Adani Eyes $1.4B Emaar India Acquisition

• The Indian stock market rose, tracking Wall Street gains, despite the US Fed keeping rates unchanged and revising growth and inflation forecasts. The S&P 500 and Nasdaq climbed 1.08% and 1.41%, respectively, after the Fed held its benchmark rate at 4.25-4.50%.

• However, domestic factors are driving the rally, with the Nifty 50 up over 3% in March after five months of decline. Valuation comfort in large-caps, improving economic indicators, earnings expectations, and a weaker dollar index are supporting the uptrend.

• Investors are buying quality stocks across sectors following the recent correction. Macroeconomic data have eased concerns about slowing growth, boosting sentiment.

• After three quarters of moderation, India's economy is showing signs of revival, with Q3FY25 GDP growth at 6.2%. An earnings revival from Q1FY26 could further fuel the market rally.

Hindustan Copper +3.73%

• Hindustan Copper surged 6% as copper prices crossed $10,000 per ton, reaching a five-month high.

• A global supply crunch and a rush to export copper to the US ahead of potential tariffs drove the price spike.

KEI Industries (12.59%)

• KEI shares dropped 13%, while Polycab fell 9% and Havells declined over 5% after Adani Group announced its entry into the cables & wires segment through its joint venture, Praneetha Ecocables.

• The move, following UltraTech Cement’s entry into the sector, has raised competition concerns.

• RBI has mandated banks to disclose the market and face value of repo and reverse repo deals. (ET)

• Coke, Pepsi launch ₹10 no-sugar variants to rival Campa. (ET)

• Elon Musk's X has sued the Indian government, alleging censorship and violations of the IT Act. (YS)

• SEBI plans to clarify ESOP rules for promoter-founders. (YS)

• S&P Global Ratings said India's low US exposure reduces tariff risks. (ET)

This week’s mainboard IPO schedule

• Arisinfra Solutions was scheduled to open this week but now cancelled.

M&A / Investments

• Adani is in advanced talks to acquire Emaar's India unit in a ₹12,084 crore ($1.4Bn) deal. (ET)

• Oberoi Realty is selling a 21.74% stake in JV I-Ven Realty to Alpha Wave for ₹1,250 crore ($144Mn). (ET)

• PTC India sold its stake in PTC Energy to ONGC Green for ₹1,179 crore ($136Mn). (ET)

• Hero MotoCorp invested over ₹517 crore ($60Mn) in EV startup Euler Motors. (EN)

• Liqvd Asia acquired AdLift for ₹50 crore ($5.8Mn). (ET)

• Prosus-backed PayU acquired a 43.5% stake in Mindgate Solutions. (BS)

• Unicommerce fully acquires Shipway. (EN)

• Nisus Fund has exited a Shapoorji Pallonji Real Estate subsidiary. (ET)

• Bain Capital is set to acquire an 18.6% stake in Manappuram Finance. (ET)

• HUL is acquiring a 14.3% stake in recycled plastics firm Lucro. (ET)

Debt

• Jio Finance is likely to delay its ₹3,000 crore ($347Mn) maiden bond issue. (BS)

• Ireda plans to raise ₹1,247 crore ($144Mn) through a perpetual bond issue. (BS)

• JSW Energy's board approved the allotment NCDs worth ₹800 crore ($92.6Mn). (BS)

VC

• All In Capital has launched Fund II with a target of ₹200 crore ($23Mn). (YS)