Trump's Tariffs Stir Global Markets

• Indian frontline indices ended lower on Tuesday, March 4, though losses were less severe than those seen in global and Asian markets, which tumbled after Donald Trump confirmed tariffs on Canada, Mexico, and China.

• Markets attempted to recover from February’s decline, but a sharp fall in IT and auto stocks weighed on sentiment. Financials and PSU stocks provided some support, but not enough to lift the indices.

• Meanwhile, small-cap stocks rebounded sharply after heavy selling on Dalal Street, while mid-caps managed mild gains.

• Global trade tensions worsened as Trump reaffirmed that 25% tariffs on Mexican and Canadian imports would take effect on Tuesday, dashing hopes of a last-minute resolution. He also doubled tariffs on Chinese imports to 20%.

  In response, China and Canada introduced retaliatory measures, heightening fears of a fresh global trade war.

• Additionally, the Trump administration’s plan to impose tariffs on agricultural imports has raised concerns, given India’s significant agricultural exports to the U.S.

SBI +3.03%

• SBI rose 3% after Citi issued a double-upgrade to 'Buy' from 'Sell' and raised the target price by over 15% to ₹830, implying nearly 20% upside.

• Citi’s bullish view was driven by cost-optimisation measures, improved yield levers, and management’s guidance that NIMs will stay above 3% in FY25-27.

Titan Company (1.07%)

• Titan fell 2% after Macquarie cut its price target by 4% to ₹4,000, citing near-term pressure on jewellery demand due to rising gold prices.

• Higher lease costs, driven by Trump's tariff plans that fueled the gold rally, also contributed to the bearish outlook. Despite this, Macquarie maintained its ‘Outperform’ rating.

• BCCI has invited expressions of interest from agencies for IPL media buying. (ET)

• RBI has directed large NBFCs to stop issuing new lines of credit and renewals. (ET)

• Blackstone has exited the race for Haldiram's due to valuation concerns. (ET)

• Belrise Industries has received SEBI approval for its ₹2,150 crore ($246Mn) IPO. (Mint)

• Paramesu Biotech has received SEBI approval for its ₹600 crore ($68.7Mn) IPO. (ZB)

• NoPaperForms has appointed bankers for its ₹500 crore ($57Mn) IPO. (MC)

• Bharat Value Fund invests ₹130 crore ($15Mn) in Veira Electronics in a pre-IPO round. (BS)

There are no mainboard IPOs this week.

M&A / Investments

• Coca-Cola has sold its North Gujarat bottling operations for ₹2,000 crore ($229Mn). (MC)

• Fontana Gruppo acquires a 60% stake in auto component maker Right Tight Fasteners for ₹1,000 crore ($114Mn). (VCC)

• ONGC has acquired PTC Energy for ₹924 crore ($106Mn).

• Beams Fintech Fund leads a ₹610 crore ($70Mn) funding round in InsuranceDekho. (EN)

• Adani Wilmar acquires an 80% stake in GD Foods for ₹603 crore ($69.1Mn). (BS)

• Indian Poultry Alliance acquires Kwality Animal Feeds for ₹300 crore ($34.4Mn). (NDTV)

• Jio Financial Services acquires SBI's stake in Jio Payments Bank for ₹105 crore ($12Mn). (BS)

• ValueBridge Capital has acquired VC-focused investment bank Boon Capital. (YS)

• MS Dhoni's family office has invested in real estate platform SILA. (YS)

Debt

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• IIFL Finance plans to raise ₹1,308 crore ($150Mn) by reissuing 2028 dollar bonds. (BS)

• M2P Fintech is acquires Mad Street Den in a distress sale for ₹130 crore ($15Mn). (EN)

VC