Stock Market Highlights: NBFCs Gain, Prestige Under IT Lens, UltraTech Expands

IT Raids at Prestige Estates – Stock Falls

Prestige Estates Projects Ltd is in the spotlight after the Income Tax Department conducted searches at its registered and branch offices. The stock tumbled amid concerns over potential tax irregularities.

NBFC Stocks Rally on RBI’s Policy Reversal

The Reserve Bank of India (RBI) has withdrawn the additional 25% risk weight on bank loans to NBFCs, leading to a rally in stocks like:

• L&T Finance
• Bajaj Finance
• Shriram Finance
• Cholamandalam Investment

This policy change is expected to reduce capital requirements for lenders, increase liquidity, and boost credit growth, particularly in consumer loans.

UltraTech Cement Enters Wires & Cables Business

UltraTech Cement has announced an Rs 1,800 crore investment to set up a wires and cables manufacturing unit in Gujarat.

• The project is expected to drive 4x-5x revenue growth with 11-13% margins.
• Analysts predict competitive pressure on existing players like Polycab and KEI Industries.
• The company is prioritizing wires over cables in its new venture.

Glenmark Pharma Expands in US Market

Glenmark Pharmaceuticals has launched Epinephrine Injection USP multiple dose vials in the US. It is bioequivalent to BPI Labs’ product and has a market size of $42.7 million.

Jupiter Wagons Wins Rs 255 Crore Contract

Jupiter Wagons’ subsidiary, Jupiter Tatravagonka Railwheel, won a Rs 255 crore contract from Braithwait & Co. to supply 9,140 railway wheelsets.

Adani Green Energy Gains on UPPCL Order

Adani Green Energy’s subsidiary, Adani Saur Urja, won a contract from Uttar Pradesh Power Corp (UPPCL) to supply 1,250 MW energy storage for pumped hydro projects.

Ceigall India Falls on NHAI Contract Termination

Ceigall India’s stock is under pressure after the National Highways Authority of India (NHAI) terminated its Rs 1,071 crore contract for a four-lane Amritsar Greenfield connectivity project.

Paytm Partners with Perplexity for AI Search

Paytm has partnered with AI startup Perplexity to introduce AI-powered financial search in its app, allowing users to:

• Ask financial queries in local languages.
• Get real-time insights on markets and trends.

Varun Beverages Delays Ghana Acquisition

Varun Beverages has postponed its $15.1 million (Rs 1,271 crore) acquisition of SBC Beverages Ghana to March 31 from February 28, citing regulatory approval delays.

Godrej Properties Sells Rs 1,000 Crore Worth of Homes

Godrej Properties has sold over 1,398 homes worth Rs 1,000 crore in its new Pune project, Godrej Evergreen Square, which has a total revenue potential of Rs 2,045 crore.

RailTel Wins Rs 168.1 Crore Railway Orders

A RailTel-led consortium has secured two contracts worth Rs 168.1 crore for signaling and communication work in the South Central Railway zone.

Bharti Airtel in Talks to Merge Tata Play with Bharti Telemedia

Bharti Airtel is negotiating a potential merger of Tata Play’s DTH business with Bharti Telemedia. The merger is expected to be a share swap deal, with:

• Airtel owning 52-55%.
• Tata Play shareholders, including Disney, holding 45-48%.

Nuvama Wealth Falls as PAG Plans Exit

Nuvama Wealth Management stock is under pressure as reports indicate that PAG (Blackstone-backed PE firm) is considering exiting its 54% stake, valued at $1.2 billion.

Brokerage Calls & Target Price Updates

• Emkay maintains ‘Buy’ on SRF, setting a target price of Rs 3,250, expecting specialty chemicals recovery.
• Morgan Stanley retains ‘Overweight’ on Titagarh Rail, but lowers the target to Rs 1,090 due to freight wheelset supply issues and Vande Bharat project delays.

Mastek Wins Rs 741 Crore UK Contracts

Mastek secured multiple contracts worth $85 million (Rs 741 crore) from a UK public service department for digital transformation services.

Muthoot Finance Plans 25-30% Loan Growth

Managing Director George Alexander stated that:

• Muthoot Finance expects AUM growth of 25-30%.
• Belstar's cost of funds may reduce by 50-60bps.
• The company has received RBI approval to open 115 new branches.

Utkarsh Small Finance Bank Plans Rs 750 Crore QIP

The bank’s board has approved a Rs 750 crore fundraising plan through a qualified institutional placement (QIP).

Lemon Tree Hotels Expands in Shirdi

Lemon Tree Hotels signed a license agreement for a 50-room resort in Shirdi, set to open in FY28.

Zydus Wellness Faces Rs 56.3 Crore GST Demand

Zydus Wellness received a Rs 56.3 crore GST demand related to the Heinz India acquisition.

SpiceJet Drops on Weak Q3 Revenue Despite Profit

• Revenue fell 35.4% YoY to Rs 1,237 crore.
• Net profit was Rs 20.4 crore (vs. a Rs 298.6 crore loss last year).
• Stock underperformed as industry peers gained.

The Upcoming IPOs in this week and coming weeks are Balaji Phosphates, NAPS Global.

The Current active IPO are Shreenath Paper, Nukleus Office.

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