Asian stocks saw modest gains in early Wednesday trading as investors sought clarity amid weaker US consumer confidence and a late rally in U.S. equities.

Meanwhile, US stock indices edged higher in volatile trade, reacting to signs of declining consumer confidence and lingering uncertainties over former President Donald Trump's proposed tariffs.

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

Source: Equitymaster

At present, the BSE Sensex is trading 22 points higher, and the NSE Nifty is trading 32 points higher.

ONGC, Hindalco, and Tata Motors are among the top gainers today.

Titan, Asian Paints, and Maruti Suzuki, on the other hand, are among the top losers today.

The BSE Midcap index is trading 0.3% higher, and the BSE Smallcap index is trading 0.2% higher.

Sectoral indices are trading mixed today with stocks in capital goods sector, and metal sector witnessing buying. Meanwhile stocks in banking sector witnessing selling pressure.

The rupee is trading at Rs 85.7 against the US dollar.
 

ONGC Strengthens Renewable Energy Play

State-owned Oil and Natural Gas Corporation Ltd (ONGC) announced on Tuesday (March 25) that it has approved an investment of Rs 33 bn in its wholly owned subsidiary, ONGC Green Limited (OGL), through a rights issue.

The funds will be utilized to acquire a 100% equity stake in Ayana Renewable Power Private Limited.

The acquisition will be executed through ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between OGL and NTPC Green Energy Limited (NGEL). Ayana Renewable Power, a prominent renewable energy platform, boasts a portfolio of 4.1 GW in operational and under-construction assets across resource-rich states. The company's projects are backed by high-credit-rated off-takers, including SECI, NTPC, GUVNL, and Indian Railways.

In addition, ONGC's board has approved related party transactions amounting to Rs 49.2 billion for its Mozambique LNG project. ONGC Videsh (OVL) will invest up to Rs 15 billion in Beas Rovuma Energy Mozambique Limited (BREML), with the investment set to be converted into redeemable preference shares.

Furthermore, OVL Overseas IFSC Ltd. (OOIL) will extend a US$ 379.3 million senior loan sponsorship to Moz LNG1 Financing Company Ltd, which is involved in the Area 1 Mozambique LNG Project.

ONGC has also provided a corporate guarantee of US$ 379.3 million to MozLNG1.
 

IREDA Approves Borrowing Plan for FY26

The Indian Renewable Energy Development Agency (IREDA) has approved a borrowing plan of Rs 308 bn for the financial year 2025-26 (FY26), aiming to enhance funding for renewable energy initiatives and support India's expanding clean energy sector.

To raise the required capital, IREDA's board has sanctioned multiple financial instruments, including bonds, loans, and other funding mechanisms.

This strategic decision is expected to accelerate renewable energy development and contribute to India's ambitious green energy goals.

As part of its plan, IREDA is exploring the issuance of green bonds and foreign currency loans to diversify its funding sources. These instruments are expected to attract both domestic and international investors, reinforcing IREDA's commitment to financing sustainable energy projects.

Additionally, the state-owned firm recently launched its first issuance of "perpetual bonds" to raise Rs 12.5 bn, offering an annual coupon rate of 8.4%.

IRFC Approves Rs 50 Billion Loan

State-owned Indian Railway Finance Corporation Ltd (IRFC) announced on Tuesday (March 25) that it has signed a Rs 50 billion rupee term loan (RTL) agreement with NTPC Renewable Energy Limited (NTPC REL) to fund ongoing and new capacity expansion projects.

Additionally, the loan will be utilized for refinancing existing debt, as approved by NTPC REL's board.

The agreement, executed on 25 March 2025, is structured as an unsecured loan, with NTPC REL providing a negative lien, subject to certain exceptions. The loan disbursement is yet to take place.
 

Ashok Leyland's Shares in Focus

Shares of Ashok Leyland Ltd. are set to be in focus on Wednesday, 26 March, ahead of a crucial board meeting announced by the company. Additionally, an analyst call is scheduled later in the evening between 5:15 to 5:45 PM, as per an exchange filing on Tuesday.

Media reports indicate that negotiations between Ashok Leyland and Japan's Sumitomo Corporation, the promoter of SML Isuzu, are at an advanced stage.

As of the December quarter, Sumitomo Corporation held a 44% stake in SML Isuzu. Reports earlier this week also suggested that Mahindra & Mahindra is in talks to acquire the entire promoter stake in SML Isuzu.

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