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Informist, Thursday, Mar. 19, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Rajputana Stainless lists at INR 122, same as IPO price; dn 8%

 

MUMBAI--1016 IST--Shares of Rajputana Stainless listed at INR 122 on the National Stock Exchange, same as the issue price. The stock fell 9% to a low of INR 111.16 as soon as trading began, and at 1006 IST, the stock was at INR 114.46. Over 8 million shares of the company changed hands on the NSE so far. 

 

Rajputana Stainless manufactures long and flat stainless steel products comprising billets, forging ingots, rolled black bar, rolled bright bar, flat and patti, and other ancillary products. For Apr-Sept, the company reported a net profit of INR 244.10 million on revenues of INR 5.02 billion. (Gopika Balasubramanium)

 

 

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Equity Alert: HDFC Bk dn as part-time chair resigns over ethical differences

 

MUMBAI--1015 IST--Shares of HDFC Bank fell around 9% to INR 770, their lowest price in nearly two years, after the bank's part-time chairman Atanu Chakraborty resigned from the post with immediate effect, saying certain practices and happenings within the bank" over last two years were not in congruence with his personal "values and ethics." At 1016 IST, the stock traded over 5% lower at INR 800.15. So far in the day, around 87 million shares of the company changed hands on the National Stock Exchange compared to the nearly 8 million shares traded till the same time Wednesday. 

 

Later, in an analyst call, the bank clarified that Chakraborty's resignation was not due to any regulatory issues at the bank, and he did not share any issues when asked while resigning on Wednesday. No contentious bank-linked issues were ever discussed at the board level, the private lender said in the call, adding that its board and management were completely cohesive and united. Chakraborty also later clarified that there were no allegations of wrongdoing at the bank and the decision to resign was personal, according to a post on 'X' by NDTV Profit. 

 

Brokerages expect the sudden resignation and reasons cited for the same to keep the stock under pressure in the near term. The resignation letter does not allege specific misconduct. Perception alone can weigh on sentiment until credible steps are outlined and delivered, NDTV Profit reported, citing global brokerage JP Morgan. (Arya S. Biju)

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Equity Alert: Indices open lower as crude spikes over $110/bbl; HDFC Bk dn 5%

 

MUMBAI—1014 IST--Benchmark equity indices opened sharply lower after crude oil prices jumped over $110 per barrel. Crude prices gained momentum after Israel's strikes on Iran's South Pars gas field. Its global peers in the US closed lower on Wednesday and Asian markets opened lower in early trade as well. 

 

At 1014 IST, the Nifty 50 was at 23243.50 points, down 534.30 points or 2.3%, and the BSE Sensex was at 4791.78 points, down 1762.35 points or 2.3%. The Nifty is now nearly 8% lower from the pre-war level.
 

Barring Coal India and Oil and Natural Gas Corp., which were marginally higher, all other constituents in the Nifty 50 traded lower. The heavyweight banking stock, HDFC Bank was the worst-hit stock in the index, falling over 5%. The bank announced the resignation of its part-time chairman Atanu Chakraborty on Wednesday. He resigned stating that "certain practices and happenings within the bank" over last two years were not in line with his personal "values and ethics". Post this, Keki Mistry was appointed as interim chairman for three months with immediate effect. 

 

Larsen & Toubro was down over 3%. The company's order book has a significant exposure to West Asia. Escalation of hostilities in the Gulf region is likely to disrupt the company's operations. Stocks of financial services companies Axis Bank, Shriram Finance, HDFC Life Insurance Co., and Bajaj Finance fell 2–3%. Among individual stocks, Eternal, Trent, Adani Ports and Special Economic Zone, InterGlobe Aviation, and Asian Paints fell nearly 3?ch. Automobile companies Mahindra & Mahindra, Maruti Suzuki India, Tata Motors Passenger Vehicles, Bajaj Auto, and Eicher Motors fell 2–3%.

 

The May futures of Brent crude oil hit a high of $112.86 per barrel earlier in the day. This was 5% higher than the previous close. At 0936 IST, the May future of Brent crude oil was at $111.94 per barrel, up over 4% from the previous close.  

 

In the Nifty 200, Adani Total Gas and NTPC Green Energy were the sole gainers. They rose over 9% and nearly 2%, respectvely. Adani Total Gas was the top gainer in the Nifty 500 as well. In contrast, oil refining companies Hindustan Petroleum Corp. and Bharat Petroleum Corp. were the worst-hit stocks in the index, falling over 5% and 3%, respectively. Hindustan Petroleum Corp. was the worst-hit stock in the Nifty 500 as well.  (Adhithya Aji)

 

 

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Equity Alert: HSBC upgrades Power Grid to 'hold', ups target price by 11%

 

MUMBAI--0945 IST--Brokerage HSBC increased its target price on Power Grid Corp. of India by 11% to INR 290 and upgraded its rating on the stock to 'hold' from 'sell', NDTV Profit reported citing a note. The rationale behind the hike in target price was due to increased pace of commissioning and new opportunities from intra-state transmission projects and battery energy storage system.

 

Policy changes by the government for faster commissioning of critical transmission lines in the country will increase the pace of the state-owned company's earnings growth, the report said citing CLSA's note. "We believe with increased renewables penetration and recent curtailment issues, reliance on BESS (battery energy storage system) is set to increase," the report said, citing CLSA. "PWGR (Power Grid) has started participating in BESS projects, and project sizes are set to increase. As well, BESS will have a role in ancillary services too, which would allow for integration with PWGR's existing lines."

 

At 0951 IST, the stock was at INR 298.35, down 0.4% from the previous close. The target price indicates a downside of nearly 3% from the spot level and implied a near 13% downside from the previous target price of INR 260. This indicates that the brokerage expects limited downside in the stock for the near term. (Gopika Balasubramanium)

 

 

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Equity Alert: Indices in Asia open lower on Wall Street losses; Nikkei dn 2%

 

MUMBAI--0830 IST--Asian equity indices plunged at open Thursday, tracking overnight losses on Wall Street. US benchmark indices recorded losses overnight after the US Federal Reserve's decision to keep interest rates unchanged. Japan's Nikkei 225 was the worst performer in the Asian pack, down over 2%. South Korea's KOSPI was down over 1?ter closing higher for the three sessions in a row.

 

The US Federal Open Market Committee left the federal funds rate unchanged in the range of 3.5-3.75% as developments in West Asia signal uncertainty for the US economy. Fed Chair Jerome Powell said inflation was not coming down as much as "hoped", CNBC reported. The central bank has projected only a single rate cut for the year as officials took stock of economic risks from surging oil prices and the West Asia war, Reuters reported.

 

The US producer price index rose 0.7% in February, higher than 0.3% estimated in a poll of economists. Investors in Asia await the Bank of Japan's decision, with the bank expected to hold rates at 0.75%, according to CNBC report.

 

Shares of South Korean chip making companies SK Hynix were down 3%, while those of Samsung Electronics shed over 2%.

 

Following were the levels of major Asian indices at 0818 IST:

 

Index	Level	Change in %
CSI 300 Index	4614.52	(-)0.94
Hang Seng Index	25724.25	(-)1.16
Nikkei 225 Day	53873.56	(-)2.47
TOPIX FIRST SECTION	3645.96	(-)1.92
KOSPI	5817.9	(-)1.81
FTSE Singapore Strait Times	4979.64	(-)0.45
S&P/ASX 200 Index	8504.9	(-)1.57

 

(Arundathi A R)

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Equity Alert: Indices may open sharply down as oil prices surge to $113/bbl

 

MUMBAI--0821 IST--Benchmark equity indices are expected to open sharply lower Thursday tracking weakness across US and Asian markets. A rapid rise in crude oil prices following attacks on energy infrastructure in West Asia will also keep indices under pressure. The May futures contract of Brent Crude Oil rose over 5% to an intraday high of around $113 per barrel after reports said that Iran's natural gas facilities associated with its offshore South Pars field were attacked. Iran accused Israel for striking its facilities and threatened to attack oil and gas infrastructure throughout ‌the Gulf, firing missiles at Qatar and Saudi Arabia which heightened the risk of further disruptions to energy supplies in the region.

 

Meanwhile, US President Donald Trump Thursday pledged that Israel would make no more attacks on Iran's major South Pars gas field, but if Iran attacked Qatar again, the US would retaliate and "massively blow up the entirety" of the field, according to his post on Truth Social. The conflict between Iran and the US-Israel combine entered the 20th day Thursday. 

 

US stock futures inched lower Thursday as the US Federal Reserve's expectations of a rise in inflation added to fears that the war in Iran could mean the US economy is headed for a stagflation scenario — a period of lower growth and higher pricing pressures, CNBC reported. The central bank's 'dot plot' pointed to one reduction this year and another in 2027, though the timing remains unclear. Major equity indices in Asia also remained lower in early trade. Market participants are now awaiting the Bank of Japan's interest rate decision, due later in the day, with the bank largely expected to hold rates steady at 0.75%.

 

Back in the domestic market, shares of HDFC Bank will be in focus Thursday, after its part-time chairman Atanu Chakraborty resigned from the post with immediate effect, citing certain practices and happenings within the bank over last two years were not in congruence with his personal "values and ethics." He also confirmed there were no other material reasons for his resignation. Chakraborty joined the bank's board in 2021. The bank has appointed Keki Mistry as interim part-time chairman effective Thursday, and he will hold the post for three months, post approval from the Reserve Bank of India. 

 

The March contracts of Gift Nifty indicated a gap-down open for Nifty 50 Thursday. At 0811 IST, the Nifty 50 was at 23338 points, down over 400 points from Nifty 50's previous close. "Nifty (50) witnessed an upward move in the previous trading session but faced resistance near the 23850 level. On the lower time frame, the index is forming a lower high–lower low structure, indicating short-term weakness," Sundar Kewat, technical and derivative analyst at Ashika Institutional Equities, said. Additionally, rising geopolitical tensions and escalation of the West Asia conflict have added to market volatility, he said. 

 

"For today, the key support level is placed at 23000 (points). The index (Nifty 50) is likely to test this level and may hold, leading to a potential pullback. However, a decisive break and sustained trading below 23000 could result in a breakdown of both technical and psychological support, dragging Nifty towards 22800 and 22500 levels respectively," Kewat said. (Arya S. Biju)

 

 

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Equity Alert: JPMorgan sees weakness in HDFC Bk stock on Chakraborty's exit

 

MUMBAI--0757 IST--JPMorgan has maintained its 'neutral' stance on HDFC Bank and has retained its target price of INR 1,090 after the resignation of director and part-time chairman Atanu Chakraborty, CNBC-TV18 reported in a post on X. The brokerage sees Chakraborty's exit adding to the existing macroeconomic headwinds and expects volatility in the bank's stock movement in the near term. 

 

On Wednesday, the private lender's stock ended a tad lower at INR 843.05. Since Monday, the stock has fallen 5% and in last 30 days, it has fallen aroud 8%. JPMorgan says "stock may remain weak post announcement," CNBC-TV18 reported. Chakraborty's resignation raises concerns over board-management alignment, JPMorgan said. However, no misconduct was alleged on Chakraborty and perception may weigh until clarity emerges, it said.  

 

Late Wednesday, HDFC Bank informed exchanges that Chakraborty, who joined the bank's board in 2021, resigned from his post as director and part-time chairman with immediate effect. Chakraborty resigned citing "certain practices and happenings within the bank" over last two years were not in congruence with his personal "values and ethics". The bank appointed Keki Mistry as interim part-time chairman effective Thursday, and he will hold the post for three months, post approval from Reserve Bank of India. (Gopika Balasubramanium)

 

 

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Equity Alert: US indices end lower Wed after Fed leaves rates unchanged

 

MUMBAI--0745 IST--US benchmark stock indices ended sharply lower Wednesday following US inflation data and the US Federal Reserve's decision to keep interest rates unchanged. The indices closed lower after two sessions of gains. The Dow Jones Industrial Average index shed the most during the session.

 

The US Federal Open Market Committee left the federal funds rate unchanged in the range of 3.5-3.75% as developments in West Asia signal uncertainty for the US economy. "The forecast is that we will be making progress on inflation, not as much as we had hoped, but some progress on inflation," CNBC quoted Fed Chair Jerome Powell as saying.

 

The central bank has projected only a single rate cut for the year as officials take stock of economic risks from surging oil prices and the West Asia war, Reuters reported.

 

"Available indicators suggest that economic activity has been expanding at a solid pace," the FOMC statement said. "Job gains have remained low, and the unemployment rate has been little changed in recent months," it stated. The Fed now expects inflation to be higher than seen in the December meeting.

 

"The Fed is on hold. With inflation running above target and the economy running above trend, and elevated uncertainty about the path of the Iran war, there is no argument for easing policy," Reuters reported, quoting Michael Rosen, chief investment officer at Angeles Investments in Santa Monica.

 

The May contract of Brent Crude Oil extended gains and neared $110 a barrel. This was after an Iranian news agency reported some facilities belonging to Iran's oil industry in South Pars and Asaluyeh being attacked, according to a Reuters report.

 

Following are the closing levels of US indices Wednesday:

 

Index	Level	Change in %
S&P 500	6624.7	(-)1.36
NASDAQ Composite	22152.421	(-)1.46
Dow Jones Industrial Average	46225.15	(-)1.63

 

(Arundathi A R)

 

US$1 = INR 92.63

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Tanima Banerjee

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

NSE: National Stock Exchange
NYSE: New York Stock Exchange
NYMEX: New York Mercantile Exchange
SEBI: Securities and Exchange Board of India
RBI: Reserve Bank of India

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