Zepto in Talks For $250M Funding

• Indian markets ended a highly volatile session on Tuesday, March 25, with modest gains, marking their seventh consecutive day of advances.

• The indices opened strong, buoyed by a sharp overnight rally in global markets, but quickly pared early gains due to weakness in banking, metals, and pharma stocks. However, a strong uptrend in technology shares helped keep the indices in positive territory.

• The broader market, on the other hand, turned negative after recent sessions of strong buying interest, with small-cap stocks seeing significant losses.

• Global markets had surged overnight following reports that President Donald Trump’s tariffs might be narrower in scope and that some sector-specific duties could be delayed. On Monday, Trump suggested that multiple countries could be granted exemptions from reciprocal tariffs.

• Trump also signalled that auto tariffs were forthcoming, though not all proposed levies would take effect on April 2, and certain nations might receive exemptions, boosting investor sentiment.

Infosys +1.66%

• Infosys surged nearly 3% to ₹1,634 in morning trade as investor optimism grew following a softer stance on tariffs from US President Donald Trump, spurring renewed buying in IT stocks.

• This rally occurred despite Jefferies cutting its price target by 15% to ₹1,835 from ₹2,150, though it maintained a ‘Buy’ rating.

• The brokerage cited strong free cash flow conversion and improved payouts as factors limiting the risk of a valuation downgrade while projecting 4-6% constant currency revenue growth for FY26.

Reliance Industries (1.29%)

• Meanwhile, Reliance Industries' stock closed nearly 2% lower after Trump announced a 25% secondary tariff on countries importing oil and gas from Venezuela, effective April 2.

• Analysts noted the impact on Reliance, as it is India’s only importer of Venezuelan crude, but pointed out that the company could opt for alternative fuels from the spot market.

• Indian software market to reach $100B by 2035: SaaSBoomi. (YS)

• India seeks tariff cut on $23B of US imports, aims to shield $66B in exports. (ET)

• CCI probes industry bodies for potential ad cartelization. (ET)

• March yields boost state borrowings in absence of G-Secs. (ET)

• Govt proposes import tax exemption for phone and EV battery production items. (ET)

• Manipal Hospitals picks top banks for ₹8,559 crore ($1Bn) IPO, DRHP by June. (MC)

• GNG Electronics refiles IPO papers to raise ₹450 crore ($52.5Mn). (MC)

There are no mainboard IPOs this week.

M&A / Investments

• TPG-led consortium to acquire Siemens Gamesa Renewable Power for ₹4,707 crore ($550Mn). (MC)

• Zepto in talks for ₹2,139 crore ($250Mn) secondary funding. (EN)

• Piombino Steel to buy back 220M shares from JSW Steel for ₹1,676 crore ($195Mn). (BS)

• DLF buys 49.99% stake in DLF Urban from GIC arm for ₹497 crore ($58Mn). (BS)

• ORIX Corporation India secures ₹300 crore ($35Mn) from Japanese parent. (ET)

• Goldman Sachs buys 65 lakh Samvardhana Motherson shares for ₹87 crore ($10.1Mn). (Mint)

• Observe.AI acquires Dubdub.ai to enhance voice AI agents. (CXT)

• EaseMyTrip enters charter aviation with 49% stake in Big Charter. (ISN)

Debt

• SBI raises ₹8,559 crore ($1Bn) through syndicated dollar loan. (ET)

• BluPine Energy secures ₹1,787 crore ($208Mn) from NaBFID. (YS)

• SMFG India raises ₹1,497 crore ($175Mn) via fully hedged ECB facility. (BS)

• Ireda raises ₹910 crore ($106Mn) through Tier-II bonds at 7.74% coupon. (BS)

• Ecofy secures ₹106 crore ($12.5Mn) from Denmark’s IFU for EV and solar financing. (YS)

• Care.fi secures ₹7.5 crore ($887k) debt from Vivriti Capital. (EN)

VC