March 04, 2026

TOP NEWS

Iran and US war: Due to military attacks on Qatar Energy’s operating facilities, Qatar Energy has ceased production of liquefied natural gas (LNG) and associated products. Shortly after the announcement gas prices soared by almost 50 percent, while benchmark Asian LNG prices jumped almost 39 percent. Oil prices surged as much as 13 percent intraday to above $82 a barrel, the highest since January 2025. The Saudi countries have less of an appetite for a fight because, at the end of the day, this is not their war. So, Iran is banking that they will want a ceasefire as soon as possible, that they will be pressuring the [US President Donald] Trump administration. But we have no signs of that whatsoever so far. Negative read through for gas stocks such as GAIl, Petronet, fertilizers stock. Crude oil hike will impact negatively for BPCL, HPCL, Paint companies, Tyre companies, Aviation companies etc. Positive for upstream companies such as Oil India.

Fertilizer stocks: Since natural gas is primary feedback of ammonia and fertilizer production globally.  Negative for fertilizer companies such as Coromandel international, FACT etc.

Adani Ports: Total cargo handled in February up 16% from last year to 42.5 MMT led by Containers and dry cargo. Logistics rail volume in February up 3% from last year. For FY26 so far, total cargo handled up 11% from last year to 454.76 MMT, led by 20% growth in containers.

Info Edge: Feb jobspeak report shows meaningful recovery in IT hiring, while AI momentum continues. IT sector hiring up 6% overall, while insurance sector hiring up 28%, led by a strong surge in MNC hiring. BPO/ITES hiring up 22% overall.

HAL and other defence stocks: 2,901 crore agreement for six Advanced Light Helicopters (ALH) Mk-III, injects further momentum into the company's order book. These twin-engine maritime role helicopters are equipped with advanced features designed to significantly enhance the Indian Coast Guard's operational capabilities in safety, surveillance, and environmental protection. Amid this war situations Defence will be the key sector to watch out on positive side. BEL, HAL, Solar industries, BDL.

Middle East exposure companies: L&T carried an order backlog of approximately $80 billion. Of that, 49% was overseas, with 37% concentrated specifically in the Middle East. Breaking down the company's FY25 consolidated revenue of roughly Rs. 1,280 billion, Saudi Arabia alone accounted for 24%, with UAE contributing 4%, Qatar 2%, and Kuwait and Oman 1% each. Its premature to cut down the estimates but is sentimentally negative for Middle East exposure companies such as L&T, Va Tech Wabag, BLS international .

Affle 3I:  Co-founder and Director Anuj Kumar steps down from all his executive and non-executive roles from April 16, 2026. He will continue to remain associated with the company as its largest individual shareholder.

Coal India: Coal India’s producing subsidiaries are holding sizeable pithead coal stock to the tune of 115 million Tonnes (MTs) as of 26 February 2026, which will further go up by the fiscal’s closure. Coal stocks at domestic coal-based power plants stand at nearly 55 MTs (as of 25 February), the highest ever for the referred period. Further, there is a transit stock. of 5.5 MTs of coal at goods sheds, washeries and ports put together. Positive

Cipla: The company has entered into a 60:40 joint venture agreement with Kemwell Biopharma for the incorporation of a joint venture company in India. The joint venture will undertake the business of developing, applying for and obtaining licenses for, manufacturing, ommercialising, importing, and exporting biologic products, and licensing or outsourcing any or all such activities. Positive

Greenply Industries: The Income Tax Department commenced search and seizure operations at the registered office and manufacturing unit of the company, as well as at the manufacturing unit of Greenply Sandila, along with the residence of the promoter and a few executives of the company, on February 26. The search and seizure operations concluded on March 2. Negative

Greenlam Indusries: The Income Tax Department conducted a search at the registered office and its subsidiary Greenlam, as well as at two manufacturing units of the company. The company fully cooperated with the officials of the Department and responded to the clarifications and details sought by them. The business operations of the company continued without any disruption despite the search. Negative

Natco Pharma: The company, along with its partner Breckenridge Pharmaceutical, Inc., announced the launch of Pomalidomide Capsules, a generic version of Pomalyst by Celgene, in the US market. Pomalidomide Capsules, a thalidomide analogue, are indicated for the treatment of adult patients with multiple myeloma. Pomalidomide Capsules had estimated sales of US$3.2 billion in the US for the 12 months ending September 2025, as per industry sales data. Positive

MACRO WRAP

·         The US-Israel-Iran conflict, now in its fourth day. US President Trump stated that Iran's military capabilities are severely reduced, hinting at possible militia support but no final decision made. The Senate plans to vote on the Iran war powers resolution. Iran targeted Al Udeid base in Qatar and threatened regional economic centres, while their new defence minister was reportedly killed. Israel struck Iranian leadership in Tehran, and tensions with Hezbollah are rising. The UAE is considering military action against Iran's missile and drone strikes. Sentimentally positive for Gold/ Crude

·         The main theme overnight risk-off. Global equities slumped across the board as Brent oil prices surged due to the escalation of tensions in the Middle East and risks of oil supply disruption.  The DJIA, the S&P500, and the Nasdaq Composite Index fell 0.8%, 0.9%, and 1% respectively. The Euro Stoxx 50 slumped 3.6%.

·         The US dollar continued to strengthen against all G10 currencies for a second straight session on Tue (3 Mar) as the on-going war in Middle East enters the 5th day. The US Dollar index (DXY) ended higher by 0.7% to 99.052 (from the previous session’s close of 98.381).

·         The US 2Y treasury yield rose 3bp to 3.51% and the 10Y yield rose 2bp to 4.06%. The German 10Y rose 4bp to 2.75%. The UK 10Y jumped 10bp to 4.47%. Brent crude oil prices rose 4.7% to USD81.40. Gold fell 4.4% to USD5,089. Silver fell 8.2% to USD82.02.

·         Qatar Energy halted the production of aluminum and some chemicals as it grappled with the consequences of Iranian attacks that forced the shutdown of its major liquefied natural gas plant, The plant has a nameplate primary aluminum capacity of 648,000 tons. The Gulf Cooperation Council (which includes Bahrain, Oman, Qatar, Saudi Arabia, UAE) accounts for around 8% of global aluminium output. Positive for Indian refiner and global aluminium prices

·         Euro Area annual inflation increased to 1.9% in February 2026, up from 1.7% in January and exceeding expectations. Services inflation accelerated to 3.4%, and non-energy industrial goods inflation rose to 0.7%. Energy prices continued to decline but at a slower rate, down 3.2%. Core inflation rebounded to 2.4%. Among major economies, HICP rose in France, Spain, and Italy, while slightly easing in Germany. Sentimentally negative for Euro.

·         China’s Two Sessions 2026 will kick off with the Committee of the Chinese People's Political Consultative Conference (CPPCC) on Wed (4 Mar) followed by the annual session of China’s 15th National People’s Congress (NPC) on Thu (5 Mar with Chinese Premier Li Qiang delivering the government work report at the opening of the NPC.

·         Data watch: The US ADP employment change for Feb (Bloomberg est 50,000 from 22,000 in Jan), the US ISM services index for Feb (Bloomberg est 53.5 from 53.8 in Jan, prices paid index est. 67.8 from 66.6 in Jan), Eurozone’s Jan unemployment rate (Bloomberg est 6.2% same as Dec),

·         Eurozone’s Jan PPI (Bloomberg est 0.2% m/m, -2.6% y/y from -0.3% m/m, - 2.1% y/y in Dec), Italy’s final 4Q GDP (Bloomberg est 0.3% q/q, 0.8% y/y same as prelim est.) and Japan’s consumer confidence index for Feb (Bloomberg est 38.2 from 37.9 in Jan).

OTHER NEWS

Dabur: As a part of the recently launched Dabur Ventures initiative, the company has announced that it has signed a definitive agreement to acquire minority stake in new-age luxury skincare D2C company RAS Beauty Private Limited for ~Rs. 60 crore. RAS Beauty is a Raipur-based digital first, fast growing “Farm-to-Face” luxury  skincare brand with a strong presence in the natural beauty segment. RAS’s key products,

which include face elixirs, serums, and moisturisers, are infused with essential oils and nature-derived actives. Positive

Godrej Properties: The company has secured two new land parcels to strengthen its launch pipeline. The company won a ~5-acre land parcel in Kolkata (EM Bypass) with an estimated revenue potential of ~Rs.1,650 crore, and also acquired ~11.36 acres in Gurugram (Golf Course Extension Road) with a revenue potential of ~Rs.4,500 crore for residential development.

Jindal Stainless: Acquisitions of 803661 equity share worth of Rs 6386.97 lacs by promoter group.

Lemon Tree Hotels (LTHL): The company has signed a License Agreement - Lemon Tree Hotel, Rajendranagar, Hyderabad. The property shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of LTHL. This hotel will feature 63 well-appointed rooms, restaurant, banquet hall, meeting room, spa, fitness center and swimming pool. Positive

Vedanta: Company has been declared preferred bidder for Karnapodikonda bauxite block in Odisha following an auction process conducted by the state government. Positive

Aequs: Ajna Aerospace & Defence Private Limited (AADPL) is a joint venture company and Aequs is investing its first tranche of investment into AADPL under LOS.  This acquisition is part of our business strategy of continuous interest seeking attractive inorganic opportunities through acquisition of interest in any entity, entering into a joint venture arrangement or acquisition of a majority stake in an entity as part of growth strategies. Post this investment, Aequs will hold 33.33%, on fully diluted basis, shareholding of AADPL. Positive

Reliance: Jio Platforms announced the appointment of Dan Bailey as President. He will lead the company’s international business initiatives. Based in London, Dan will report to Akash Ambani, Chairman of Reliance Jio Infocomm. Dan will join the Executive Committee of Jio Platforms and will contribute more broadly across the business as well. Focus is international expansion. Positive

JSW Infrastructure | JSW Group firm said that one of its fifteen storage tanks at the Fujairah Liquid Terminal sustained damage after debris from an intercepted drone fell within the facility earlier in the day. The company said the incident occurred at its terminal in Fujairah, where it operates fifteen tanks. Following the detection of the debris impact, emergency response procedures were activated in line with established safety protocols.

Life Insurance Corporation of India: The term of Sunil Agarwal, Chief Financial Officer, has been extended for a further period of one year till March 1, 2027.

Capri Global Capital: Capri Loans has signed a partnership for Carbon Accounting Financials (PCAF) to enhance climate transparency and strengthen its sustainable finance framework. As part of this engagement, Capri Loans will adopt the globally recognized PCAF methodology to measure and disclose financed emissions across its lending portfolio, reinforcing transparency and alignment with evolving global sustainability standards.

State Bank of India: The contract period of Nitin Chugh, Deputy Managing Director & Head (Digital Banking & Transformation), concluded on March 3. Accordingly, he has been relieved from the services of the bank.

MRPL | State-run company said its board of directors has approved an interim dividend for the financial year 2025-26. The board declared an interim dividend of Rs. 4 per fully paid-up equity share of ₹10 each, translating to 40% for FY26.

Tata Motors CV and M&M | Both companies have issued clarifications on reports of Indonesia putting a halt to the export order of Commercial Vehicles from both companies. Tata Motors CV said that the talks do not apply to the current order, while M&M says they have already received advance payment for the order and has no other information on whether the order has been put on hold.

GMDC: Gujarat Mineral Development Corporation Ltd has received Environmental Clearance (EC) from the Ministry of Environment, Forest and Climate Change, Government of India for its Lakhpat–Punrajpur Lignite and Limestone Mine located in Kutch, Gujarat. The Mine has been approved with a production capacity of 3.0 MTPA of lignite and 29.81 MTPA of limestone, marking a significant regulatory milestone in the Company’s growth trajectory. The clearance enhances long-term production visibility and strengthens GMDC’s mineral resource base within Gujarat, further consolidating its position across both fuel and industrial mineral segments. Positive