Author: Sreelatha M

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Beyond

Indonesia signs BrahMos deal with India

Indonesia has taken a major step in modernising its armed forces by signing an agreement with India to procure the BrahMos supersonic cruise missile system. The deal highlights closer defence ties between the two nations and comes amid growing regional security concerns.

Indonesian Defence Ministry spokesperson Rico Ricardo Sirait confirmed the agreement, saying the country is investing in advanced military technology to strengthen its capabilities, particularly in the maritime domain.

The BrahMos missile, jointly developed by India’s Defence Research and Development Organisation (DRDO) and Russia’s NPO Mashinostroyeniya, is known for its speed and precision. Capable of flying at three times the speed of sound, it can be launched from land, sea, air, and submarines, making it a versatile addition to Indonesia’s defence arsenal.

Indonesia is now only the second foreign buyer of the BrahMos system, after the Philippines. This move reflects the growing interest among Southeast Asian countries in advanced military technology as they navigate complex regional security challenges and protect their maritime territories.

While the exact cost of the deal has not been publicly disclosed, earlier reports suggested a potential range of $200–350 million. Details on the delivery schedule and specific missile configurations are yet to be announced.

For India, exporting BrahMos is part of a broader effort to expand its defence manufacturing footprint globally, supporting initiatives like “Make in India” while strengthening strategic partnerships across Asia. The sale to Indonesia underscores India’s growing role as a trusted supplier of advanced defence technology.

For Indonesia, acquiring BrahMos is a significant boost to its ability to defend its archipelagic waters. Military experts say the missile’s speed and precision will enhance the country’s deterrence capability and provide a stronger shield for its vast maritime borders.

Also Read: G7 warns as oil tops $110

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Corporate

Sedemac Mechatronics IPO subscribed 2.68 times

The initial public offering (IPO) of Sedemac Mechatronics closed with an overall subscription of 2.68 times, receiving a moderate response from investors across categories.

The ₹1,087-crore IPO was structured entirely as an offer for sale (OFS), where promoters and existing shareholders sold around 80.43 lakh equity shares. Since it was an OFS, the company itself will not receive any proceeds from the issue, and the funds will go to the selling shareholders.

The price band for the issue was fixed at ₹1,287 to ₹1,352 per share. Investors were required to apply for a minimum lot of 11 shares.

Among the different investor categories, qualified institutional buyers (QIBs) showed the strongest interest in the issue. The portion reserved for institutional investors was subscribed about 8.46 times, reflecting strong participation from large investors such as mutual funds and financial institutions.

In comparison, participation from other investor categories remained relatively lower. The non-institutional investor (NII) segment, which includes high-net-worth individuals, was subscribed around 0.77 times. Meanwhile, the portion reserved for retail investors saw a subscription of about 0.20 times.

Overall, the IPO received bids for approximately 15.11 million shares against the 5.63 million shares offered. Market analysts noted that demand was largely driven by institutional investors, while retail participation remained limited.

Based in Pune, Sedemac Mechatronics develops advanced electronic control solutions used in the automotive industry. The company designs systems that help manage engine performance and other vehicle functions, supplying technology to automobile manufacturers.

The share allotment for the IPO is expected to be finalised shortly, after which the company’s shares are likely to be listed on the National Stock Exchange of India and the BSE.

Market experts said the subscription level indicates a balanced response to the issue. While institutional investors showed strong confidence in the company’s business model and growth prospects, participation from retail investors was comparatively subdued.

Also Read: Flipkart shifts headquarters to India ahead of IPO plans

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Technology

Microsoft teams up with Anthropic to expand Copilot AI

Microsoft has partnered with artificial intelligence startup Anthropic to strengthen its workplace AI assistant Microsoft Copilot. The collaboration is part of Microsoft’s efforts to develop more advanced AI systems that can perform tasks independently for users.

Under the partnership, Microsoft will introduce a new feature called Copilot Cowork, which will use Anthropic’s AI technology to help automate everyday work activities. The tool is designed to handle tasks such as analysing data, organising documents, preparing presentations and managing spreadsheets.

The new system focuses on the development of AI agents, software tools that can complete tasks automatically instead of simply responding to questions. These AI agents are expected to assist employees in handling routine work and improving productivity.

Anthropic is known for developing advanced AI models such as Claude, which are capable of handling complex instructions and building applications. By integrating these models into Copilot, Microsoft aims to expand the capabilities of its workplace AI tools.

The feature will initially be tested with a limited group of users before being rolled out more widely. Microsoft said the service will run through its cloud systems and include strong security controls to protect enterprise data.

Also Read: Iran crisis affects LPG supply in major Indian cities

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1 Minute-Read

No immediate rise in petrol, diesel prices

The government has decided not to raise petrol and diesel prices immediately, even though global crude oil prices have crossed $100 per barrel. Officials said the situation in international oil markets is being closely monitored before any decision on fuel price changes is taken.

For now, oil marketing companies are likely to absorb the higher cost of crude instead of passing it on to consumers. The rise in global oil prices has mainly been driven by geopolitical tensions in West Asia, which have increased concerns over supply disruptions.

Authorities also said that India currently has enough fuel stocks, ensuring stable supply across the country.

 

 

 

 

 

 

 

 

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Corporate

Sensex surges 800 points, Nifty reclaims 24,200

Indian benchmark indices rebounded sharply on Tuesday, with the BSE Sensex jumping nearly 800 points and the NSE Nifty climbing above the 24,200 level as improved global cues and easing geopolitical tensions boosted investor confidence.

The rally followed a period of volatility in global markets triggered by rising tensions in the Middle East. Sentiment improved after remarks from former US President Donald Trump, who suggested that the conflict involving Iran could end soon. The comments raised hopes of a possible de-escalation in the region, easing fears of prolonged disruptions to global energy supplies.

Falling crude oil prices also supported the market rally. Brent crude slipped below the $90 per barrel mark after surging in recent sessions due to geopolitical concerns. As India imports a large share of its crude oil needs, lower oil prices are seen as positive for the domestic economy since they help reduce inflationary pressure and lower import costs.

Sector-wise, buying interest was visible across several segments including financials, consumption, pharmaceuticals and mid-cap stocks. The broader market also saw strong participation as investors returned to equities amid improving risk appetite.

Among individual stocks, aviation major InterGlobe Aviation, which operates the airline brand IndiGo, emerged as one of the top gainers. Airline stocks benefited from the decline in crude prices, as aviation turbine fuel accounts for a major portion of operating costs. Other major gainers included Asian Paints, Larsen & Toubro, UltraTech Cement and Tata Steel, which advanced during the session.

On the losing side, Reliance Industries was among the biggest laggards on the Sensex, slipping amid profit booking. A few other stocks such as Bharti Airtel and Axis Bank also witnessed mild declines despite the overall positive trend in the market.

Meanwhile, the Indian rupee strengthened slightly against the US dollar, further supporting market sentiment. Global cues also remained favourable, with several Asian markets trading higher as investors reacted positively to falling oil prices and the easing geopolitical outlook.

Also Read: Rajputana Stainless IPO opens at ₹10 cr anchor funding

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Corporate

Rajputana Stainless IPO opens at ₹10 cr anchor funding

Rajputana Stainless Limited has kicked off its initial public offering (IPO) on March 9, aiming to raise funds from both institutional and retail investors. The IPO will remain open until March 11, giving investors a chance to own a stake in the company known for its stainless‑steel products used in kitchenware, industrial applications, and construction.

Before the IPO opened to the public, Rajputana Stainless secured ₹10 crore from anchor investors large institutional buyers who commit capital ahead of the issue. This early support is often seen as a vote of confidence in the company’s prospects and a positive signal for retail investors considering participation.

The company plans to use the funds raised to expand manufacturing capacity, reduce existing debt, and support working capital, strengthening its operations for future growth. The IPO consists of a combination of new shares and an offer for sale by existing shareholders, allowing both the company and early investors to participate in the public listing.

On the first day of grey market trading, which tracks unofficial IPO demand, the shares showed a premium over the issue price, indicating enthusiasm among investors even before the formal listing. Market experts note that a strong grey market premium (GMP) often hints at potential listing gains, though the actual outcome depends on final subscription and market conditions.

The IPO is attracting attention from retail and non‑institutional investors alike, with subscription figures expected to grow as the issue progresses. Investors are advised to carefully consider the company’s financial performance, business model, and long-term prospects before applying. Analysts highlight that the stainless‑steel sector could see growth due to rising demand in infrastructure, construction, and consumer industries.

With the IPO now underway, Rajputana Stainless has an opportunity to strengthen its financial position and expand operations, while investors get a chance to be part of a growing company with a footprint in multiple end-use sectors. Early signs suggest a healthy response, reflecting optimism about the company’s growth and the wider stainless-steel industry in India.

Also Read: RBI clears Anup Kumar Saha for Kotak Board

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Corporate

Sensex falls 2,500 points, Nifty dips below 24,000

Indian equity markets saw a sharp decline on Monday as global crude oil prices surged past $105 per barrel, triggering a broad sell‑off. The BSE Sensex tumbled 2,500 points, while the Nifty 50 slipped below 24,000, reflecting investor concern over rising energy costs, inflation and currency weakness.

The surge in oil prices, driven by escalating tensions in the Middle East, prompted worries over higher input costs for companies and rising fuel prices for consumers. The Indian rupee weakened against the US dollar, compounding investor anxiety.

Banking and financial stocks led the losses. Major lenders such as HDFC Bank, ICICI Bank, and Axis Bank fell sharply, as investors reduced exposure to risk assets. The financial services sector bore the brunt of the selling, reflecting concerns over rising borrowing costs and macroeconomic pressures.

In contrast, commodity-linked and defensive stocks fared better. Tata Steel and other steel and energy-related companies gained, benefiting from the surge in oil and commodity prices. Investors viewed these sectors as more resilient in a volatile environment, helping offset some of the broader market losses.

Mid-cap and small-cap stocks experienced steeper declines, reflecting risk-off sentiment among domestic investors. Analysts noted that market volatility was primarily driven by macro factors, rising crude prices, currency depreciation and geopolitical uncertainty, rather than company-specific news.

Experts say investors will closely watch crude oil trends, foreign fund flows, and upcoming economic data for further guidance. While the sharp slide reflects short-term concerns, long-term investors are advised to focus on fundamentals and valuations rather than reacting to temporary volatility.

Also Read: RBI clears Anup Kumar Saha for Kotak Board

Categories
Beyond

US grants India 30-day Russian crude oil import

The United States has granted India a 30-day waiver to continue importing Russian crude oil that is currently stranded at sea, providing crucial short-term relief for Indian refiners. The waiver, effective until early April 2026, allows India to legally receive shipments already loaded onto vessels, helping to maintain uninterrupted fuel supplies amid rising global uncertainty.

The move comes against the backdrop of tensions in the Middle East, particularly around the Strait of Hormuz, a key route for international oil shipments. Disruptions in this region have created anxiety in global energy markets, with the potential to affect oil availability and pricing worldwide. By temporarily permitting these imports, the waiver gives Indian refiners time to adjust supply chains and manage domestic fuel demand.

US officials emphasized that the waiver is strictly short-term and limited to oil already in transit. It does not signal a broader relaxation of sanctions on Russian energy exports. At the same time, the waiver shows India’s role as a significant partner in global energy trade and highlights the delicate balance between meeting immediate domestic needs and navigating international regulations.

The decision also reflects India’s careful approach to energy security, ensuring that nearly 40% of its crude imports, which typically pass through the Hormuz route, are not disrupted. By securing a short-term supply while exploring alternative options, India is able to maintain stability in its domestic energy markets even amid geopolitical volatility.

Indian refiners have reportedly already begun arranging delivery of millions of barrels of Russian crude that had been awaiting clearance, ensuring that domestic fuel production remains unaffected. Analysts say the waiver provides logistical relief but does not change India’s longer-term energy strategy, which continues to focus on diversification of oil sources, including increasing imports from the United States.

Also Read: US to raise global tariff to 15%, says Scott Bessent

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1 Minute-Read

Ceramic units in Gujarat’s Morbi at risk as gas supply disrupted

The ceramic industry in Morbi, Gujarat, faces a potential shutdown as gas supplies dwindle due to the ongoing conflict in the Middle East.

Tile manufacturers rely on propane and natural gas to fire kilns and run production, but disruptions in shipments through the Strait of Hormuz have slowed deliveries.

Several factories are already operating at reduced capacity or have temporarily halted production. With hundreds of units and thousands of workers affected, the supply shortage poses a serious economic risk to Morbi’s ceramic cluster if normal gas flows do not resume soon.

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Corporate

MRPL shuts units due to crude oil shortage

Mangalore Refinery and Petrochemicals Ltd (MRPL) has temporarily shut one of its crude processing units along with several secondary refining units at its 300,000 barrels-per-day (bpd) Mangaluru refinery due to a shortage of crude oil supplies. The affected crude unit has a capacity of roughly 100,000 bpd and the shutdown began on Wednesday evening, according to sources familiar with the matter.

The move comes amid geopolitical tensions in the Middle East, particularly in the Strait of Hormuz, a vital corridor for global crude shipments. Disruptions in this region have delayed crude deliveries, making it challenging for Asian refiners, including MRPL, to secure replacement cargoes in time. This has forced MRPL to reduce processing temporarily to manage its operations efficiently.

In response to the supply crunch, MRPL has also suspended some refined fuel exports, prioritising domestic requirements. The refinery had already stopped importing Russian crude last year, making it more reliant on Middle East supplies. Analysts say such disruptions underscore the vulnerability of downstream operations in Asia to global supply shocks, especially in regions dependent on imported crude.

Government sources, however, clarified that MRPL’s overall operations remain stable, with adequate crude stocks on hand. They emphasised that reports of a complete refinery shutdown are misleading and that only selected units are affected.

The temporary suspension highlights how regional conflicts and supply chain disruptions can ripple through domestic fuel markets. Refiners like MRPL must balance production schedules, inventory management, and maintenance, all while navigating volatile global energy markets.

Investors and industry watchers are monitoring the situation closely, as prolonged disruptions could affect refinery throughput and fuel availability. While domestic consumption continues, the incident also reflects broader market concerns about the impact of geopolitical tensions on energy security and supply stability.

Also Read: Mazagon Dock shares jump on ₹99,000 cr defence contract hopes