March 25, 2026

TOP NEWS

 

War Update: US President Donald Trump said that Vice President JD Vance and Secretary of State Marco Rubio are leading negotiations with Iran, expressing optimism that a deal is in sight. Iran came under more airstrikes and Tehran launched new waves of attacks against Israel and Persian Gulf Arab states, with one missile slamming into a Tel Aviv street, even as Trump touted progress in talks to end the war. Some optimism lies around atleast on the initiation of peace talks. Crude dropped by 5%. Positive for distribution companies such as HPCL, BPCL and aviation and paint companies.

 

Avantel: Company secures contract worth Rs 460 crore rate contract from Zetwerk for satellite communication equipment.

 

MGL/IGL: Centre Notifies Order to Strengthen Piped Natural Gas Infrastructure. The ministry has passed the Natural Gas and Petroleum Products Distribution (Through Laying, Building, Operation and Expansion of Pipelines and Other Facilities) Order, 2026 under the Essential Commodities Act, 1955. The Order provides a streamlined and time-bound framework for laying and expanding pipelines across the country, addressing delays in approvals and access to land, and enabling faster development of natural gas infrastructure, including in residential areas. Positive for CGD companies such as MGL/ IGL and private player such as ATGL

 

United Spirits (USL): The company has announced full divestiture of its stake in its wholly owned subsidiary Royal Challengers Sports Private Ltd (RCSPL) to a consortium comprising Aditya Birla Group (ABG), The Times of India Group (Times), Bolt Ventures (Bolt), and Blackstone’s perpetual private equity strategy, BXPE (Blackstone) for a consideration of Rs. 16,660 crore in an all cash transaction. The transaction will help USL to sharpen focus on its core beverage alcohol business to unlock its true potential with sustained growth and to continue delivering on long-term value creation for stakeholders.

 

Natco Pharma: The company’s board has approved a major restructuring: spinning off its agrochemicals business into a wholly-owned subsidiary named Natco Crop Health Sciences Ltd. The effective date for this separation is October 1, 2026. Shareholders will receive one new share in the agrochemicals company for each share they hold in Natco Pharma. This 1:1 share swap aims to give shareholders direct ownership in the demerged business. Natco Pharma will keep about a 20% stake to provide strategic support. The goal is to unlock separate value and enable focused growth, better operational efficiency, and independent investment for both the pharma and agrochemical divisions.

 

Sammaan Capital: The Reserve Bank of India approved the acquisition of controlling stake in Sammaan Capital Ltd. by Avenir Investment RSC Ltd., an affiliate of Abu Dhabi-based International Holding Company. The RBI has also allowed the company's request for waiver of the public notice period and indirect change of control of wholly owned subsidiary Sammaan Finserve Ltd. Avenir will invest Rs 8,850 crore by way of preferential issue in the non-banking financial company to gain a shareholding of nearly 41.23%. Over 33 crore shares will be issued to the investor at Rs 139 apiece in order to raise Rs 4,587 crore, while the rest will be through two tranches of warrants.

 

BPCL: The company's JV with Sembcorp bags a contract to supply 10 KTPA of green hydrogen to Numaligarh Refinery & commissions its 2G bioethanol refinery at Bargarh.

 

Ceigall India: Two tenders worth ~₹207 crore, where the company had emerged as L1 bidder, have been cancelled by the Punjab Infrastructure Development Board due to administrative reason. Negative 

 

Waaree Energies: The company has approved Rs. 3,900 crore capex for setting up a glass manufacturing plant (2,500 TPD capacity) through its wholly owned subsidiary.

 

Jindal Stainless: Company has commissioned its 1.2 million tonnes per annum (MTPA) stainless steel melt shop (SMS) in Indonesia through its joint venture, ahead of schedule. Additionally, the company has earmarked a fresh investment of ₹900 crore for its Hisar and Kharagpur facilities, which are expected to be commissioned by Q2FY28.The company’s total melting capacity will increase to 4.2 mtpa, including 3 mtpa in India. These new and expanded downstream facilities will enable the production of thinner cold rolled products tailored for high-growth industries. Following these expansion projects, the company will be able to increase its Cold Rolling capacity from 2.05 MTPA in FY26 to 2.67 MTPA by FY28, an increase of 0.62 MTPA. Positive

 

 

MACRO WRAP

 

  • Asian stock markets recovered some losses, as US comments about discussions with Iran sparked fresh optimism, although market watchers cautioned against over-exuberance Oil declined. The dollar edged lower. US - The S&P 500 slipped 0.2%, the Nasdaq fell 0.6%, while the Dow was flat Washington seeks to end the Iran war with a ceasefire and a 15-point proposal. Despite Trump's troop deployment, these efforts are key, overall this seems a relief rally for market as there are likely chances of US invading Iran’s Kharg Island in coming days.
  • The US Composite PMI fell to 51.4 in March 2026, its lowest since last April, signalling slowing growth. Business activity hit an 11-month low due to softened orders and price surges. Services led the slowdown, while manufacturing stayed resilient. Confidence weakened, causing the first employment drop in over a year, with sharp input cost rises driving selling prices up.
  • The US Manufacturing PMI increased to 52.4 in March 2026, surpassing expectations. Production and new orders grew, supported by stabilising export demand. Despite slowed employment growth and longer delivery times, business confidence reached a 13-month high amid reduced tariff worries and optimism over domestic demand.
  • US nonfarm productivity grew 1.8% in Q4 2025, down from 2.8% estimated, and lower than Q3's 5.2% surge. Manufacturing productivity fell 2.5%. Annually, productivity grew 2.5% in Q4 but slowed to 2.1% for 2025, indicating a deceleration in efficiency gains.
  • Financial markets will likely remain cautious as investors juggle Middle East geopolitical risks and volatile oil prices, which continue to drive inflation expectations. As far as today’s US economic docket is concerned, US import and export prices for Feb will be in focus, Fed Governor Stephen Miran (voter) will be participating in a conversation on digital assets.

 

 

OTHER NEWS

 

Tata Steel: The Company has today i.e., on March 24, 2026, acquired 178,57,14,286 equity shares of face value USD 0.1008 each aggregating to USD 180 million (~₹1,680.27 crore*) in  T Steel Holdings Pte. Ltd (TSHP). Post this acquisition, TSHP will continue to be a wholly owned foreign subsidiary of the Company.

 

JSW Steel: India's imports of iron ore, a key raw material in steelmaking, are ‌set to rise to a seven-year high in the fiscal year ending on March 31, driven by a shortage of high-grade ore and demand from JSW Steel, reuters reported. Overall imports are likely to reach 12 million to 14 ​million metric tons in 2025-26, more than doubling from a year earlier, analysts and trade officials said.