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This latest agreement builds on the Joint Development Agreement (JDA) between the two companies signed in July 2025 and marks a significant progression in the partnership – from joint development to securing long-term demand. It reinforces the collaboration between LTEGL and ITOCHU, and advances the shared vision of establishing a globally competitive green ammonia value chain.
ITOCHU will utilise the green ammonia supplied from Kandla to support its expanding green bunkering applications, aligned with its strategy to develop a global green ammonia ecosystem across key maritime trade routes. Singapore, one of the world's leading marine fuel hubs, is emerging as a critical centre for ammonia bunkering. This represents an important step towards decarbonising the maritime sector and supports the growing adoption of low-carbon fuels in shipping.
The agreement also reinforces LTEGL's strategy to scale its green hydrogen and derivatives platform, positioning Kandla as a strategic export hub for low-carbon fuels. In line with India's National Green Hydrogen Mission, the project supports the country's ambition to become a leading exporter of green energy derivatives.
Through this partnership with LTEGL, supplies from Kandla are expected to support ITOCHU's bunkering operations in Singapore and other locations, enabling the early adoption of green ammonia as a next-generation marine fuel.
The agreement was signed in Tokyo by senior executives from both companies, in the presence of top leadership from Larsen & Toubro and ITOCHU Corporation. The deal builds on a Joint Development Agreement signed in July 2025, marking a shift from collaboration to securing long-term offtake.
ITOCHU Corporation will use green ammonia supplied from Kandla to expand its green bunkering operations as part of its global green ammonia ecosystem strategy across key maritime trade routes. Singapore, a major marine fuel hub, is emerging as a key centre for ammonia bunkering. The initiative marks a step toward decarbonising the maritime sector and supporting wider adoption of low-carbon fuels in shipping.
The company said the agreement reinforces LTEGL’s strategy to scale its green hydrogen and derivatives platform, positioning Kandla as a key export hub for low-carbon fuels. It also aligns with India’s National Green Hydrogen Mission, supporting the country’s goal of becoming a leading exporter of green energy derivatives.
Subramanian Sarma, deputy managing director & president – L&T, said, “The agreement with ITOCHU is a significant step in translating L&T’s clean energy ambitions into large-scale, bankable projects. By securing long-term demand through a reputed global partner like ITOCHU, we are strengthening the commercial foundation of our green ammonia platform while contributing meaningfully to global decarbonisation.'
Hiroyuki Tsubai, executive vice president, member of the board and president of the Machinery Company, ITOCHU Corporation, said, “Establishing a reliable and scalable supply of green ammonia is critical to accelerating its adoption as marine fuel. Our partnership with LTEGL provides a strong and credible supply base, enabling us to expand our bunkering business and support the shipping industry’s transition towards low-carbon operations.'
L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services, operating across multiple geographies.
On a consolidated basis, L&T's net profit declined 4.27% year-on-year to Rs 3,215.11 crore in Q3 FY26, even as revenue from operations rose 10.48% to Rs 71,449.70 crore in Q3 FY26.
Shares of Larsen & Toubro slipped 1.25% to Rs 4,024.90 on the BSE.
The acquisition involves 58,23,425 equity shares, giving L&T RPL complete ownership and control of IGSL, a real estate company with development rights in Gurugram, Haryana.
The company said the transaction will enable it to leverage IGSL’s land bank to expand and strengthen its real estate development portfolio. IGSL holds licenses for residential development projects, aligning with L&T Realty’s growth strategy.
IGSL, incorporated on 22 November 1993, has reported nil turnover over the last three financial years, including FY23, FY24 and FY25.
The deal does not fall under related party transactions, and the promoter group has no interest in the acquired entity. No regulatory approvals are required for the acquisition. The transaction is expected to be completed by 15 April 2026.
Shares of Larsen & Toubro added 1.61% to end at Rs 3,959.90 on 10 April 2026.
Metal, pharma and IT shares advanced while banking and consumer durables shares declined.
At 13:25 ST, the barometer index, the S&P BSE Sensex declined 871.12 points or 1.12% to 76,689.79. The Nifty 50 index tumbled 216.80 points or 0.90% to 23,780.00.
In the broader market, the BSE 150 MidCap Index dropped 0.58% and the BSE 250 SmallCap Index fell 0.10%.
The market breadth was positive. On the BSE, 2,195 shares rose and 1,953 shares fell. A total of 168 shares were unchanged.
Gainers & Losers:
Hindalco Industries (up 3.25%), NTPC (up 2.10%), Bharat Electronics (up 2.08%) and Bajaj Auto (up 1.84%) and Dr Reddy’s Laboratories (up 1.78%) were the major Nifty50 gainers.
Larsen & Tourbo (down 2.52%), Interglobe Aviation (Indigo) (down 2.42%), Eternal (down 2.39%), Shriram Finance (down 2.35%) and Jio Financial Services (down 2.15%) were the major Nifty50 losers.
Economy:
The World Bank has raised India’s growth forecast to 6.6% for the current financial year, up from 6.3%, citing strong domestic demand, resilient exports and recent free trade agreements. The report estimates India’s growth accelerated to 7.6% in FY26 from 7.1% in FY25, supported by robust private consumption driven by low inflation and GST rationalisation.
While lower GST rates are expected to support demand in early FY27, elevated global energy prices may pressure household incomes. The World Bank said India will remain the key growth driver for South Asia, with the region’s outlook largely anchored by its performance.
Stocks in Spotlight:
NHPC rose 0.67% after Cabinet Committee on Economic Affairs (CCEA) has approved an investment of Rs 26,069.50 Crore for the construction of Kamala Hydro Electric Project (HEP) in Kamle, Kra Daadi & Kurung Kumey, Arunachal Pradesh.
Info Edge India fell 2.45% after the company reported modest billings growth in its Q4 business update. The standalone billings stood at Rs 1,057.1 crore for the quarter ended 31 March 2026, up 7.4% from Rs 983.8 crore a year ago. The company's overall billings growth was impacted by transitional factors in 99acres. Recruitment Solutions billings were Rs 810.7 crore (up 9.5% YoY), 99Acres billings were Rs 162.8 crore (up 1.9% YoY), Jeevansathi billings were Rs 38.6 crore (up 20.9% YoY), and Shiksha billings were Rs 45.1 crore (down 12.9% YoY) in Q4 FY26
Premier Energies shed 0.54%. The company said that it has received orders for supply of 1,600 MW solar cells and modules in Q4 FY 2026, which is worth Rs 2,577 crore.
Honasa Consumer jumped 4.46% after the company said that it expects the business to deliver growth in late twenties during Q4 FY26, driven by strong growth across focus categories.
Bosch rallied 3.74% after the company signed share purchase agreement to acquire 100% stake in Bosch Chassis Systems India for total consideration not exceeding Rs 9,068.68 crore. The stake will be acquired from Robert Bosch Investment Nederland B.V (RBNI), Netherlands and Robert Bosch LLC, USA through combination of cash payment and issuance of equity shares on a preferential basis. As part of the transaction, the company will issue 1,230 equity shares at Rs 35,200 per share to each shareholder while remaining consideration will be paid in cash.
Lupin rose 0.39%. The company said that it has received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application for Dapagliflozin and Metformin Hydrochloride extended-release tablets in the United States.
Global Markets:
Europe and Asia market traded lower on Thursday, as investors fret over news that Iran’s parliamentary speaker charged the U.S. of breaching the terms of the two-week ceasefire agreement.
On Wednesday, U.S. President Donald Trump had announced a “double sided” ceasefire, more than a month into a war with Iran.
The ceasefire was contingent on Iran agreeing to reopen the Strait of Hormuz. Tehran had said that it would stop 'defensive” operations if attacks on the country were halted, according to a statement from Iran’s Foreign Minister. Israel has also agreed to the ceasefire, media reports said.
As per reports, Iran’s parliamentary speaker Mohammed Bagher Ghalibaf subsequently accused the U.S. of violating the ceasefire deal. The violations are the denial of the Islamic Republic’s right to enrich uranium and Israel’s continued attacks on Lebanon, a drone’s entry into Iranian airspace, he reportedly said.
Overnight in the U.S., stocks surged after President Donald Trump suspended attacks on Iran for two weeks, pausing a five-week conflict that closed a crucial waterway for global energy supplies.
The Dow Jones Industrial Average ripped 1,325.46 points higher, or 2.85%, to 47,909.92. The S&P 500 popped 2.51% to 6,782.81, and the Nasdaq Composite surged 2.80% to 22,635.
In the cash market, the Nifty 50 index surged 873.70 points or 3.78% to 23,997.35.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, was down 20.23% to 19.70.
HDFC Bank, Reliance Industries and Larsen & Toubro were the top-traded individual stock futures contracts in the F&O segment of the NSE.
The April 2026 F&O contracts will expire on 28 April 2026.
The sell-off followed the intensifying conflict involving Iran after coordinated U.S.-Israeli airstrikes on Iranian military and nuclear facilities. The strikes reportedly killed Supreme Leader Ali Khamenei and triggered retaliatory missile and drone attacks by Iran on Israel and several U.S. bases across Gulf countries. The conflict has disrupted shipping routes and energy flows in the region, pushed crude oil prices higher and increased uncertainty for businesses operating in the Middle East.
The region remains a key market for Larsen & Toubro, accounting for about 37% of its Rs 7.33 lakh crore order book and 33% of total order inflows in the first nine months of FY26.
Analysts have cautioned that prolonged tensions could disrupt project execution in the region, while a potential slowdown in the UAE real estate market may intensify competitive pressures.
L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services, operating across multiple geographies. On a consolidated basis, L&T's net profit declined 4.27% year-on-year to Rs 3,215.11 crore in Q3 FY26, even as revenue from operations rose 10.48% to Rs 71,449.70 crore in Q3 FY26.
The region is a key market for the company, accounting for 37% of its Rs 7.33 lakh crore order book and 33% of order inflows in 9MFY26.
Analysts warned that L&T could face execution disruptions in its Middle East projects, while a potential slowdown in the UAE real estate market may intensify competition.
All the sectoral indices on the NSE were traded in red while auto, realty and oil & gas stocks emerging top laggards.
At 13:25 IST, the barometer index, the S&P BSE Sensex tanked 1595.65 points or 1.97% to 79,690.25. The Nifty 50 index tumbled 497.10 points or 1.97% to 24,680.20.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index slumped 2.24% and the BSE 250 SmallCap Index tumbled 2.70%.
The market breadth was weak. On the BSE, 579 shares rose and 3,651 shares fell. A total of 183 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, sizzled 24.11% to 17.01.
Bharat Electronics Limited (BEL) (up 1.01%), Oil and Natural Gas Corporation of India (ONGC) (up 0.80%), Sun Pharmaceutical Industries (up 0.63%), Bharti Airtel (up 0.16%) and Hindalco Industries (up 0.10%) were the major Nifty50 gainers.
Larsen & Toubro (down 6.67%), Indigo Paints (down 5.90%), Adani Ports and Special Economic Zone (APSEZ) (down 5.52%), Jio Financial Services (down 4.13%) and Asian Paints (down 3.71%) were the major Nifty50 losers.
KVS Castings rallied 6.43% after the company announced the commencement of commercial operations at its new manufacturing facility, Unit-2, from 2 March 2026.
Zydus Lifesciences fell 2.46%. The company has received final approval from the United States Food and Drug Administration (USFDA) for Ivermectin Tablets USP, 3 mg, and Dapsone Tablets USP, 25 mg and 100 mg.
Bharat Coking Coal (BCCL) dropped 3.36% after the company’s coking coal production fell 1.6% to 3.26 million tonnes in February 2026 compared with 3.31 million tonnes in February 2025.
Paras Defence and Space Technologies rallied 8.65% after the company announced the incorporation of a new subsidiary, Paras Semiconductors.
Monthly Auto Sales:
Hyundai Motor India fell 1.44%. The company has recorded total sales of 66,134 units in February 2026, thereby registering a year-on-year growth of 12.6%. While domestic sales rose by 9.8% YoY to 52,407 units, exports increased by 24.8% to 13,727 units in February 2026.
Tata Motors Passenger Vehicles slipped 3.55%. The company has recorded total sales of 63,331 units in February 2026, registering a robust 35% YoY growth over 46,811 units in sold February 2025. Total electric vehicle (EV) sales rose 57% to 8,385 units in February 2026 from 5,343 units in the corresponding month last year, significantly outpacing the 35% growth recorded in overall passenger vehicle (PV) volumes.
Eicher Motors dropped 2.92%. The company’s unlisted subsidiary, VE Commercial Vehicles (VECV), reported a 23.4% year-on-year jump in commercial vehicle (CV) sales to 9,986 units in February 2026.
Ashok Leyland slumped 1.61%. The company reported a 24% jump in total sales (domestic & exports) to 22,157 units in February 2026, compared with 17,903 units sold in February 2025.
Bajaj Auto fell 2.96%. The company reported 27% increase in total auto sales for February 2026, selling 4.48 lakh units as against 3.52 lakh units sold in February 2025.
Escorts Kubota tumbled 4.04%. The company’s agri-machinery business division sales grew by 20.4% to 10,339 units in February 2026 as against 8,590 units sold in February 2025.
TVS Motor Company shed 2.24%. The company registered sales of 529,308 units in February 2026, which is 31% higher as compared with the 403,976 units sold in February 2025.
Hero MotoCorp declined 3.14%. The company has recorded a 44% year-on-year (YoY) rise in total two-wheeler dispatches in February 2026, selling 558,216 units during the month as compared with 388,068 units in February 2025.
US-IRAN Conflict:
The United States and Israel have launched major coordinated military strikes on Iran, marking a significant escalation in long-running Middle East tensions. On 1 March 2026, Iran launches missile and drone strikes on U.S. bases across six Middle Eastern countries amid escalating military tensions.
Iran’s Supreme Leader Ayatollah Ali Khamenei was reportedly killed in the attacks, escalating tensions further. Iran named Ayatollah Alireza Arafi to its interim leadership council, which will be at the helm of the country following the killing of supreme leader Ayatollah Ali Khamenei, on Sunday.
European and Asian markets traded lower on Monday after the United States and Israel launch their most ambitious attacks on Iran in decades, killing Supreme Leader Ayatollah Ali Khamenei.
U.S. and Israeli strikes, and the Iranian retaliation, have sent shockwaves across the Middle East and through sectors from shipping to air travel to oil on warnings of rising energy costs and disruption to business in the Gulf, a strategic waterway and global trade hub.
Most Gulf equities fell on Sunday, though Boursa Kuwait suspended trading and the UAE ordered its stock markets closed on Monday, a sign of the growing economic disruption sweeping the Gulf.
Oil futures initially jumped 8% before trimming gains to about 4%. West Texas Intermediate futures last traded at $69.68, while Brent crude was at $76.13 per barrel. Gold futures jumped 2.3% as investors piled into the global safe haven.
Stock futures tumbled in overnight trading after the weekend strikes in Iran. Futures on the Dow Jones Industrial Average dropped 517 points, or 1%. S&P 500 futures lost 1%, and Nasdaq 100 futures declined a little more than 1%.
On Friday, stocks saw a sharp sell-off after the latest producer price index data came in much hotter than expected, adding sticky inflation to a list of concerns that has caused market turbulence this month.
The Dow Jones Industrial Average dropped 521.28 points, or 1.05%, to close at 48,977.92. The S&P 500 closed down 0.43% at 6,878.88, while the Nasdaq Composite lost 0.92% to settle at 22,668.21.
The S&P 500 and Nasdaq finished in the red for February amid growing fears about the impact of artificial intelligence on specific industries and the overall economy.
Fueling the downbeat sentiment, January’s producer price index, a measure of wholesale inflation, showed a 0.5% increase for the month. Media reports had suggested that the headline reading could come in at 0.3%. The core PPI reading, which excludes food and energy prices, recorded a 0.8% gain, much more than the 0.3% rise that was widely reported in the media.