RBI Solves Cash Crisis

• Indian markets started FY26 on a weak note, mirroring the sharp sell-off in US markets after Donald Trump stated that tariffs would apply broadly, fueling fears of a global trade war and recession.

• Investors had expected a more selective approach to the levies. Trump is set to receive tariff recommendations on Tuesday, with initial levels to be announced Wednesday.

• These duties come amid weakening US consumer and business confidence, as concerns grow that higher tariffs could drive up prices and slow economic activity. Inflation data has added to worries, with the Fed’s key inflation measure rising more than expected in February while consumer spending lagged forecasts.

• Rising trade tensions and declining consumer confidence have led analysts to cut US growth projections and increase recession risks. Goldman Sachs recently raised the probability of a US recession this year to 35%, while lowering its GDP growth forecast and year-end target for the S&P 500, making it the most bearish among major firms.

Trent +4.56%

• Trent shares gained over 5% on Tuesday despite a weak market after the company announced through an exchange filing that it had surpassed 1,000 stores.

Nifty Pharma (1.73%)

• Pharma stocks faced selling pressure on April 1, dragging the Nifty Pharma index down over 2% for the fifth straight session amid concerns about the impact of US President Trump's reciprocal tariffs set to take effect from April 2.

• RBI's cash injections help eliminate India's worst-ever cash crunch. (ET)

• ICRA projects that a global trade war and US tariffs could reduce bank profits by 25 bps in FY26. (ET)

• Certificates of deposit issuance by banks rise 34% amid March rush. (ET)

• Jain Resource Recycling files DRHP to raise ₹2,000 crore ($233Mn) via IPO. (MC)

• Runwal Enterprises files papers to raise up to ₹1,000 crore ($116Mn) via IPO. (MC)

• IndiQube gets SEBI approval for ₹850 crore ($99.3Mn) IPO. (YS)

• Anand Rathi Share and Stock Brokers refiles IPO papers to raise ₹745 crore ($87Mn. (MC)

• ESDS Software Solution files draft papers with SEBI for a ₹600 crore ($70Mn) IPO. (BS)

• EPC firm Swastika Infra files for IPO with a ₹200 crore ($23Mn) fresh issue. (MC)

There are no mainboard IPOs this week.

M&A / Investments

• JM Financial's PE arm led The Bear House's ₹50 crore ($5.8Mn) Series A round. (YS)

• Elanpro led Wendor's ₹21 crore ($2.5Mn) seed funding round. (EN)

• BorderPlus has acquired Germany's Onea Care. (ET)

• ICICI Bank exits IMSPL with the sale of its 19% stake. (BS)

• UBS has completed the merger of Credit Suisse Service Company entities in India. (ET)

VC/Funds

• Centre plans ₹2,000 crore ($233Mn) fund to expand EV charging infrastructure. (Inc42)