March 12, 2026

TOP NEWS

 

 

War update: Oil prices rose Wednesday after several commercial vessels were attacked off Iran's coast. Tanker and cargo traffic through the critical Strait of Hormuz is severely disrupted due to threats from Iran. We really think that the critical factor remains the war’s duration, so these releases of the IEA’s stocks really buy us a few days, but in reality, really it all depends on the opening of the Strait of Hormuz. Negative read through for fertilizers stock. 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.

 

KEC International: Secures new orders worth Rs 1,476 Cr for transmission & distribution projects across multiple regions, including Saudi Arabia, Africa, and the Americas. Largest composite T&D order secured in Saudi Arabia, including 380 kV transmission lines and substations. Positive

 

Borosil: Supply of LPG has been restricted due to a force majeure situation from ongoing Middle East conflict, impacting production at the Jaipur facility. The borosilicate glass furnace is temporarily suspended, while opal glass furnaces are operating at lower capacities. Negative

 

Stovekraft / Gandhimati Butterfly: Shortage of commercial LPG cylinders in several cities including Mumbai, Bengaluru and Chennai, where supplies to hotels and restaurants have been disrupted. The situation has led to a sharp spike in demand for induction cooktops and other electric cooking appliances, with sales rising between 60% and 300% in some markets. Positive for Stovekraft/ Gandimati Butterfly and TTK Prestige.

 

US Tariffs: U.S. President Donald Trump's administration opened a trade inquiry under 301 act into South Korea, China, Japan and 13 other economies to uncover "unfair" trade practices related to "structural" excess capacity and production, a move that might result in tariffs. Negative news flow for overall markets

 

State Bank of India (SBI): The country’s largest lender, has partnered with Japan’s banking major MUFG Bank to deepen financial cooperation and facilitate cross-border capital flows between the two economies, amid rising Japanese investment interest in India. Under a strategic partnership agreement, the two institutions will collaborate to structure and finance projects across sectors such as merger & acquisitions, aviation and real estate, while also expanding cooperation in trade finance, advisory services and retail banking solutions for corporates operating in both countries. Positive

 

Jindal Steel: Company have declared the preferred bidder by the State Government of Odisha, India, for the Thakurani-A1 iron ore block in Keonjhar in Odisha, according to a Wednesday filing to the Indian stock exchanges. The Thakurani-A1 Iron Ore Block was part of a recent auction round for 12 virgin mineral blocks conducted by the Odisha government. The block has around 50 million tons of iron ore resources. Following the successful conclusion of the online auction, Jindal Steel has committed to a final price offer of 111.15% premium to the Government of Odisha. Positive

 

 

Macro Wrap

  • Most US equities declined while Treasury yields edged higher as the Iran war extended into a twelfth day on Wed with no signs of a ceasefire. Oil prices pressed higher despite an emergency release of oil reserves by the International Energy Agency (IEA). Oil prices rose despite the International Energy Agency (IEA) members agreeing to release a record 400 million barrels of emergency oil reserves. This was more than double the 182 million barrels released after the Russian invasion of Ukraine in 2022.
  • US February CPI showed inflation slowing to 2.4% prior to the conflict and core CPI stood unchanged at 2.5%. However, the markets are interpreting this as backwards-looking data that fails to capture the recent spike in energy prices.
  • The DJIA and the S&P500 fell 0.6% and 0.1% respectively while the Nasdaq Composite Index edged up 0.1%. The Eurostoxx 50 fell 0.7%. The Dollar Index rose 0.4% to 99.23 and EUR-USD fell 40 pips to 1.1570.
  • The US 2Y yield rose 6bp to 3.65% and the 10Y yield rose 7bp to 4.23%. The German 10Y yield jumped 10bp to 2.93%. The UK 10Y yield surged 13bp to 4.69%.
  • Brent crude oil prices rose 4.8% to USD91.98. Gold dipped 0.3% to USD5,176. Silver fell 2.9% to USD85.74.
  • Data watch: For today, we get the trade deficit, initial jobless claims, housing starts and building permits.

 

OTHER NEWS

 

MSP Steel & Power: Promoter Group entities bought total 2,753,000 shares across Sampat Marketing Company Pvt Ltd , Ilex Ilex Private Limited, Jagran Vyapaar Pvt Ltd between 05 to 09th Mar 2026. Positive

 

Aluminium edged higher on supply disturbances on escalating issues of Iran war. The GCC accounts for about 8-9 per cent of global aluminium production and exports roughly three-fourths of its output. Aluminium stands out as the most exposed metal because the Middle East controls around 6.9mt of smelting capacity, or roughly 9% of global primary aluminium capacity, and about 4.5mt of alumina refining capacity, much of which is export oriented. Positive for Aluminium manufacturing companies like Hindalco, Nalco, Vedanata

 

Relaxo Footwears: Prince Jain has resigned as Chief Financial Officer and Key Managerial Personnel of the company, effective March 11.

 

Jubilant FoodWorks: Raigad (Patalganga MIDC) commissary commenced commercial production on March 11, 2026.

 

V2 Retail: The company has set March 26 as the record date for its stock split in the ratio of 10:1.