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Stocks in News

*IDFC FIRST BANK: The bank detected fraud at its Chandigarh branch, suspended four officials, and found a Rs 590 crore mismatch between actual and reported balances, prompting the Haryana government to shift its accounts while an external agency conducts a forensic audit.

* HEG: Promoters Nivedan Churiwal and Sudha Churiwal received show-cause notices for alleged trading norm violations, including lack of required approvals and disclosures, and have been directed to divest their stake. • UPL: The company approves a scheme of arrangement to create a listed crop protection platform; UPL Global Sustainable Agri Solutions is set to be listed.

* NTPC GREEN: The company has commenced commercial operations of 158.4 MW out of its 250 MW solar project in Andhra Pradesh. • NHPC: The company will implement two major hydroelectric projects in J&K - Uri-I Stage-II and Dulhasti Stage-II - with a combined investment of Rs 5,703 crore.

* VIKRAM SOLAR: The company has signed a Rs 2,000 Crore pact with Jupiter International to procure 2 GW of TopCon and PERC solar cells.

* RAIL TEL: The company has received a Letter of Intent (LoI), in consortium with Ashoka Buildcon, for a multi-year modernisation project in Maharashtra worth Rs 1,136 Crore.

* PRESTIGE ESTATES: The company has signed a pact with BMRCL to adopt and co-brand the Bellandur Metro Station as ‘Prestige Bellandur Metro Station.

* CIPLA: The US FDA has classified the unit of the company's supply partner, Pharmathen International, as Official Action Indicated following a GMP inspection in Greece. • NCC: The Delhi High Court has granted interim protection, keeping the NHAI debarment order in abeyance until 10 March.

Economic News

* India-France tax shift threatens P-note trade: India's proposed treaty changes with France could significantly impact participatory note (P-note) trading. Previously, French investors enjoyed a tax advantage on Indian equity sales. The revisions aim to remove this benefit, potentially making P-notes less attractive and prompting investors to explore other jurisdictions like the Netherlands or Belgium for similar tax protections.

Global News

* Supreme Court of the United States curbs Donald Trump’s emergency tariff powers; Trump raises global duties to 15% under alternative laws: Donald Trump raised global tariffs to 15% after the Supreme Court of the United States, in a 6 out of 3 ruling led by Chief Justice John Roberts, struck down his sweeping “reciprocal” tariffs imposed under the 1977 IEEPA law, holding that the Constitution grants tariff and taxing powers exclusively to Congress and warning against a “transformative expansion” of executive authority under the major questions doctrine; while Justices Neil Gorsuch and Amy Coney Barrett joined the majority and Clarence Thomas, Samuel Alito and Brett Kavanaugh dissented, Trump said he will reimpose tariffs using alternative provisions such as Section 122 of the Trade Act of 1974 while keeping Sections 232 and 301 duties intact, sharply criticizing the ruling and signaling continued trade action despite the judicial setback.

Debt Market Snapshot Government Security Market:

* The Inter-bank call money rate traded in the range of 4.50%- 5.16% on Friday ended at 5.00%.

* The 10 year benchmark (6.48% GS 2035) closed at 6.7214% on Friday Vs 6.6780% on Wednesday .

Global Debt Market:

U.S. Treasury yields were nearly flat on Friday as investors awaited key economic data, including the Federal Reserve’s preferred inflation measure. At 4.10 a.m. ET, the 10-year Treasury yield rose less than 1 basis point to 4.076%, as did the 30-year Treasury bond yield to 4.705%. The 2-year Treasury note yield was also flat at 3.47%. The health of the U.S. economy will be a core focus for investors on Friday, with the release of the personal consumption expenditures index and gross domestic product report for the fourth quarter at 8:30 a.m. ET. The PCE report is expected to show headline inflation rising to 2.8% on a yearly basis, according to economists polled by Dow Jones. Core PCE, which excludes volatile food and energy prices, is forecasted to have risen 3% over the year. Economists polled by Dow Jones expect the GDP report to show real GDP has increased 2.5%. The U.S. Supreme Court may release a ruling on the legality of Trump’s tariffs under the International Emergency Economic Powers Act on Friday or next week. Investors are also monitoring U.S.-Iran tensions after U.S. President Donald Trump said on Thursday he would decide whether to take military action against Iran in the next 10 days.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.48% GS 2035) yield likely to move in the range of 6.71% to 6.7225% level on Monday.

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