India to Develop AI Chips in 3 Years

• Indian markets extended gains for a second straight session on Thursday, driven by positive global and domestic cues. The recent sell-off, which made India the worst-performing major market since late September, has lowered valuations, attracting value buyers.

• A rally in U.S. and European markets, sparked by President Donald Trump’s one-month tariff exemption for Canadian and Mexican automakers, lifted Asian markets as well.

• Further supporting sentiment was the drop in Brent crude prices below $70 per barrel, boosting crude-sensitive stocks like paints and OMCs.

• Banking and NBFC stocks also advanced after the RBI announced measures to inject ₹1.9 trillion into the banking system.

• Jefferies noted that India historically outperforms other emerging markets within 90-180 days after a period of underperformance.

INOX India +1.98%

• Shares of Inox India Ltd surged nearly 6% intraday to ₹1,039, marking a third consecutive session of gains on March 6 after securing orders worth ₹190 crore in January and February.

• The cryogenic technology firm received a major contract from a European university for transfer lines and a smaller order from an Australian client for IMO containers used to store oxygen, nitrogen, and carbon dioxide.

Gensol Engineering (10.00%)

• Shares of Gensol Engineering hit the 10% lower circuit for the second consecutive session on March 6, touching an all-time low of ₹334.80.

• The stock has plunged 35% over three sessions amid heavy selling pressure following credit rating downgrades by CARE and ICRA.

• In response to the downgrades, Gensol Engineering stated on Wednesday that proceeds from planned asset divestments would be used to reduce debt.

• The company currently has a total debt of ₹1,146 crore against reserves of ₹589 crore, leading to a debt-equity ratio of 1.95.

• India Inc's attrition rates in 2024 reach the lowest since 2020 due to subdued hiring and market uncertainties. (ET)

• India to develop AI chipsets in 3-4 years: IT Minister Vaishnaw. (FE)

• Blinkit shifts to a variable commission model to boost take rate. (FE)

• Uber Pets launches in Delhi and Mumbai for pet-friendly rides. (BS)

• Credit card growth slowdown persists, with disbursements at a 4-year low. (ET)

• Knowledge Realty Trust files for ₹6,200 crore ($723Mn) IPO, set to be India’s largest office REIT. (MC)

• Nayara Energy plans ₹1,893 crore ($217.5Mn) share buyback. (BS)

There are no mainboard IPOs this week.

M&A / Investments

• IIFL Capital Services acquires additional Avanti Feeds shares for ₹470 crore ($54Mn). (BS)

• Carpedium Capital invests ₹100 crore ($11Mn) in CorporatEdge. (BS)

VC

• Rohan Misra's Gravity Holdings to invest ₹1,306 crore ($150Mn) in Indian tech startups. (EN)