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March 23, 2026 TOP NEWS Indigo: Centre scraps air fare cap
as airline operations stabilie. Airfares are set to
inch higher after the government decided to withdraw the temporary fare cap
imposed in December following widespread disruptions at IndiGo, restoring
pricing flexibility to airlines grappling with rising costs. Positive for Indigo and other
airline companies. Ola Electric: Facing sluggish
sales and funding challenges, the EV manufacturer is reportedly diverting
funds originally meant for innovation toward debt repayment. Negative IFGL Refractories Ltd: The company
has temporarily halted LPG-dependent operations at its Kandla manufacturing
facility due to supply disruptions caused by Gulf region conflict and
government directives prioritizing domestic LPG allocation. The company is
implementing mitigation measures while acknowledging the situation is beyond
its control, with expectations that the disruption will impact major
refractory industry players. Management cannot currently quantify the impact
on production or financial performance and has committed to providing regular
updates as the situation evolves. Negative Hindustan Zinc: Following
significant fall in the silver prices led weaknesses in the share price. Negative Ceigall India: The company’s subsidiary
has emerged as L1 bidder for a ₹603 crore NHAI project for construction of a
6-lane spur connectivity in Punjab under HAM. The project includes 18 months
construction and 15-year O&M. Positive
Larsen and Toubro: Management
highlighted that 95% of West Asia sites running business as usual with no
disruption and only 5% of sites has been impacted due to proximity to army
bases. Also highlighted that GCC countries business is largely stable and no
major calls to be taken yet. Positive War update: US President Trump
sets 48-hr ultimatum to Iran to fully open Strait of Hormuz or else US will
hit & obliterate their various Power plants. Iran hits back by
threatening to hit key U.S. infrastructure, including energy facilities in
the Gulf in retaliation. Iran’s military declared it is ready to close the
Strait of Hormuz indefinitely and attack regional
infrastructure. Oil remains elevated. Positive for Oil India, ONGC and
negative for distribution companies such as HPCL. BPCL and other allied
industries such as Fertilizers, Paints, Aviation etc. MACRO WRAP
OTHER NEWS HDFC Bank: The private lender has
reportedly asked three executives to step down over allegations of mis
selling. This follows the sudden resignation of part-time chairman Atanu
Chakraborty few days earlier. Negative Kotak Bank: Kotak Mahindra Capital
Company Limited (KMCC), a wholly owned subsidiary of Kotak Mahindra Bank,
said it has entered into definitive agreements to divest a 30.99% of its
stake in Infina Finance Private Limited for an
aggregate consideration of Rs 1,293.91 crore Devyani International: The company
has approved an investment of ~Rs. 347 crores in Restaurants Development Co.
Ltd (RD), a Thailand-based operator of 274 KFC restaurants, as it looks to
strengthen the company’s balance sheet and support long-term business needs. Tata Capital: The NBFC reported
that tax authorities have issued a reassessment order for the 2017-18
financial year, raising a tax demand of ₹413.18 crore. Kirloskar Ferrous Industries: The
Operations of one of the two High Pressure Moulding Lines situated at Solapur
plant, which was affected earlier due to non-availability of LPG following
disruptions in global energy supply chains linked to the Middle East
conflict, have been resumed with effect from 21 March 2026 by usage of
alternate fuel. But as company reported it’s a temporary stoppage of
operations at Solapur plant did not have any material financial impact.
Neutral Tata
Steel Inaugurates its first Scrap-based Electric Arc Furnace in India (EAF)
facility at Hi-Tech Valley, Ludhiana. Positive
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