India Cuts Tariffs on US Auto & Steel

• Sensex and Nifty ended Monday, May 5, in the green, buoyed by a sharp decline in global crude oil prices amid concerns over rising supply.

• The fall in oil prices gave a boost to energy stocks and also lifted crude-sensitive sectors like paints, aviation, and chemicals, which ended the session with notable gains.

• Market sentiment was further supported by easing trade tensions between the U.S. and China, as well as optimism surrounding a potential India-U.S. trade agreement under the Trump administration. Consistent foreign inflows also helped sustain the market's upward momentum.

• Meanwhile, Adani Group stocks rose between 2% and 11% following reports that Gautam Adani’s representatives met with U.S. officials in an effort to have criminal charges dismissed in an overseas bribery case.

Mahindra & Mahindra +3.34%

• Mahindra & Mahindra shares rose 3.5% intraday after the company posted strong March quarter results that surpassed market expectations.

• Revenue grew 25% year-on-year, and operating margins also expanded, signaling improved efficiency and demand across segments.

• The automaker, known for its passenger vehicles, commercial vehicles, and tractors, reported a net profit of ₹2,437 crore for the quarter, reflecting robust performance across its core businesses.

Kotak Mahindra Bank (4.59%)

• Kotak Mahindra Bank shares fell nearly 6% intraday after Emkay Global assigned a ‘Reduce’ rating with a ₹1,950 target, citing high valuations despite decent financials and lower RoE (12%) compared to peers.

• India offers zero-for-zero tariffs on auto parts and steel from the US. (ET)

• Share of gold in India's forex reserves doubles over four years. (ET)

• Net interest margins of microfinance industry in FY25 are anticipated to shrink. (ET)

• RBI forex income expected to rise, boosting payout to government. (ET)

• MTNL defaults on interest payment for sovereign guarantee-backed bonds. (BS)

• Avaada is planning a ₹4,000 crore ($474Mn) IPO for its solar module manufacturing division. (MC)

• Ather Energy shares may debut flat due to weak investor sentiment. (MC)

There are no mainboard IPOs this week.

M&A / Investments

• Manipal, IHH, EQT and others eye Sahyadri Hospitals in ₹5,000 crore ($593Mn) bidding war. (OB)

• QED to invest ₹2,526 crore ($300Mn) in startups across India and APAC. (EN)

• Bain Capital seeks CCI approval to acquire stake in Manappuram Finance. (BS)

Debt

• SP Group likely to raise ₹27,371 crore ($3.25Bn) at 19.75%. (ET)

VC