Stocks See Biggest Weekly Jump

• Indian stock markets ended higher for the fifth straight session on March 21, driven by foreign institutional investors (FIIs) returning to equities amid attractive valuations and economic recovery signals.

• Broader markets outperformed benchmarks, while the rupee extended its winning streak, boosting sentiment.

• The expected decline in risk-free rates and a weaker dollar index are aiding fund flows back to emerging markets. FIIs, turning net buyers, are encouraged by dovish U.S. Fed signals hinting at two rate cuts this year.

• Despite global trade tensions, improving domestic macro indicators, valuation corrections, and anticipated earnings growth are attracting investors.

• Nifty 50 and Sensex recorded their best weekly performance since February 2021, rising nearly 4% last week. This provided relief to bargain hunters after a 14% decline from their September highs.

Larsen and Tourbo +1.91%

• L&T shares rose 3% after securing a ₹2,500-5,000 crore contract from Brigade Group for high-rise residential and commercial towers in Hyderabad and Chennai.

• One of its largest private sector real estate wins, the project will be executed on a design-and-build basis, reinforcing L&T’s leadership in premium real estate.

• The deal strengthens its position amid rising demand for high-rise living and integrated workspaces.

Voltas (2.55%)

• Voltas shares fell over 2% after Prabhudas Lilladher downgraded the stock from ‘Buy’ to ‘Accumulate,’ citing concerns over its pricing strategy and focus on market share over margin expansion. The brokerage noted the absence of major price hikes, which could pressure short-term earnings.

• While Voltas remains a leader in cooling solutions, investors were cautious about the near-term impact of its aggressive market positioning.

• India’s EV adoption is expected to rise significantly by 2030. (ET)

• IndusInd Bank to appoint a firm to probe derivatives discrepancies. (BS)

• India’s premium residential market is booming amid growing demand for luxury living spaces. (ET)

• NSE has introduced a website for its municipal bond index. (Mint)

• SSF Plastics India has filed draft papers for a ₹550 crore ($63Mn) IPO. (MC)

There are no mainboard IPOs this week.

M&A / Investments

• Two overseas entities sold TBO Tek shares worth ₹870 crore ($101Mn). (Inc42)

• Vanguard Group acquired CarTrade shares worth ₹129 crore ($15Mn). (Inc42)

• Norges Bank acquired Nazara shares worth ₹70 crore ($8.1Mn). (TIA)

• Reliance acquired Nauyaan Tradings for ₹1 lakh. (BS)

Debt

• Shapoorji Pallonji secures over ₹34,400 crore ($4Bn) in investor commitments for debt sale. (BS)

• L&T board approves ₹12,000 crore ($1.4Bn) debt fundraising plan. (BS)

• IndiGrid plans to raise ₹4,200 crore ($488Mn). (BS)

• Yes Bank receives ₹429 crore ($49Mn) from JC Flowers ARC. (ET)

VC

• Sidbi VC to manage ₹1,000 crore ($116Mn) space sector venture fund. (BS)