Zomato Joins Nifty 50

• The Indian stock market extended its decline for the fourth straight session on Friday, February 21, as heavy losses in auto and pharma stocks dragged indices lower. Both indices ended the week in the red, marking a second consecutive weekly decline. Escalating global trade tensions weighed on investor sentiment, driving a shift toward safe-haven assets like gold.

• US Federal Reserve officials raised concerns that new tariffs could push prices higher, complicating efforts to bring inflation down to the 2% target. Import duties would increase domestic costs, potentially burdening consumers. Earlier last week, Donald Trump announced plans to impose fresh tariffs within a month, targeting lumber and forest products, in addition to previously planned duties on imported cars, semiconductors, and pharmaceuticals.

• Trump also unveiled plans for reciprocal tariffs on nations that impose trade barriers on U.S. goods. Analysts warn these measures could impact key Indian exports like petrochemicals and pharmaceuticals, which make up about 20% of India's exports to the U.S. Experts see this move as a negotiation tactic to secure tariff reductions on U.S. exports.

• While India's long-term growth outlook remains positive, concerns over valuations and weak corporate earnings have triggered profit-booking. With Indian markets trading at a premium to other emerging markets, global investors are reassessing their positions.

Bandhan Bank +1.77%

• Bandhan Bank shares surged 5% intraday after CLSA upgraded the stock to a 'high-conviction outperform,' citing a potential 61% upside.

• The brokerage set a price target of ₹220, highlighting the lender's strong performance in the current MFI cycle compared to peers.

Mahindra & Mahindra (6.20%)

• Mahindra & Mahindra shares dropped 6%, heading for their steepest weekly decline in five years.

• Investor concerns stem from rising EV competition, potential overvaluation, and the company’s plan to invest in the rights issue of two listed subsidiaries.

• India's quick commerce sector is set to grow 75-100% YoY, outpacing traditional retail, says Bernstein. (ET)

• Zomato to join Nifty 50 in the upcoming index reshuffle. (EN)

• India's crude oil imports from the US doubled in February. (ET)

• boAt plans to file a ₹2,000 crore ($230Mn) confidential DRHP for its IPO soon. (BS)

• LCC Projects files for IPO with a fresh issue of ₹320 crore ($36Mn). (MC)

• Anlon Healthcare refiles IPO papers after SEBI's rejection last year. (MC)

• Quality Power is expected to have a flat debut on February 24. (MC)

• Anand Rathi has set the record date for its 1:1 bonus share issuance. (Mint)

There are no mainboard IPOs this week.

M&A / Investments

• KKR to acquire cancer care hospital chain HCG from CVC for ₹3,474 crore ($400Mn). (BW)

• Bajaj Auto to invest ₹1,364 crore ($157Mn) in its Netherlands arm. (Mint)

• Swiggy to invest ₹1,000 crore ($115Mn) in Scootsy for expansion. (EN)

• Head Digital Works, parent of A23, acquires Adda52 for ₹491 crore ($56Mn). (EN)

• Granules India acquires Swiss-based Senn Chemicals AG for ₹192 crore ($22Mn). (ISN)

• Niyogin raises ₹56.2 crore ($6.4Mn) through warrant-to-equity conversion. (BS)

• MobiKwik acquires a 3.39% stake in Blostem Fintech for ₹1.5 crore ($172k). (EN)

• Bharti Airtel plans to increase its stake in its African arm by up to 5%. (Mint)

• ICICI Prudential MF increases stake in RateGain. (Mint)

• PayRange acquires Noida-based laundromat tech startup Turns. (EN)

Debt

• Adani Green Energy looks to refinance a ₹9,553 crore ($1.1Bn) loan from PFC. (Mint)

VC

• Planify's VentureX Fund secures ₹100 crore ($1.15Mn) in commitments. (YS)