Cult.fit Plans ₹2,500 Crore IPO

• Indian markets closed lower on Wednesday, March 26, as investors booked profits following a seven-day rally in the frontline indices.

• Uncertainty over which countries and sectors might be exempt from the reciprocal tariffs set to be implemented by the Donald Trump administration on April 2 also kept investors cautious about fresh buying.

• All 13 major sectoral indices saw selling pressure, with IT stocks, despite some initial momentum, slipping into the red.

• Pharma stocks declined for the second straight session amid concerns that Trump could impose duties on drug imports. Broader markets remained under pressure for the second consecutive day, with small-cap stocks witnessing another session of heavy selling.

• India awaits clarity on Trump’s tariffs; officials say New Delhi will respond after US announcement. (ET)

• Indian steel to face some impact from EU's import curbs, but local demand remains strong. (ET)

• Reliance pauses Venezuelan oil purchases after Trump’s 25% tariff. (ET)

• Meeting RBI's priority sector targets to become easier for banks. (ET)

• India's exports are set to grow despite global uncertainties. (ET)

• Cult.fit selects bankers for ₹2,500 crore ($292Mn) IPO. (EN)

• Groww in talks to raise ₹1,711 crore ($200Mn) in pre-IPO round. (EN)

There are no mainboard IPOs this week.

M&A / Investments

• KKR to sell a 10.2% stake in JB Chemicals for ₹2,576 crore ($300Mn). (TOI)

• Kedaara, TA Associates bid for minority stake in Sagent Pharma for ₹1,711 crore ($200Mn). (ET)

• JSW Infra acquires pipeline biz from JSW Utkal Steel for ₹1,617 crore ($188Mn). (BS)

• Kotak arm invests ₹1,050 crore ($122Mn) in Tirupati Medicare. (ET)

• DLF acquires 50% stake in DLF Urban from GIC for ₹497 crore ($58Mn). (BS)

• Temasek to invest ₹213 crore ($25Mn) in Country Delight. (EN)

• FirstCry to invest ₹146 crore ($17Mn) in subsidiary GlobalBees. (YS)

• Zaggle acquires an additional 26% in Mobileware for ₹15.6 crore ($1.82Mn). (BW)

• Nazara sells entire 72% stake in Sports Unity for ₹7.15 lakh. (Inc42)

• B2B marketplace Jumbotail to acquire SC Ventures-incubated Solv India. (YS)

• Jindal Stainless acquires a 9.62% stake in Amazon-backed M1Xchange. (YS)

Debt

• NHAI raises a record ₹18,380 crore ($2.2Bn) via InvIT. (FE)

VC/Funds

• Green Portfolio launches ₹300 crore ($35Mn) Category III AIF. (YS)