat Electronics)
• High Capacity Radio Relay (Key Beneficiary: Bharat Electronics)
• Runway Independent Aerial Surveillance System (Potential Beneficiaries: *Ideaforge*, private companies)

FOR INDIAN AIR FORCE:

• S-400 air defence systems (Potential order size of 5 units, likely USD 6-7bn value; imported from Russia)
• Remotely Piloted Strike Aircraft (Potential beneficiaries: HAL/ Other Pvt players)
• Su-30 engine overhaul (Key benficiary: HAL)

FOR INDIAN COAST GUARD:

• Heavy Duty Air Cushion Vehicles (Hovercrafts) (Potential beneficiaries : GRSE, Goa Shipyard),

Thermax: Its subsidiary TBWES has secured a ~₹1,600 crore boiler package order for a 1x800 MW ultra-supercritical thermal power project in Central India, covering supply, installation supervision and commissioning.

MACRO WRAP

• The Iran war enters its fifth week with no signs of a resolution. The global equities fell across the board, the USD was firmer, and US bond yields reversed sharply from the intra-day high. The 2Y yield experienced a 10bp intra-day swing and closed lower while the 10Y yield closed slightly higher.
• US officials say Donald Trump is considering a military operation to extract roughly 1,000 pounds of enriched uranium from Iran. The plan would likely require US forces on the ground for days or longer and is described as complex and high-risk, with no final decision made. Negative for broader markets
• The Russia–Ukraine conflict has intensified, with Ukraine targeting Russian oil refineries, disrupting approximately 2 million barrels per day of oil exports—around 40% of Russia’s total exports. A key strike hit a refinery with processing capacity of about 420,000 barrels per day that supplies jet fuel to the Russian military and naval forces. Positive for Crude oil.
• Iran-backed Houthi militants in Yemen entered the war on Saturday, launching ballistic missiles at Israel and vowing to continue until US-Israeli attacks on Iran and its allied militant groups cease. This could further disrupt oil supply The Houthis had previously demonstrated the capacity to close the Red Sea to Western shipping. Saudi Arabia has rerouted oil exports via its East-West pipeline, which is now running at full capacity of seven million barrels per day, with exports flowing through the Red Sea port of Yanbu, which is reportedly well within Houthi missile range.  Positive for Oil prices
• Iran’s recent strikes on two major aluminium facilities have intensified concerns around global supply disruption. The affected plants have a combined annual production capacity of approximately 3.2 million tons, a significant share given that total output across Gulf Cooperation Council countries exceeds 6 million tons. We expect a deficit of around 900,000 tons in the second quarter. Positive for Hindalco.
• The DJIA, the S&P500, and the Nasdaq Composite Index fell 1.7%, 1.7%, and 2.2% respectively.  The US 2Y yield fell 7bp to 3.91% last Friday but edged up 1bp for the week. The US 10Y yield rose 2bp to 4.43% last Friday and gained 5bp for the week. 
• The Dollar Index rose 0.3% to 100.15 last Friday and gained 0.5% for the week. EUR-USD dipped 20 pips to 1.1510 last Friday and fell 60 pips for the week.
• Brent crude oil prices rose 4.2% to USD112.57 last Friday and gained 0.3% for the week. It rose for the sixth consecutive week. Gold rose 2.7% to USD4,494 last Friday and was flat for the week.
• For the week ahead, market attention will still center on geopolitical developments in the Middle East. The key US data will be the ISM manufacturing survey (1 Apr), and most importantly, the US Mar employment report on Fri (3 Apr). The key data from Europe will be the prelim Mar CPI for Eurozone (31 Mar) It will be a holiday-shortened week for most developed markets (except for Japan & US) to celebrate Good Friday (3 Apr) while Canada, UK and many parts of Europe will enjoy an extended long-weekend for Easter Mon (6 Apr).

OTHER NEWS

Avenue Supermarts: The company has opened 3 (three) new stores at Pipla, Nagpur (Maharashtra), AU Family Hub, Ghaziabad (Uttar Pradesh) and Vijay Nagar, Jabalpur (Madhya Pradesh). The total number of stores as on date stands at 481.

GR Infra Projects: The company has emerged as L1 bidder for a ₹1,453.6 crore NHAI highway project in Gujarat (60.2 km, HAM, 910 days execution). Additionally, it has secured a ₹413.4 crore EPC order from NTPC for a Battery Energy Storage System (BESS) project.

Oberoi Realty: The company has entered into a redevelopment agreement for ~4,800 sq. m. land at Peddar Road, Mumbai, with an estimated free-sale component of up to 1.4 lakh sq. ft. (RERA carpet area).

Ceigall India: The company has received a ₹603 crore NHAI contract for a 6-lane spur road project (10.3 km) in Punjab under HAM, with 18 months construction and 15-year O&M.

Info Edge approved multiple strategic transactions. It will invest up to ₹250 crore in A88 Fund I (a Category II AIF) to support early-stage deep tech investments in India, aligned with its long-term value creation strategy. It will transfer its entire 26.14% stake in Shopkirana to TIPL for ~USD 33 million, receiving TIPL shares (~2.02%) as consideration. Additionally, it will invest ~USD 1.72 million in TIPL via preference shares, taking total shareholding to ~2.13%. Overall, these transactions aim to streamline holdings and enhance long-term investment returns.

JSW steel:  The steel producer company said its arm will acquire the steel business undertaking of BPSL through a slump sale on a going-concern basis. The company also said it has formed a joint venture with Japan-based JFE Steel for the BPSL steel business undertaking.

GFCL: Its subsidiary GFCL EV, an integrated battery materials company, has announced the raising of approximately $80 million from a global marquee investor.

Enviro Infra Engineers: Received Letter of Awards from NTPC Limited for Rs 664.33 crore BESS projects at thermal power stations in Karnataka and Telangana. The contract includes 18-month EPC execution followed by 11-year annual maintenance.