Sensex Today Plunges 1,200 Points; Banking Stocks Bleed

Asian markets slumped on Monday as escalating US-Iran war weighed on investor sentiment.

US stock market ended sharply lower on Friday, with the S&P 500 closing at its lowest in six months, as the US-Israeli war against Iran entered its fourth week.

Here's a table showing how US stocks performed on Friday:

Source: Equitymaster

At present, the BSE Sensex is trading 1,281 points higher, and the NSE Nifty is trading 400 points lower, as factors like escalating war between Iran and the US, declining rupee, and others continue to weigh on market sentiment.

Tata Steel, SBI, and HDFC Bank are among the top losers today.

The BSE 150 Midcap index is trading 2.1% lower, and the BSE 250 Smallcap index is trading 2.2% lower.

Sectoral indices are trading negatively today, with stocks in the banking sector and metal sector witnessing selling pressure.

The rupee is trading at Rs 93.86 against the US dollar.

RITES Secures Major Railway Maintenance Contract

RITES Limited has received a Letter of Acceptance (LOA) from Research Designs and Standards Organisation (RDSO), located in Lucknow.

The contract is for maintaining a dedicated railway test track between Gudha and Thathana Mithri stations in the Jodhpur division of North Western Railway. This is a comprehensive maintenance project.

The order has been awarded by a domestic (Indian) government organization, and the contract is also domestic in nature. The total duration of the project is 60 months from the date the LOA is issued.

The value of the contract is approximately Rs 1.05 billion (bn).

Tata Steel Expands Sustainable Steel Production

Tata Steel has achieved an important milestone in sustainable steel production by launching a new Electric Arc Furnace (EAF) facility at Hi-Tech Valley in Ludhiana.

The plant has been built with an investment of around Rs 320 bn and has a production capacity of 0.75 million tonnes per year. It is designed to produce steel with very low carbon emissions, supporting the company's goal of achieving net zero emissions by 2045.

The facility will use nearly 50% renewable energy and operate entirely on steel scrap, with about 40% sourced from its recycling plant in Rohtak. It will manufacture construction-grade steel under the 'Tata Tiscon' brand, helping strengthen the company's presence in the construction market.

MM Forgings Plans Fundraising and Capital Increase

MM Forgings Limited has scheduled a Board Meeting on Wednesday, 25 March 2026. In this meeting, the Board will consider and approve key matters related to fundraising and corporate actions.

The company plans to raise funds by issuing equity shares or other eligible securities through permitted methods such as Qualified Institutional Placement (QIP), subject to necessary regulatory approvals and shareholder approval.

The Board will also consider increasing the authorized share capital of the company. This will require changes to the Memorandum of Association and/or Articles of Association, along with approval from shareholders and relevant authorities.

For these matters, shareholder approval may be obtained through an Extra-Ordinary General Meeting or postal ballot, as decided by the Board.

MM Forgings Limited is a leading world-class manufacturer of metal forgings, operating with a strong pan-India presence and serving various industrial segments. Its business caters to diverse sectors such as commercial vehicles, passenger cars, agriculture, and engineering, demonstrating a wide market reach.