TBO Tek jumps after brokerage initiates coverage with 'Buy' rating

by Hansraj Agrawal | Mar 24, 2026 | Share Market

TBO Tek rose 5.17% to Rs 1,071.40 after a domestic brokerage initiated coverage on the stock with a ‘Buy’ rating and a target price of Rs 1,360.

The brokerage said the company offers a structural play in the global B2B outbound travel market. It enables offline travel agents and enterprise buyers to access international airlines, hotels and ancillary services across geographies.

It highlighted that the global business-to-agent (B2A) travel distribution ecosystem comprises nearly 2 million agents, including freelancers, home-based consultants, small agencies and large professional firms. TBO Teks focus on this fragmented base provides a large total addressable market and significant scope for penetration, wallet share gains and geographic expansion.

The brokerage expects TBO Tek to deliver revenue, EBITDA and profit CAGR of 35%, 37% and 32%, respectively, over FY25-28, driven by a higher contribution from high take-rate hotel and ancillary segments. Their share in the gross transaction value mix is projected to rise from 59% currently to over 70%.

The brokerage added that contribution from curated verticals, particularly in luxury and premium hotel segments, is likely to support margin expansion and overall profitability.

However, it flagged risks including extreme weather affecting travel destinations, rising travel costs impacting demand, and geopolitical uncertainties influencing travel sentiment and route planning.

Gurgaon-based TBO Tek is a B2B travel technology platform that connects over 159,000 travel buyers with suppliers across more than 100 countries. The company offers a wide range of travel services, supported by proprietary AI/ML technology.

On a consolidated basis, net profit of TBO Tek rose 7.42% to Rs 53.69 crore while net sales rose 85.78% to Rs 784.33 crore in Q3 December 2025 over Q3 December 2024.

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Government restores full RoDTEP benefits to ease export pressure from West Asia disruptions

by Hansraj Agrawal | Mar 24, 2026 | Share Market

Last Updated : Mar 24 2026 | 12:16 PM IST

The Government of India has reinstated the full rates and value caps under the RoDTEP (Remission of Duties and Taxes on Exported Products) Scheme for all eligible exports, effective March 23, 2026, in response to ongoing trade disruptions in West Asia.

Recent geopolitical developments in the region have disrupted maritime logistics, leading to rerouted shipments, longer transit times, and higher freight costs for exporters. To mitigate these challenges, the government has rolled back the earlier 50% restriction on RoDTEP benefits that was introduced on February 23, 2026.

Under the revised decision, exporters will now receive benefits at the same rates that were applicable as of February 22, 2026. The latest notification overrides the earlier notification and its corrigendum issued in February, except for actions already taken under those provisions.

This move aims to provide immediate financial relief to exporters dealing with increased costs and uncertainties linked to disruptions in Gulf and West Asia trade routes. It also underscores the governments intent to maintain a stable and supportive export policy framework, helping Indian exporters stay competitive in a volatile global trade environment.

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First Published: Mar 24 2026 | 12:16 PM IST

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Coal India falls 3% as board approves SECL, Mahanadi Coalfields divestment

by Hansraj Agrawal | Mar 24, 2026 | Share Market

Coal India share price today: Shares of Coal India, the largest state-owned coal producer in the world, fell nearly 4 per cent on Tuesday, March 24, to hit an intraday low of ₹439 on the NSE. This comes after the company announced that its Board has granted in-principle approval for the partial disinvestment and listing of its two subsidiaries, South Eastern Coalfields Limited (SECL) and Mahanadi Coalfields Limited (MCL).

Around 11:00 AM, Coal India stock was trading at ₹441, down 3.1 per cent against the previous session’s close of ₹455.25. In comparison, the benchmark NSE Nifty50 was quoting at 22,664.85 levels, up 152 points or 0.68 per cent.

The stock’s 52-week high was at ₹476, and its 52-week low was at ₹356 on the NSE. Its total market capitalisation stood at ₹2.71 trillion.

On March 25, Coal India’s board have in-principle approval for divestment of up to 25 per cent stake held by the company each in South Eastern Coalfields Ltd (SECL) and Mahanadi Coalfields Ltd (MCL) through ‘offer for sale’.

It will also issue equity shares of SECL of up to 10 per cent of the post-issue paid-up equity share capital, in one or more tranches, through an initial public offer (IPO) or other routes in the domestic market, the company informed the exchanges in a filing.

On December 23, 2025, the company gave in-principle approval for the listing of SECL and MCL.

The proposed listing of SECL remains subject to the necessary regulatory approvals and the completion of all required formalities.

SECL and MCL are the company’s largest subsidiaries, together accounting for 50 per cent of total coal production and 40 per cent of consolidated profit in FY25.

According to ICICI Securities, the proposed listings could unlock significant shareholder value, with the combined market capitalisation of both entities estimated to be more than ₹1 trillion, assuming a 7x PE multiple on FY25 earnings.

“With this, from a long-term perspective, we maintain a positive stance supported by strategic diversification into coal gasification, critical minerals, and renewable energy, robust net-cash-positive B/S and a strong dividend yield of 7 per cent,” the brokerage said.

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SEPC jumps 7% as board clears acquiring 90% stake in Avenir International

by Hansraj Agrawal | Mar 24, 2026 | Share Market

SEPC shares jumped 7 per cent in trade on the BSE, logging an intra-day high at ₹4.98 per share. At 9:58 AM, SEPC’s share price was trading 5.16 per cent higher at ₹4.89 per share. In comparison, the BSE Sensex was up 1.12 per cent at 73,509.08.

The buying on the counter came after the company’s board approved the acquisition of Avenir International Engineers and Consultants LLC, Abu Dhabi.

“We wish to inform you that the board of directors of the company, at its meeting held today i.e., March 23, 2026, has inter alia approved the acquisition of Avenir International Engineers and Consultants LLC, Abu Dhabi (“Target Company”) subject to approval from the Lenders and Shareholders,” the filing read.

The acquisition is expected to:

Enable SEPC’s entry into the global oil & gas engineering, procurement, construction (EPC) and consulting ecosystem

Strengthen its international execution capabilities and geographic diversification

Provide access to high-margin, technology-driven engineering services

Create a scalable platform for growth in the Middle East and North Africa (MENA) region

Enhance long-term value creation through synergies in engineering, procurement, and project management execution

Transaction details

Stake acquired: 90 per cent in Avenir International Engineers and Consultants LLC

Consideration: Share swap arrangement

Valuation: 90 per cent of AED 708 million (₹1,530 crore)

Timeline: Expected completion within six months, subject to Lenders and shareholders’ approval.

This acquisition represents a strategic shift for SEPC from a domestic EPC-focused player to a globally diversified engineering and infrastructure company. By integrating Avenir’s capabilities, SEPC aims to unlock new revenue streams, improve its margin profile, and strengthen its positioning in high-value sectors, the filing read.

Avenir International Engineers & Consultants LLC, established in 2007 and headquartered in Abu Dhabi, specialises in oil & gas engineering, FEED, and PMC services. The company has a strong footprint across the Middle East and North Africa region and an order book exceeding AED 500 million, with reputed clients such as ADNOC and DEWA. The company delivers safe, efficient, and cost-effective solutions aligned with sustainability and Net Zero objectives, according to the filing.

SEPC provides end-to-end solutions to engineering challenges, offering multi-disciplinary design, engineering, procurement, construction, and project management services. The company is focused on providing turnkey solutions in the following business segments: Process and metallurgy, power, water infrastructure and mining & mineral processing.

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Stock Alert: Coal India, InterGlobe Aviation, Wipro, Persistent Systems, IRFC

by Hansraj Agrawal | Mar 24, 2026 | Share Market

Securities in F&O Ban:

Sammaan Capital and SAIL shares are banned from F&O trading on 24 March 2026.

New listing:

Raajmarg Infra Investment Trust (InvIT) and GSP Crop Science are set to debut on stock exchanges today. Raajmarg InvIT was subscribed 6.25 times with a revised price band of Rs 99100 per share, while GSP Crop Science was subscribed 1.61 times, with a revised price band of Rs 304320 per share.

IPO to Open:

Amir Chand Jagdish Kumar, a processor and exporter of basmati rice and other FMCG products in India, operates fully integrated operations across the basmati rice value chain. The company has launched an initial public offering (IPO) entirely as a fresh issue, raising Rs 440 crore. The IPO is priced in the band of Rs 201 to Rs 212 per share.

Powerica, a power solutions company specializing in diesel generator sets for primary and backup use, has announced a public issue of Rs 1,100 crore. The offer comprises a fresh issue of Rs 700 crore and an offer for sale of Rs 400 crore. The price band is fixed at Rs 375395 per share.

Sai Parenteral, a diversified pharmaceutical formulations company, has announced a public issue of Rs 409 crore. The issue comprises a fresh issue of Rs 285 crore and an offer for sale of Rs 124 crore. The price band is fixed at Rs 372392 per share.

Stocks to Watch:

Wipro has launched a new Innovation Lab in South Korea under its Wipro Innovation Network (WIN), expanding local operations. The company continues to invest in talent to support South Korean clients both locally and globally.

InterGlobe Aviation said that its board has approved the appointment of Aloke Singh as Chief Strategy Officer of the company, effective April 6. Previously, Aloke Singh served as the Managing Director and Chief Executive Officer of Air India Express.

Persistent Systems said Ruchi Kulhari has been appointed as Executive Vice President (EVP), Chief of Staff, and Senior Management Personnel (SMP), effective March 23.

Coal Indias board approved divestment of up to 25% in South Eastern Coalfields via OFS and fresh equity issuance up to 10% through IPO. In-principle approval given for up to 25% divestment in Mahanadi Coalfields via IPO/OFS. The board also approved a 100% corporate guarantee of Rs 3,160 Cr for subsidiary CRAULs 875 MW solar PV project. CRAUL is a JV with Rajasthan Rajya Vidyut Utpadan Nigam.

GR Infraprojects announced that it has received an order worth Rs 2,440.87 crore from NHAI for the construction of a greenfield section of NH-33 in Bihar.

Indian Railway Finance Corporation (IRFC) said that it has signed a major rupee term loan agreement with Hindustan Urvarak and Rasayan (HURL) for the refinancing of its existing long-term debt of up to Rs 12,842 crore.

GNG Electronics has amended its facility agreement with ICICI Bank, raising overall limits from Rs 40 crore to Rs 72 crore. Additionally, an addendum with Axis Bank enhanced working capital facilities from Rs 44 crore to Rs 65 crore. The funds will be used to meet the companys working capital requirements.

Dredging Corporation of India said that its board approved the appointment of Captain S. Divakar as Managing Director & CEO (Additional Director Executive, Non-Independent) and Key Managerial Personnel (KMP) of the company.

SEPCs board approved the acquisition of a 90% stake in Avenir International Engineers & Consultants LLC, Abu Dhabi, for Rs 1,530 crore. The acquisition will help SEPC expand its presence in the global oil & gas sector.

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NBCC secures Rs 59-cr order from Odisha University

by Hansraj Agrawal | Mar 24, 2026 | Share Market

Last Updated : Mar 24 2026 | 8:04 AM IST

NBCC (India) said that it has received a project management consultancy (PMC) contract from Maharaja Sriram Chandra Bhanja Deo University, located in Baripada, Mayurbhanj, Odisha.

The scope of work includes construction of various buildings, roads, and drainage systems, along with associated electrical and mechanical works. The project is being undertaken under an Infrastructure Development Grant.

The contract, valued at approximately Rs 58.61 crore, has been awarded by a domestic entity and will be executed within a timeline to be specified.

NBCC clarified that neither its promoter nor group companies have any interest in the awarding entity, and the contract does not fall under related party transactions.

NBCC (India) operates in three major segmentsproject management consultancy, real estate, and engineering procurement & construction.

The company’s consolidated net profit advanced 38.5% to Rs 197.22 crore on a 7.6% rise in revenue from operations to Rs 3,022.39 crore in Q3 FY26 over Q3 FY25.

Shares of NBCC (India) tanked 5.73% to end at Rs 79.10 on the BSE.

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First Published: Mar 24 2026 | 8:04 AM IST

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