March 05, 2026

TOP NEWS

 

Ramky Infrastructure: The company has secured an EPC contract worth Rs. 1,401.84 crore from Maharashtra Industrial Township Limited (MITL) for infrastructure development at the Dighi Port Industrial Area under the Delhi–Mumbai Industrial Corridor

 

GE Shipping: agreed to purchase a 2014 Japanese-built Kamsarmax vessel with a capacity of approximately 81,094 deadweight tonnes (dwt). The vessel is expected to join the company’s fleet by the first quarter of FY27. After the acquisition Following this acquisition, the company’s owned fleet stands at 41 vessels, comprising 27 tankers. Separately, GE Shipping has contracted to sell its Very Large Gas Carrier (VLGC) Jag Vishnu. The transaction is expected to be completed in the fourth quarter of FY26.

 

Gujarat Gas : Issued force majeure notices to its industrial customers, restricting daily contracted gas quantities from March 6, 2026, due to severely constrained availability of regasified LNG (R-LNG) amid the ongoing Middle East conflict. The company said the war has disrupted the gas supply scenario and invoked force majeure provisions under its Gas Supply Agreements, adding that acts of war are not covered under its insurance policy. Negative

 

Polycab India: Received an income tax demand of ₹327.45 crore for AY2024-25 (FY24) following an assessment order issued by the Deputy Commissioner of Income Tax, Mumbai. The order, received on March 3, 2026, includes disallowances and additions of ₹41.87 crore. The company said it has initiated rectification proceedings, citing possible computational or clerical errors, and is preparing to file an appeal in consultation with its tax advisors.

 

MRPL: force majeure on all planned gasoline export cargoes for March and April as the Middle East war is halting crude supply out of the Gulf, Reuters reported. MRPL operates a refinery with a capacity of 500,000 barrels per day (bpd) in the state of Karnataka in southern India and exports about 40% of all fuel produced at the site.    

 

Bharat Forge: North America's Class 8 truck preliminary net orders in February surged to 47,200 units, up 47% from the previous month and 159% from the year-ago period, as per data by FTR Intelligence. Positive read through for Bharat Forge since largest exports are to North America, especially in the commercial and industrial vehicle segments.

 

BSE: The exchange has received approval from the Securities and Exchange Board of India (SEBI) to launch derivative contracts on the BSE Sensex Next 30 index. The index tracks the next largest and most liquid companies within the BSE 100 that are part of the derivatives segment but are not constituents of the BSE Sensex 30 index. Positive

 

SBI Life Insurance : The company said the Income Tax Department has reduced its tax demand for FY22 to Rs 470.88 crore from Rs 5,317.18 crore following a rectification order, and the company will submit the revised order before the appellate authority where its appeal is pending. Positive

 

 

MACRO WRAP

 

  • Geopolitical tensions in the Middle East remain elevated as the US-Israeli campaign is in its sixth day, worrying markets over a prolonged conflict. The Strait of Hormuz is blocked after Iran's IRGC threats. President Trump offered insurance and escorts for Gulf vessels; while signalling it will continue military action against Iran, despite comments that Iran’s military capabilities are deteriorating.
  • The S&P 500 rose 0.8%, while European equities outperformed, with the Euro Stoxx 50 up 1.7% and the FTSE 100 gaining 0.8%, despite ongoing concerns around energy prices, the US dollar retreated, with the DXY down 0.3% to 98.761 as most G10 currencies appreciated. the May 2026 Brent contract settled 0.5% higher at $81.87, while the April WTI contract rose 0.6% to $75, and precious metals were firmer, with gold up 1.0% and silver rising 1.7%.
  • China has set its 2026 GDP growth target at 4.5–5 per cent, the lowest in decades, down from last year’s “around 5 per cent” target and actual 5 per cent growth in 2025, while maintaining a higher fiscal deficit of 4 per cent, above the preferred 3 per cent, and aiming for 2 per cent CPI growth amid prolonged deflationary pressures, including flat consumer prices and declining producer prices. Sentimentally negative for Commodities
  • China’s official PMI eased further to 49.1 in Feb, from 49.3 in Jan. Composite PMI fell as well to 49.5 in Feb from 49.8 in Jan. Non-manufacturing PMI however inched up to 49.5 in Feb from 49.4 in Jan. negative for metals.
  • The US ISM Services PMI rose to 56.1 in February, surpassing January's 53.8 and beating expectations of 53.5. Business activity and new orders saw significant growth. Employment improved to 51.8, while supplier deliveries slowed at 53.9. The Prices Index fell to 63, indicating cost pressures.
  • US private businesses added 63,000 jobs, led by education and health services with 58,000 in February. Small businesses created 60,000 jobs, while medium-sized firms cut 7,000. Job-stayers' pay growth held at 4.5%; for job-changers, it slowed to 6.3%. Positive for USD
  • Euro Area producer prices rose 0.7% in January 2026, reversing December's 0.3% drop and exceeding the 0.2% forecast. Energy prices and gains in intermediate, durable consumer, and capital goods drove the increase, while non-durable goods prices fell 0.2%. Annually, prices decreased by 2.1%.
  • Data watch: The key US data includes Initial jobless claims (Bloomberg est 215k, from last week’s 212k), Challenger Job Cuts for Feb, Import and export price index for Jan, the prelim 4Q nonfarm productivity (Bloomberg est 1.8% from 4.9% in 3Q) and 4Q unit labor costs (Bloomberg est 2.0% from -1.9% in 3Q). In Europe, we will have the Jan retail sales for the Eurozone and Italy. ECB president Lagarde and Chicago Fed President Goolsbee will speak at separate events.

 

 

OTHER NEWS

 

Shriram Finance: DEG – Deutsche Investitions and Citi have jointly provided a $76 million co-financing package to Shriram Finance, aimed at accelerating economic inclusion, rural development and climate-aligned mobility across India. Under the co-financing structure, DEG has extended a €40 million loan, while Citi has provided a Rs 260 crore loan to Shriram Finance, one of India’s largest non-banking financial services (NBFCs).

 

MRF: The company will invest Rs 5,300 crore to set up a greenfield manufacturing facility for automotive tyres and allied products at the SIPCOT Industrial Park in Sivaganga district of Tamil Nadu. The investment, to be made over 12 years. Positive

 

Cyient Ltd : The company has informed exchanges that the National Company Law Tribunal (NCLT), Bengaluru Bench, has ordered the initiation of liquidation proceedings against Infotech HAL Limited, its 50:50 joint venture with Hindustan Aeronautics Limited. The tribunal has appointed Vasudevan Gopu as the liquidator, and Cyient said it received the NCLT order on March 3, 2026.

 

Lloyds Luxuries: Sushant Mishra, the Chief Financial Officer, has received a summons dated February 27 from SEBI regarding the accounting treatment of certain expenditures. SEBI is conducting an investigation in relation to the accounting treatment of certain expenditures, financial statements, and related matters to examine compliance with applicable securities laws. Negative