Moneylife’s market breadth indicators remain in bearish territory; but 1st April brought a rare positive turn. On that day, 1,363 stocks advanced more than 4.5%, while nearly 1,733 gained over 3%, marking one of the strongest breadth improvements in the past one year. The move offered a brief respite after prolonged weakness, though the broader structure continues to signal caution, with internal momentum yet to establish a durable recovery.
The trends of the major indices in the course of the week's trading are given in the table below:
News
JSW Steel and JFE Steel have advanced their joint venture in JSW Kalinga Steel Ltd with JFE’s ₹7,875 crore first tranche investment. This led to the allotment of 2.27 crore shares, giving JFE a 25% stake on a fully diluted basis. Both firms now hold joint control over JSW Kalinga and JSW Sambalpur Steel Ltd. The joint venture (JV) strengthens operational capabilities and market reach, with a second 25% stake purchase planned for ₹7,875 crore.
Vedanta moved the Supreme Court seeking a stay on the Adani group’s proposed acquisition of Jaypee group assets. The plea challenges the insolvency resolution process, citing concerns over execution and fairness. Adani had emerged as a key bidder, but Vedanta wants proceedings paused until its objections are addressed.
Dixon Display Technologies, a wholly-owned subsidiary of Dixon Technologies received Electronics Component Manufacturing Scheme approval on 30 March 2026 for display module sub-assembly. The approval enables production of liquid crystal and Thin-Film Transistor LCD (liquid crystal display) modules, strengthening India’s electronics ecosystem.
Premier Energies commissioned a 5.6GW (gigawatt) solar module facility at Seetharampur (Telangana), expanding total capacity to 11.1GW. The 75-acre plant will create nearly 2,000 jobs and features advanced automation with artificial intelligence (AI)-powered fault detection. Equipped for TOPCon + Zero Busbar modules, it delivers higher energy yield, reduced losses and improved durability, reinforcing Premier’s position among India’s largest solar manufacturers.
The central bureau of investigation (CBI) has registered another case against Anil Ambani and others for allegedly defrauding Life Insurance Corporation of India (LIC) of nearly ₹4,500 crore from non-convertible debenture (NCD) issue between 2009 and 2012 and causing a loss of around ₹3,750 crore. The first information report (FIR) names Reliance Communications (RCom), Mr Ambani, the then non-executive chairman, and unknown public servants, accusing them of criminal conspiracy, cheating and criminal breach of trust.
NTPC completed the transfer of its coal mining business to NTPC Mining Ltd, effective 1 April 2026. The final tranche included the PakriBarwadih coal mine (Hazaribagh, Jharkhand) and the coal mining headquarter (HQ) at Ranchi. NTPC has now fully hived off all coal mining units under its subsidiary, completing the restructuring process.
Great Eastern Shipping acquired a 2014 built medium range tanker (49,420dwt – deadweight tonnage) on 1 April 2026, financed entirely through internal accruals. This expands its fleet to 40 vessels (26 tankers, 14 dry bulk carriers), aggregating 3.20mndwt (million dwt) with near 100% utilisation. Additionally, GE Shipping has contracted to buy a second-hand Kamsarmax dry bulk carrier, expected to close in Q1FY26-27, further strengthening its dry bulk capacity.
HCLTech launched AI Force 2.0, its upgraded enterprise AI platform, on 1 April 2026. The platform integrates agentic intelligence with generative AI to accelerate workflows across software engineering, IT operations and business processes. Key features: model agnostic modular design, prebuilt assets library, autonomous AI agents and embedded responsible AI evaluators.
Blinkit rolled out a world first quick commerce service inside Mumbai’s CSMIA (terminal-2 domestic departures) in partnership with Adani Airports. Travellers can now order from a curated catalogue of 2,500+ products—chargers, books, snacks, gifts, travel accessories—via the Blinkit app, with delivery handled by dedicated in terminal walkers.
Marksans Pharma received final US food and drug administration (US FDA) approval for its abbreviated new drug application (ANDA) of Benzonatate capsules USP (100mg & 200mg). The product is bioequivalent to Pfizer’s Tessalon capsules, a non narcotic anti-tussive used to relieve persistent coughs. This milestone expands Marksans’ global generics portfolio across key therapeutic segments, reinforcing its regulatory strength in the US, UK and Australia.
ITC made Sproutlife Foods (Yoga Bar brand) its subsidiary effective 1 April 2026, by acquiring the right to nominate a majority of directors on its board. This strengthens ITC’s food portfolio, leveraging Sproutlife’s digital first presence and growing offline reach. Sproutlife has shown strong growth, with turnover rising from ₹88 crore (FY22-23) to ₹200 crore (FY24-25), underscoring its momentum in the health-focused food segment.
Petronet LNG commissioned the Dahej LNG terminal expansion, boosting capacity from 17.5 to 22.5MMTPA (million metric tonnes per annum) at 23:30 hrs on 31 March 2026. Located in Dahej (Gujarat), the terminal is one of India’s largest LNG (liquefied natural gas) import hubs, critical for national energy supply. The enhanced re-gasification capacity will strengthen natural gas availability, supporting industries and regional energy security.
Oracle carried out one of the largest tech layoffs of 2026, cutting about 30,000 jobs globally, including 12,000 in India. The India reduction is among the biggest single-company layoffs in the country’s tech sector, comparable to the post-pandemic cuts of 2022–23. Reports suggest a second round of job cuts may follow within a month, underscoring the scale of Oracle’s restructuring.
EaseMyTrip announced a strategic collaboration with National Skill Development Corporation (NSDC) and Sanatan AI on 1 April 2026 to formalise India’s spiritual services economy. The initiative, branded ‘1 Panchayat – 1 Pandit – SANATANAI Shop on Wheels by EMT’, will empower Pandits, Pujaris, and Sanskrit-trained youth as certified micro-entrepreneurs. At its core is an EV (electric vehicle)-based mobile ‘Shop on Wheels’ unit, combining structured training, standardised service delivery and access to institutional financing to build a scalable panchayat- level entrepreneurship model.
Zaggle Prepaid Ocean Services unveiled its AI strategy for April 2026, aimed at reshaping India’s spend management landscape. The plan emphasises a shift toward prescriptive analytics and tail spend management using autonomous negotiation and
Natural Language Processing
(NLP) -driven visibility. Built on two pillars—in-house AI initiatives (embedding AI into development for faster delivery, scalability and efficiency) and AI-enabled offerings (customisable solutions, enhanced product velocity)—the strategy positions Zaggle to drive agility, operating leverage and innovation in enterprise spend management.
EID Parry announced the closure of Parry Sugars Refinery India Pvt Ltd (PSRIPL) effective 31 March 2026. The Kakinada-based 2,000TPD (tonnes per day) special economic zone (SEZ) refinery, set up in 2006 for raw sugar imports and exports, faced structural challenges—non-availability of natural gas, rising costs from coal boilers, declining sugar premiums, reduced power revenue, accidents, demurrage, write offs, hedge losses and high finance costs. As of 31 March 2025, PSRIPL had accumulated losses of ₹1,406 crore, leading to the decision to shut operations.
Carborundum Universal decided to voluntarily wind up its German subsidiary, CUMI AWUKO Abrasives GmbH (CAAG), effective 30 March 2026, after prolonged underperformance and mounting losses. CAAG specialised in coated abrasives for wood and leather applications, but faced low utilisation, inventory build-up and intensified price competition.
Alkem Laboratories has approved a doubling of investment in its greenfield formulations facility at Ujjain (Madhya Pradesh), raising outlay from ₹533 crore to ₹1,036 crore. The decision, cleared by the board on 2 April 2026, follows the 30-acre land allotment at DMIC Vikram Udyogpuri (phase-2) announced earlier in March. This enhanced commitment is aimed at scaling manufacturing capacity and aligning with long-term growth plans, reinforcing Alkem’s strategic expansion in formulations.
Coforge has announced a strategic partnership with Solstice Innovations to modernise Property and Casualty insurance through agentic AI. Under the agreement, Coforge will set up a centre of excellence powered by Forge X, enabling faster on-boarding, integration, migration and process transformation for Solstice’s clients. The collaboration combines Solstice’s Equinox™ intelligent core system with Coforge’s AI-driven delivery engine.
Infosys expects a cumulative tax refund of ₹1,745 crore (including interest), following assessment orders received from the income-tax department across multiple years—2013 14, 2017 18, 2018 19, 2019 20, 2020 21, and 2021 22. The orders were received between 26 March and31 March 2026 and the company is currently evaluating the impact on its Q4FY25-26 and FY25-26 financials.
Orders
Bharat Electronics announced ₹6,795 crore in fresh orders, strengthening its order-book after the 30 March disclosure. Contracts include mountain radars for ministry of defence (MoD) and an avionics package for light combat aircraft (LCA) from Hindustan Aeronautics Limited (HAL), alongside a major export order for communication equipment.
Power Mech Projects secured a ₹109.22 crore order from Hindustan Zinc Ltd for the operation and maintenance of a 91.5MW captive power plant and transmission line.The contract, to be executed over 48 months, positions Power Mech as an independent contractor, showcasing its expertise in complex operations and maintenance services within the energy sector.
GallanttIspat received a ₹233.55-crore state goods and services tax (SGST) refund subsidy from the Uttar Pradesh government under its Infrastructure & Industrial Investment Policy (2012/2017), covering up to June 2025. The company, with no term or unsecured loans, has invested the subsidy along with surplus funds into a ₹300.01 crore fixed deposit with HDFC Bank.
Enviro Infra Engineers won a ₹405.71 crore engineering-procurement-construction (EPC) contract from NTPC for battery energy storage systems (BESS) in Uttar Pradesh (Tanda STPP) and Assam (Bongaigaon TPP). Scope: supply, services, performance testing and 11 years of annual maintenance.
Tejas Networks delivered 17,000+ TJ1400 IP/MPLS (Internet Protocol/Multiprotocol Label Switching) routers for BharatNet phase-3, now carrying live traffic across nine states and five Union Territories. The company plans to supply nearly 60,000 routers to cover 55,000 gram panchayats and 2,000 blocks nationwide. Powered by software-defined Hardware™, these routers enable scalable, reliable middle mile networks.
BHEL secured a ₹13,500+ crore order from NTPC for the Telangana stage-2 STPP (3×800MW). Scope covers design, engineering, manufacturing, erection, commissioning and testing of boilers, turbines and generators. The supercritical technology project will be executed in 62 months, enhancing efficiency and sustainability.
Bharat Electronics secured ₹1,660 crore in new orders, adding to its 17 th March disclosure. The contracts span sat-com networks, electronic warfare, avionics, communication gear, software, munitions, electronic voting machines (EVMs), upgrades, spares and services. This strengthens BEL’s role as a navratna defence public sector undertaking (PSU) delivering advanced, cutting-edge technology solutions.
NBCC (India) has been appointed project management consultant by the government of Seychelles for a US$75mn (million) housing project. Scope: 1,008 affordable housing units plus associated infrastructure including a sewage treatment plant (STP). Funded via EXIM Bank’s line of credit, NBCC will oversee planning, design and procurement, marking an expanded international footprint in Africa.
Ceigall Green Energy MP Ltd, a wholly-owned arm of Ceigall India, has executed 15 power purchase agreements (PPAs) with MPPMCL for 130MW solar capacity under the Surya Mitra Krishi Feeder Yojana. The agreements, finalised on 1 April 2026, lock in a 25-year supply period at ₹2.85/unit, with EPC costs estimated at ₹572 crore (including GST). Execution is slated for 12 months, after which the project will deliver daytime solar power to agriculture feeders.
Astra Microwave’s JV, Astra Rafael Comsys Pvt Ltd, secured a ₹250.58-crore order from HAL dated 1 April 2026 for supply of software defined radios (SDR) in Bengaluru. The contract, inclusive of taxes, is to be executed within 18 months, with Astra Microwave benefiting through its JV stake. Awarded by a domestic entity (HAL), the order involves no related-party transactions, reinforcing Astra’s positioning in defence electronics.
Hindustan Construction Company (HCC) transferred arbitration awards worth ₹1,979.09 crore to its wholly-owned subsidiary HCC Contract Solutions Ltd, via a deed of assignment executed on 31 March 2026. The move, approved by the authorisation committee on 12 February 2026, shifts both economic and beneficial interest along with equal liabilities, resulting in a net asset value of nil.
Prestige Estates has acquired a 17.212 acre land parcel in Sector 92, Gurugram, under a joint development agreement, with an estimated gross development value (GDV) of ₹4,200 crore. The site, strategically located near the Dwarka Expressway, is expected to yield 3mnsqft (million square feet) of saleable area, catering to rising residential demand. Planned as a modern residential community, the project strengthens Prestige’s National Capital Region (NCR) portfolio and aligns with its disciplined expansion strategy in key urban markets.
Mergers/Acquisitions / Fund Raise / Stake Sale/Investments
Emcure Pharmaceuticals has announced the acquisition of Cutimed Inc, Canada, for up to CAD$5.05mn, executed via its step-down subsidiary, Mantra Pharma Inc (under Marcan Pharmaceuticals). Cutimed, incorporated in Québec in 2011, develops and markets cosmetic and dermatological products—creams, cleansers, lip-care—with an annual turnover of CAD$2.8mn largely from the Canadian market.
Bank of India redeemed its ₹602 crore 9.30% AT1 Bonds (Series VII) via call option on 30 March 2026. The redemption covered the entire 6,020 NCDs leaving no outstanding amount. Bond-holders received both principal and ₹55.68 crore broken period interest, completing the Bank’s obligation under this series.
Lloyds Metals & Energy, via its step-down subsidiary, Virtus Lloyds Minerals Holding (VLMH), has acquired a 49% stake in Chemaf group for up to US$30mn. Chemaf operates in the Katanga copper belt (DRC), with current output of 20,000TPA (tonnes per annum) copper and 4,000TPA cobalt, expanding to 50,000TPA copper and 16,000TPA cobalt.
Sammaan Capital allotted ₹750 crore secured NCDs via private placement on 30 March 2026. Issue details: 75,000 listed, redeemable debentures of ₹1,00,000 face value, carrying a 9.75% coupon, maturing 3 April 2027. Backed by a pari passu charge over assets with 1.0x cover, the NCDs will be listed on the National Stock Exchange (NSE) and the Bomaby Stock Exchange (BSE), offering investors a secure yield instrument.
Tube Investments of India (TII) will invest ₹250 crore in TI Clean Mobility (TICMPL). The investment, via compulsorily convertible preference shares (CCPS), will help scale TICMPL’s electric mobility operations.
Amber Enterprises’ subsidiary, IL JIN Electronics (India) Pvt Ltd, has raised its stake in Unitronics to 49.66%. The additional 4.85% stake was acquired via ILJIN Holding Ltd, its wholly-owned Israel-based arm, through one or more tranches.
Emami announced the acquisition of a 73.5% stake in Axiom Ayurveda for up to ₹200 crore, taking its holding to 100% and making the company a wholly-owned subsidiary. The deal, structured as a cash transaction, is expected to close by 30 June 2026, with no related-party involvement beyond Axiom’s prior associate status. Axiom, incorporated in 2019 in Haryana, operates in fast-moving consumer goods (FMCG) healthy beverages, known for its aloe vera–fruit fusion products, which contribute 15%–20% to its branded portfolio.
Top gainers and losers of the major indices for the week are given in the table below:
