Stocks to watch: According to a top official, Larsen & Toubro, a prominent player in engineering, procurement, and construction, has not had any significant business impact due to the current Middle East conflict because roughly 95% of the projects are still operational.
Stocks to keep an eye on: On Monday, March 23, the domestic equity market is predicted to open lower. The NIFTY50 index is expected to open 351 points down, according to the GIFT NIFTY futures.
The stocks on this list might still be of interest today.
Vedanta and Adani Enterprises: Vedanta Group has challenged the National Company Law Appellate Tribunal’s (NCLAT) approval of Adani Group’s offer to purchase Jaiprakash Associates Ltd. for ₹14,535 crore. As a result, shares of Vedanta and Adani Enterprises would be under scrutiny.
The lenders accepted Adani Enterprises Ltd.’s resolution plan or offer in November of last year, despite Anil Agarwal’s Vedanta Group being in the running to purchase Jaiprakash Associates Ltd (JAL) through an insolvency procedure.
Adani Enterprises Ltd’s proposal of ₹14,535 crore to purchase Jaiprakash Associates Ltd (JAL) through the insolvency procedure was approved on March 17 by the National Company Law Tribunal (NCLT), Allahabad bench.
The NCLT’s Allahabad bench “orally pronounced an order on March 17, 2026” accepting Adani Enterprises Ltd.’s resolution plan, according to a regulatory filing from JAL.
The mining behemoth Vadanta has now appealed the aforementioned NCLT ruling to the NCLAT appellate insolvency tribunal.
Additionally, today represents Vedanta’s third interim dividend for the current fiscal year.
IDBI Bank: Following the failed attempt to divest a stake in the LIC-controlled lender, the government may consider selling a stake in the lender through the Offer-for-Sale (OFS) route to increase public shareholding. As a result, shares of IDBI Bank are anticipated to be in the spotlight on Monday, March 23, according to PTI.
There is now little room for fair assessment because IDBI Bank’s public float is only 5.29%.
The Government of India (GoI) owns 45.48% of the remaining shares, while the insurance giant Life Insurance Corporation of India (LIC) controls 49.24%.
L&T: According to a top official, Larsen & Toubro, a large engineering, procurement, and construction company, has not had any significant business damage due to the current Middle East turmoil because roughly 95% of the projects are still operational.
After the US and Israel’s attack on Iran and the ensuing retaliations, the company, which receives more than 35% of its income from the region experiencing conflict, identified supply chain and logistics as major obstacles and emphasized revenue concerns if the situation stays the same.
Subramanian Sarma, L&T’s deputy managing director, told reporters over the weekend that the company does not envisage any immediate impact on revenues because the 5% of projects where work has paused do not materially contribute to the topline.
Tata Capital: According to the corporation, tax authorities have issued a reassessment order to non-banking finance company Tata Capital, generating a demand of ₹413.18 crore for the fiscal year 2017–18.
The decision, which was uploaded on March 20, 2026, and issued under the Income Tax Act by the Deputy Commissioner of Income Tax, Mumbai, relates to Tata Capital Financial Services Ltd (TCFSL), which amalgamated with Tata Capital on April 1, 2023.
Tata Capital stated in a stock exchange filing on Saturday that the demand, which includes interest of ₹202.72 crore, is mainly the result of alleged short credit of taxes paid and specific disallowances.
Godrej Properties Ltd. and Lodha Developers Ltd. Both real estate companies have purchased more than 25 land parcels so far this fiscal year to develop residential projects with a combined revenue potential of more than ₹1 lakh crore, indicating their optimism regarding India’s housing demand.
In order to build housing developments, Lodha Developers purchased 11 land parcels in the Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, and Bengaluru during the first nine months of current fiscal year, according to an investor’s presentation.
With an estimated saleable area of 20.6 million square feet and an anticipated sales value of ₹58,800 crore, these 11 land parcels were purchased by the Lodha Group.
In a same vein, Godrej Properties is actively purchasing land parcels for residential plotted development projects and group housing in Tier I and II cities.
In order to build housing projects valued at ₹42,000 crore, Godrej Properties has already purchased about 20 land parcels this fiscal year.
Ceigall India: The business won the National Highways Authority of India’s (NHAI) financial bid. The contract is worth ₹603 crore.
Oil-sensitive stocks: Since crude oil prices are still high, it is anticipated that upstream stocks (ONGC, Oil India), oil marketing firms (Indian Oil Corp, HPCL, BPCL), tires, paints, and aviation stocks would continue to be of interest.
As investors weighed the possibility of increased supply following Washington’s decision to lift sanctions, which could allow millions of barrels of Iranian oil to enter international markets, against the growing tensions between the US and Iran, which raised concerns about possible strikes on energy infrastructure, oil prices remained mostly stable on Monday.
After ending the previous session at their highest level since July 2022, Brent crude futures traded at about $112.11 per barrel.
Following a 2.27% increase earlier, US West Texas Intermediate (WTI) crude was trading at about $98.55 per barrel.
The price difference between Brent and WTI increased to more over $14 a barrel, the most in years, according to a Reuters report.
Fertilizer stocks: Given the anticipated government sops for fertilizers, shares of fertilizer businesses including Coromandel International, Chambal Fertilizers, Paradeep Phosphates, and FACT will be under scrutiny.
InterGlobe Aviation, SpiceJet: Following the IndiGo flight disruptions in December of last year, the government lifted interim domestic fare caps.
The civil aviation ministry has issued a directive stating that the elimination of the airfare caps would take effect on March 23.
Additionally, the withdrawal occurs at a time when the crisis in West Asia is causing major operational difficulties for airlines on international flights.
The ministry also stated in the directive that airlines must operate responsibly and maintain pricing discipline.
Gold loan financiers, Vedanta, and Hindustan Zinc: As gold and silver prices continue to fluctuate, shares will be under scrutiny. According to the All India Sarafa Association, silver prices increased by ₹1,800 to ₹2.40 lakh per kg on Friday, while gold prices fell by ₹650 to ₹1.52 lakh per 10 grams in the nation’s capital.
From Thursday’s closing level of ₹2,38,700 per kg, the price of white metal rose by ₹1,800, or over 1%, to ₹2,40,500 per kg (including all taxes).
But for the third day in a row, 99.9% pure gold continued to lose money, falling by ₹650, or 0.42%, to ₹1,52,650 per 10 grams (including all taxes). In the prior session, the yellow metal had settled at ₹1,53,300 per 10 grams. According to analysts, global cues that support the US currency and macroeconomic uncertainty continue to put pressure on gold prices.
Bandhan Bank, MFIs: To help microfinance institutions (MFIs), which have been complaining about difficulties obtaining cash, the government on Friday authorized a ₹20,000 crore credit guarantee plan.
According to a circular from the government-run National Credit Guarantee Trustee Company (NCGTC), the Credit Guarantee Scheme for Microfinance Institutions 2.0 (CGSMFI-2.0) will cover loans made by member lending institutions (MLIs), including banks and other lenders, to non-banking finance company-MFIs and MFIs until the end of June.
It should be mentioned that the MFIs, which assist those at the bottom of the pyramid, have been going through difficult times as a result of an increase in non-performing assets (NPAs), which has made their lenders reluctant to provide them more exposure.
Kirloskar Ferrous Industries: The company announced on Saturday that, as of March 21, 2026, the use of alternative fuel will resume operations of one of the two high-pressure molding lines at the Solapur plant, which had previously been impacted by the lack of liquefied petroleum gas due to disruptions in global energy supply chains associated with the Middle East conflict.With inputs from PTI
Disclaimer: This article is purely for informational purposes and should not be considered investment advice from business Connect Magazine. Please consult with a financial advisor before making any investment decisions.
FAQs: Stocks to Watch (March 23 Market Outlook)
1. Why is the stock market expected to open lower today?
The market is likely to open weak due to negative global cues and geopolitical tensions. The NIFTY 50 is expected to open around 351 points lower based on GIFT Nifty trends.
2. Which stocks are in focus today?
Key stocks to watch include:
- Vedanta
- Adani Enterprises
- IDBI Bank
- Larsen & Toubro
- Tata Capital
- Godrej Properties
- Lodha Developers
3. Why are Vedanta and Adani Enterprises in the spotlight?
Vedanta has challenged the insolvency ruling that approved Adani Enterprises’ ₹14,535 crore bid to acquire Jaiprakash Associates, keeping both stocks in focus.
4. What is the latest update on IDBI Bank?
The government may sell a stake in IDBI Bank via the Offer-for-Sale (OFS) route to increase public shareholding, which is currently limited.
5. Is the Middle East conflict affecting Larsen & Toubro?
According to Larsen & Toubro, about 95% of its projects remain operational despite tensions involving Iran, Israel, and the United States. However, supply chain and logistics risks persist.
6. What issue is Tata Capital facing?
Tata Capital has received a tax reassessment demand of ₹413.18 crore for FY18, mainly due to alleged tax credit discrepancies and disallowances.
7. Why are real estate stocks like Godrej Properties and Lodha Developers in focus?
Both Godrej Properties and Lodha Developers have aggressively acquired land parcels worth over ₹1 lakh crore in revenue potential, signaling strong housing demand in India.
8. What are the latest developments for Ceigall India and RailTel?
- Ceigall India won an NHAI contract worth ₹603 crore
- RailTel secured a work order worth ₹24.53 crore
9. Which sectors are likely to remain active today?
Key sectors to watch include:
- Oil & gas (e.g., ONGC, Indian Oil Corporation)
- Aviation (e.g., InterGlobe Aviation, SpiceJet)
- Fertilizers (e.g., Coromandel International)
10. Why are oil-sensitive stocks in focus?
Oil prices remain elevated due to geopolitical tensions and supply concerns. Brent crude is trading above $110 per barrel, impacting sectors like aviation, paints, and oil marketing companies.
11. What is the update on airline stocks?
Airline stocks such as InterGlobe Aviation and SpiceJet are in focus as the government has removed domestic airfare caps effective March 23.
12. Why are gold loan and metal stocks being tracked?
Stocks like Vedanta and Hindustan Zinc are under watch due to volatility in gold and silver prices amid global uncertainty.
13. What support has the government announced for MFIs?
The government has approved a ₹20,000 crore credit guarantee scheme to support microfinance institutions, benefiting lenders like Bandhan Bank.
14. What is the latest update on Kirloskar Ferrous Industries?
Kirloskar Ferrous Industries has resumed operations at one of its Solapur plant lines after resolving fuel supply issues.
