Tata Power commissions South East UP Power Transmission Company (SEUPPTCL) project

by Hansraj Agrawal | Mar 25, 2026 | Share Market

Comprising of seventeen 765 kV and 400 kV corridors spanning 1,517 circuit kilometres

Tata Power today announced the successful commissioning of two transmission lines – 400 Kilovolt (Kv) Tanda-Gonda and 400kV Gonda-Basti double circuit spanning 154 circuit kilometres (Ckm) in Uttar Pradesh. With this milestone, the Company’s has now successfully commissioned all Extra High Voltage (EHV) transmission lines and substations under South East UP Power Transmission Company (SEUPPTCL) project. The network now comprises three 765 kV lines comprising 951 Ckm, fourteen 400 kV lines comprising 566 Ckm, and three 765/400 kV substations with 3460 MVA Transformation capacity across the state.

The commissioning of four transmission assets namely 765 kV Mainpuri-Bara Single Circuit Line, 765 kV Mainpuri-Unnao Single Circuit Line, 400 kV Tanda-Gonda and 400Kv Gonda Basti double circuit line will enable the safe and reliable evacuation of over 4,000 MW of thermal power generated within Uttar Pradesh. The project will support the state’s growing electricity demand while enhancing grid stability and ensuring long-term energy security.

SEUPPTCL is part of Resurgent Power Ventures, a joint venture led by Tata Power along with ICICI Bank and global investors. The project was acquired as part of the resolution of stressed assets in the power sector.

The project commissioning of 765 kV Mainpuri-Bara Single Circuit Line (380 Ckm), 765 kV Mainpuri-Unnao Single Circuit Line (194 Ckm), 400 kV Tanda-Gonda and 400kV Gonda Basti double circuit spanning 154 circuit kilometres (Ckm) involved extensive planning and execution, including: Deployment of over 45,000 metric tonnes of tower steel; Stringing of more than 8,600 kilometres of conductors; Execution of 139 critical crossings, including existing transmission lines, railway tracks, gas pipelines, highways, and rivers; Construction across forest areas in full compliance with environmental and statutory norms.

The successful completion of these projects marks a significant step in strengthening Uttar Pradesh’s transmission infrastructure and ensuring reliable and efficient power supply across the region.

With the commissioning of these seventeen 765 kV and 400 kV corridors spanning 1,517 circuit kilometres, Tata Power’s total operational transmission network has expanded to 5,466 circuit kilometres, with an additional 1,863 circuit kilometres currently under construction. This growing portfolio highlights the company’s strengthening role in building and modernising India’s high-voltage transmission backboneat a time when robust grid capacity is essential to sustaining the country’s economic growth.

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Bajaj Finserv share price gains 2%; Motilal Oswal initiates coverage, see 11% upside

by Hansraj Agrawal | Mar 25, 2026 | Share Market

Motilal Oswal Financial Services has initiated coverage on Bajaj Finserv with a ‘Neutral’ rating and target price of ₹1,900, implying 11 per cent upside from its previous close. The brokerage believes Bajaj Finserv is entering a phase of broad-based growth as it strengthens its presence across lending, insurance, and emerging financial platforms, with its transition toward a comprehensive, tech-led financial ecosystem.

At 9:19 AM, Bajaj Finserv share price was trading 1.07 per cent higher at ₹1,722.85 per share. In comparison, BSE Sensex was up 1.08 per cent at 74,865.84. Intra-day, the stock rose 2.1 per cent, to its day’s high at ₹1,741.75 per share on BSE.
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Why is Motilal Oswal upbeat on Bajaj Finserv?

Lending arm remains core earnings driver

Bajaj Finance, in which Bajaj Finserv holds a 51.3 per cent stake, continues to anchor the group’s performance, according to Motilal Oswal. The lending business contributes around 54 per cent of revenue (9MFY26) and has built a customer franchise of nearly 110 million users.

The company’s assets under management (AUM) have grown at a 23 per cent compound annual growth rate (CAGR) between FY20 and FY25, reaching about ₹4.8 trillion as of 9MFY26. Analysts note that Bajaj Finance’s strong profitability, high return ratios, and consistent compounding make it the key value driver for the group.

General insurance business shows steady growth

Bajaj General Insurance (BGen), which accounts for 24 per cent of revenue, is India’s third-largest general insurer with a 7.1 per cent market share in FY26 so far.

The business remains among the most profitable in the industry, with a combined ratio of 100.8 per cent in 9MFY26. Its diversified presence across motor, health, and fire segments, along with a focus on higher-margin products and digital efficiencies, is expected to drive a gross written premium (GWP) CAGR of 12 per cent over FY26–28, noted Motilal Oswal.
READ | Medanta valuation attractive post correction; JM Financial pegs 42% upside

Life insurance transitions to value-led growth

Bajaj Allianz Life Insurance (BLife) is undergoing a shift from a unit-linked insurance plan (ULIP)-heavy model to a more balanced product mix. The company has delivered a 28 per cent CAGR in annual premium equivalent (APE) between FY20 and FY25, while improving value of new business (VNB) margins from 9.9 per cent in FY20 to 16.4 per cent in 9MFY26.

Going ahead, Motilal expects VNB growth to outpace APE growth, with projections of 19 per cent CAGR in VNB versus 15 per cent in APE over FY26–28, supported by a stronger focus on protection products and channel expansion.

New-age platforms expand ecosystem reach

Bajaj Finance is also investing in emerging businesses across broking, asset management, financial distribution, healthcare, and technology services. These platforms are designed to be asset-light and scalable, extending the group’s presence across the customer’s financial lifecycle.

Financial outlook and valuation

Analysts expect strong earnings momentum across key verticals, with profit after tax (PAT) from Bajaj Finance, Bajaj General, and value of new business (VNB) from life insurance projected to grow at CAGRs of 28 per cent, 16 per cent, and 19 per cent, respectively, over FY26–28.

At the consolidated level, Bajaj Finserv’s revenue and PAT are estimated to grow at 15 per cent and 17 per cent CAGR, with return on equity (RoE) seen in the 13–14 per cent range.

Premium valuation justified by diversification

The brokerage noted that Bajaj Finserv’s diversified earnings profile, strong balance sheet, and improving contribution from non-lending businesses support a premium valuation for the holding company.

However, with much of the growth already priced in and emerging businesses still scaling up, the current risk-reward remains balanced, leading to a ‘Neutral’ stance on the stock.

Disclaimer: The views and investment tips expressed by the analysts/brokerage are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.

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Ceigall India secures Rs 298-cr EPC contracts from Purvah Green Power

by Hansraj Agrawal | Mar 25, 2026 | Share Market

Ceigall India said that it has received two work orders from Purvah Green Power for projects to be executed in Andhra Pradesh.

The contracts have been awarded under the engineering, procurement and construction (EPC) mode by a domestic entity and are to be completed within a construction period of 10 months.

The scope of work includes supply, transportation, erection, and civil works on a turnkey basis for a 220 kV transmission line, along with right of way and statutory approvals.

Additionally, the company will undertake construction works for the balance of plant for a 300.3 MW hybrid (wind) power project in Ralla, Andhra Pradesh, comprising 91 wind turbine generators (WTGs).

The two contracts are valued at Rs 119.96 crore and Rs 177.93 crore, respectively, inclusive of GST, taking the aggregate order value to approximately Rs 298 crore.

The company clarified that the contracts do not involve any related party transactions and that neither the promoter nor the promoter group has any interest in the awarding entity.

Ceigall India is an infrastructure engineering, procurement, and construction (EPC) company engaged in the development of highways, expressways, bridges, flyovers, railway overbridges, tunnels, and runways. The company executes projects under EPC as well as Hybrid Annuity Model (HAM) formats and has a strong track record of timely execution across multiple states in India.

On a consolidated basis, net profit of Ceigall India rose 1.24% to Rs 74.11 crore while net sales rose 19.34% to Rs 991.14 crore in Q3 December 2025 over Q3 December 2024.

The counter rose 0.61% to end at Rs 265.

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Dividend, bonus, stock-split: Vedanta, Hudco, 5 others to remain in focus

by Hansraj Agrawal | Mar 25, 2026 | Share Market

Dividend stocks today: Shares of Vedanta, Angel One, Housing & Urban Development Corporation (Hudco), Euro Pratik Sales, Samvardhana Motherson International, Avax Apparels and Ornaments, and Hind Rectifiers are expected to remain in focus during Wednesday’s trading session, following their announcements of corporate actions such as dividends, bonus issues, and stock split.

According to BSE data, shares of Vedanta, Angel One, Housing & Urban Development Corporation (Hudco), Euro Pratik Sales, and Samvardhana Motherson International will trade ex-dividend on Friday, March 27, as these companies have announced dividend payouts. Avax Apparels and Ornaments will turn ex-date for a stock split, while Hind Rectifiers will trade ex-date for a bonus issue on the same day.

Notably, Indian equity markets will remain closed on Thursday, March 26, on account of Ram Navami.

Among these companies, Vedanta has announced the highest payout, declaring an interim dividend of ₹11 per share for eligible shareholders. The record date for determining shareholder entitlement is Saturday, March 28, 2026.

Angel One has declared an interim dividend of ₹1.75 per share, with March 27 fixed as the record date. Hudco has announced an interim dividend of ₹1.25 per share, with the record date set as March 28.

Company	Ex-date	Purpose	Record date
Angel One	27 Mar 2026	Interim Dividend – ₹1.75	27 Mar 2026
Vedanta	27 Mar 2026	Interim Dividend – ₹11	28 Mar 2026
Euro Pratik Sales	27 Mar 2026	Interim Dividend – ₹0.20	27 Mar 2026
Housing & Urban Development Corporation	27 Mar 2026	Interim Dividend – ₹1.25	28 Mar 2026
Samvardhana Motherson International	27 Mar 2026	Interim Dividend – ₹0.35	27 Mar 2026
Avax Apparels and Ornaments	27 Mar 2026	Stock Split From ₹10/- to ₹5/-	27 Mar 2026
Hind Rectifiers	27 Mar 2026	Bonus issue 1:1	27 Mar 2026

(Source: BSE) Euro Pratik Sales and Samvardhana Motherson International have declared interim dividends of ₹0.20 and ₹0.35 per share, respectively. Both companies have fixed March 27 as the record date to determine shareholder eligibility.

Meanwhile, Avax Apparels and Ornaments has announced a subdivision of equity shares from a face value of ₹10 each to ₹5 each. Accordingly, one equity share will be split into two shares. The record date for this action is Friday, March 27, 2026.

Hind Rectifiers has announced that its board has recommended the issuance of bonus equity shares in the ratio of 1:1 — that is, one new fully paid-up equity share of ₹2 each for every existing equity share of ₹2 each held by shareholders, subject to approval. The company has fixed Friday, March 27, 2026, as the record date for determining shareholder eligibility for the bonus issue.

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UBS Global downgrades India stocks to neutral on high oil sensitivity

by Hansraj Agrawal | Mar 24, 2026 | Share Market

UBS Global Wealth Management downgraded Indian and euro zone equities, warning their sensitivity to elevated oil prices makes them more vulnerable if the West Asia conflict drags on.

“It might be very difficult to reach a final conclusion” on Iran war in a very short period of time, Suresh Tantia, a strategist for Asian equities at the wealth manager said on Bloomberg TV. He said the money manager downgraded euro zone equities and Indian stocks to neutral this morning.

Stock gauges in energy import-dependent markets such as India and Europe have dropped over 9 per cent since the Iran war started, more than double the decline in the US. This reflects concerns that sustained energy inflation could curb growth, delay interest-rate cuts and raise fiscal pressures. The shift is reinforcing a rotation toward more defensive and energy-resilient markets as fund managers reassess their exposures.

The firm upgraded Switzerland’s equity market and the Europe health care sector to “attractive,” on their defensive characteristics. It remained broadly positive on equities.

But it said that persistently high energy costs could undermine the manufacturing recovery in Europe and likely to add to India’s fiscal pressures.

Meanwhile, Tantia said that Chinese equities are likely to be more resilient, noting that the country is expected to maintain oil flows through the Strait of Hormuz, while benefiting from low inflation and significant under-performance relative to other Asian markets.

The problems are more acute for India, which imports roughly 90% of its crude oil and nearly 50% of its liquefied petroleum gas. About half of the crude requirement and over three-quarters of the LPG transits the Strait, which Iran has effectively shut.

The Iran war’s fallout is compounding India’s structural risks, including high valuations, AI disruption risks in the absence of major chipmakers, and currency weakness.

Indian stocks have lagged global peers and the rupee has weakened toward record lows amid foreign selling. Bhanu Baweja, chief strategist at UBS Group, told Bloomberg News on Monday that the probability of global funds buying the dip in the near term is very low due to elevated valuations.

“You are effectively paying a high multiple for mid-teen earnings growth — almost like the US, but without the AI tailwind,” he added.

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Gold, silver ETF investors burnt after late-cycle rush amid correction

by Hansraj Agrawal | Mar 24, 2026 | Share Market

Millions of investors who entered gold and silver exchange-traded funds (ETFs) towards the tail end of the rally are now staring at steep losses, as prices of both precious metals have corrected sharply in recent weeks.

Investor interest in gold and silver ETFs had been building steadily through 2025, stoked by a strong price rally and attractive recent returns. Volatility in equity markets further nudged investors towards these relatively niche fund categories.

Participation peaked in January, when combined inflows into gold and silver ETFs hit a record ₹33,500 crore. The month also saw a sharp rise in new account openings, signalling a spike in retail participation. Nearly 2.8 million net accounts were added, a trend experts credited to growing awareness of diversification as well as momentum-driven investing.

However, the trend reversed soon after.

Prices of both metals began declining in February, with the correction deepening in March amid the US-Iran conflict. Domestic gold prices have fallen over 20 per cent from their January 29 peak, while silver has dropped by around 40 per cent over the same period.

According to experts, while rising prices tend to attract momentum-driven inflows, the recent spike in gold and silver ETFs cannot be explained by return chasing alone.

“While some portion of this can be attributed to momentum chasing, especially given the historic price rise in silver and gold, it may not be the only reason. One must keep in mind that the past 18 months or so have been relatively weak for equity markets, alongside increased geopolitical tensions that have impacted both domestic and global economies. In times of turmoil, gold acts as a natural hedge and a safe-haven asset,” said Thomas Stephen, associate director and head — Preferred, Anand Rathi Share and Stock Brokers.

“If one is thinking truly long-term and looking at these avenues purely from a diversification perspective, then it is still fine to have entered at those prices. Ideally, both metals in combination should not exceed 10 per cent of an overall portfolio,” he added.

Manish Bhandari, chief executive officer and portfolio manager at Vallum Capital Advisors, said the diversification trend could pick up again once geopolitical tensions ease.

“The current decline appears driven by expectations of higher energy prices, which could push intermediate-term inflation up and delay long-anticipated rate cuts, sapping near-term enthusiasm for non-yielding assets like gold. At the same time, the US looks set to emerge as a key beneficiary of global energy dislocation, drawing capital into dollar assets and away from bullion. However, as geopolitical tensions ease and war-related risk premia fade, gold may regain favour as investors refocus on long-term diversification,” he said.

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