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By EquityPandit

EquityPandit

EquityPandit
TECHNOLOGY

Swiggy to Cover 8 Lakh Km Per Day Using EVs by 2025

Swiggy has committed to increase the use of electric vehicles in its fleet and cover at least eight lakh kilometers per day through EVs by 2025. Swiggy has signed an agreement with Reliance BP Mobility Limited (RBML) to build an EV ecosystem and battery-swapping stations for its delivery partners across the country.

The food platform has partnered with e-cycle manufacturer Hero Lectro and last-mile delivery player Fast Dispatch Logistics to enable end-to-end Swiggy orders through cargo e-cycles.

Hero Lectro Cargo e-bikes are designed explicitly for last-mile deliveries and can travel at a maximum speed of 25 mph with a range of 70 to 75 km per charge, making them ideal for short-distance deliveries.

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MARKETS

Stock Market Snaps Winning Streak; Sensex Slumped 800 Points 

Ali Waghbakriwala

Equity benchmark indices Sensex and Nifty fell over 1% on Wednesday, 26 March, ending a seven-session winning streak, as investors booked profits amid uncertainty over US tariff policies.

Sensex, which opened on a strong note, briefly touched an intraday high of 78,167.87, gaining 150.68 points. However, selling pressure in select heavyweight stocks pulled it down by 806.45 points, or 1.03%, to a low of 77,210.74.

Similarly, the NSE Nifty slipped below the critical 23,500 level, hitting a low of 23,451.70 after initially rising 67.85 points to 23,736.50.

Key Factors Behind the Market Decline:

  • US Tariff Uncertainty: Investor sentiment was weighed down by concerns over US trade policies. President Donald Trump has hinted at a major tariff announcement on 2 April, calling it a “Liberation Day” against nations he accuses of unfair trade practices. His remarks about “limited exceptions” have unsettled global markets, including India.
  • Profit Booking: Following a week-long rally, investors locked in gains, causing a market pullback. 
  • Rupee Depreciation: The Indian rupee weakened by 6 paise to 85.78 against the US dollar in early trade, pressured by weak equities and a stronger dollar. Forex traders attributed the decline to liquidity constraints, concerns over reciprocal tariffs, and month-end dollar demand from importers. On Tuesday, the rupee had already ended its seven-session gaining streak, closing 11 paise lower at 85.72 per dollar.
  • Rising Crude Oil Prices: Oil prices climbed as supply concerns mounted following President Trump’s threats of tariffs on countries importing oil and gas from Venezuela. As a major crude importer, India’s stock market remains sensitive to oil price fluctuations.

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MARKETS

Advait Energy Shares Surge 7% on Project from Power Grid 

Ali Waghbakriwala

Advait Energy Transitions Ltd stock jumped 7% on 26 March 2025 after the company emerged as the Lowest Bidder (L1) for PACKAGE OPGW-04 from Power Grid Corporation of India. 

The company was awarded the PACKAGE OPGW-04: OPGW supply and installation package for several transmission lines throughout India under bulk implementation (supply+erection) for communication equipment and OPGW, the exchange filing stated. 

A follow-up release will give more details following receipt of the Letter of Intent or Award.

Advait Energy Transitions Limited, with its headquarters in Ahmedabad, offers dependable machinery and all-inclusive solutions for power transmission, substation, and telecommunications infrastructure. The company branched out into renewable energy in 2023.

Since its founding in 2009, Advait Energy Transitions Limited has focused on creating ACS wire, stringing tools, ERS, OPGW operations, live line installations, green energy, and turnkey telecom projects. Alkaline and PEM electrolyser systems, hydrogen blending systems, fuel cell systems, hydrogen refuelling stations (HRS), and hydrogen storage units are all available from the company.  

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Additionally, the business offers transmission line towers, conductors, insulators, stringing tools, substation services, and power transmission.

A state-owned electric utility company with a focus on electricity transmission is called Electricity Grid Corporation of India Limited. It manages India’s largest transmission network and plays a significant role in both the national and regional electrical grids. The power grid is crucial for moving electricity from power plants to various states and areas across the country in order to guarantee a consistent supply of electricity.

Power Grid is actively working to expand and improve the transmission infrastructure in order to meet the country’s growing demand for electricity. Renewable energy sources will be incorporated into the national grid as part of this.

At 3:07 pm, the shares of Advait Energy were trading 2.07% higher at Rs 1,190 on NSE.

Navigate Advait Energy Transitions Ltd Like a Pro. Ask the Analyst.

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MARKETS

Battery Manufacturing Company Shares Soar 5% on Positive News for Lithium-ion Batteries

Ali Waghbakriwala

The shares of battery manufacturers Amara Raja and Exide Industries increased 5% and 4%, respectively, on Wednesday, 26 March, after the Center increased the safe harbour threshold to Rs 300 crore from the current Rs 200 crore to include lithium-ion batteries used in electric or hybrid electric vehicles as “core auto components.”

It is expected that the action will benefit battery producers by protecting India’s electric vehicle (EV) ecosystem, encouraging investment, and lowering compliance risks. Due to the rule’s new classification of lithium-ion batteries as “core auto components,” importers can now have their declared transfer prices accepted with minimal investigation.

When conducting cross-border business, companies may buy and sell goods between their subsidiaries; the term “transfer price” refers to the price at which these transactions occur.  Businesses are closely monitored by tax authorities to ensure they are not manipulating these prices to shift earnings to countries with lower taxes.

As long as businesses declare transfer prices within the permitted range, tax authorities will accept them without any problems, according to the safe harbour expansion of the CBDT. This ensures a smoother import process for EV battery parts and removes a major regulatory obstacle.

At 2:20 pm, the shares of Amara Raja were trading 0.31% higher at Rs 1,058.70, and Exide Industries were trading % higher at 0.42% higher at Rs 361.70 on NSE. 

Amara Raja Insights? Let the Analyst Guide You.

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MARKETS

Larsen and Toubro Shares Gain 1% on Securing Rs 15,000 Crore Order 

Ali Waghbakriwala

Shares of Larsen & Toubro (L&T) were trading in the green and almost 1% higher on 26 March after the company announced that they had received the largest order for its offshore hydrocarbon business, valued at over Rs 15,000 crore from QatarEnergy LNG.  

A leading global LNG company has awarded L&T Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) the contract for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4).

S N Subrahmanyan, Chairman & Managing Director- L&T, commented, “This prestigious project strengthens our global energy portfolio while supporting Qatar’s energy security objectives. I thank QatarEnergy LNG for placing their trust in L&T to deliver this complex and strategically important project.”

As per the company’s regulatory filing, the scope of the order entails the engineering, acquisition, manufacturing, installation, and commissioning of two offshore compression complexes. These complexes will be located around 80 kilometres off the northeast coast of Qatar and will include living quarters, flare platforms, interconnecting bridges, massive offshore platforms with compression and power generation facilities, and other related buildings.

At 12:59 pm, the shares of L&T were trading 0.05% higher at Rs 3,471.50 on NSE. 

Wondering About Larsen and Toubro Ltd? The Analyst Has Answers.

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MARKETS

Waaree Renewable Tech Shares Rally 5% on Solar Power Project Win 

Ali Waghbakriwala

Shares of Waaree Renewable Technologies Ltd rallied 5% on 26 March after the company announced securing a Letter of Award (LOA) for the solar power project. 

In its regulatory filing, the company said: “the company has received a Letter of Award (LOA) for the execution of engineering, procurement and construction (EPC) works for ground mount solar power project including operation and maintenance (O&M) of 170 MW AC/255 MW DC capacity on turnkey basis.”

The order, which is valued at around 232.30 crore, is anticipated to be completed in the fiscal year 2025–2026.  

On 11 March, a Waaree Renewable consortium was awarded a LOA for Rs 740.06 crore. As part of the project, the consortium will construct a plant with a total capacity of 125 megawatts of alternating current (MWAC), according to the filing. The project is anticipated to be completed within 18 months from the contract signing date.

On 13 February, Continuum Green Energy awarded Rs 40 crore for the EPC work for a 40MWh battery storage system.  

Waaree Renewable Technologies, a subsidiary of the Waaree Group, is a prominent solar EPC company headquartered in Mumbai. Beyond offering EPC services, the company engages in the development, financing, construction, ownership, and operation of solar projects, with a strong focus on commercial and industrial clients.

At 12:23 pm, the shares of Waaree Renewable Tech were trading 1.73% higher at Rs 938.05 on NSE.

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