Stocks to Watch: Tata Steel, Adani Ports, Biocon, and IOB Among Top 10 Shares in Focus on Friday, March 13

Indian Stock Market Update - March 12, 2026

Market Performance

The BSE Sensex plummeted 800 points, or 1%, to close at 76,034.42, while the Nifty 50 slipped below 23,650, falling 228 points, or 0.95%. The broader market also weakened, with the BSE 150 Midcap Index declining 0.24% and the BSE 250 Smallcap Index falling 0.32%.

Key Developments

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• Tata Steel has moved the Jharkhand High Court to challenge an adjudication order issued by the Commissioner of CGST & Central Excise, Jamshedpur, seeking payment of ₹493.35 crore in GST, along with a penalty of ₹638.82 crore and applicable interest for the period from FY2018-19 to FY2022-23.
• Max Financial Services has approved a plan to raise up to ₹2,000 crore through a Qualified Institutional Placement (QIP) or other permitted avenues.
• JK Lakshmi Cement has been declared the preferred bidder for the Juipahar–New Umrangso Limestone Block (A and B) in an e-auction conducted by the Government of Assam.
• Biocon has secured approval from the U.S. Food and Drug Administration for its Abbreviated New Drug Application (ANDA) for Liraglutide Injection (gVictoza).
• Indian Overseas Bank has announced a revised Marginal Cost of Funds Based Lending Rate (MCLR), which will come into effect from March 15.
• Nectar Lifesciences has approved an inter-corporate loan agreement of up to ₹100 crore with its wholly owned subsidiary, Avensis Exports Private Ltd.
• Gandhar Oil Refinery (India) has faced operational challenges due to rising geopolitical tensions in West Asia, including a 20% jump in base oil prices and sharp depreciation of the Indian rupee.
• Adani Ports has announced the final results of its $495 million cash tender offer to buy back a portion of its US dollar-denominated senior notes maturing in 2027 and 2031.
• Balaji Amines is experiencing logistics disruptions in ammonia procurement due to the ongoing West Asia conflict, affecting the supply of a crucial raw material.
• Manorama Industries has approved a proposal to raise up to ₹500 crore through the issuance of securities.