India Monetary Policy RBI MPC Decisions — March 05, 2026

05-03-2026

Kansai Nerolac Paints Limited shared insights from a promoter-led conference call on India business strategy, noting stabilized but elevated competitive intensity in decorative paints due to entrants like Grasim, with listed companies showing slower growth as smaller players capture share; however, recovery in growth has been visible since October. In industrial coatings, the company highlighted its strong position with 8 manufacturing sites and 200-300 technical staff, expressing confidence against new competition like JSW-Akzo, while automotive OEM demand remains healthy post-GST at ~20% YoY but expected to moderate to 8-11% medium-term. Management targets 200 bps margin expansion via premiumization, efficiency, and expense optimization, with current mix >50% industrial and 45-50% decorative.

• ·Conference call held on February 26, 2026, at 12:30 p.m. IST
• ·Paint industry growth captured partly by smaller/new entrants, leading to lower reported growth for listed companies
• ·Automotive capacity expected to double by 2030, with rising SUV/large vehicle mix and exports supporting paint demand
• ·Construction chemicals penetration at 3/10 homes/buildings, implying 3x growth potential

05-03-2026

RBI reported money market operations as on March 4, 2026, with robust overnight segment volume of ₹6.76 lakh Cr at a weighted average rate of 4.89%, driven by triparty repo activity of ₹4.68 lakh Cr. However, today's RBI operations led to a significant net liquidity absorption of ₹3.91 lakh Cr (primarily via SDF), resulting in overall net absorption of ₹2.67 lakh Cr including outstanding operations. Scheduled commercial banks maintained cash reserves of ₹7.92 lakh Cr, above the average CRR requirement of ₹7.64 lakh Cr.

• ·Government of India surplus cash balance reckoned for auction: ₹0 Cr as on March 4, 2026.
• ·Outstanding repo operations: ₹12,651 Cr at 5.34% (maturing Apr 30, 2026) and ₹1,03,875 Cr at 5.26% (maturing Apr 30, 2026).
• ·Net liquidity from outstanding operations: injection of ₹1.24 lakh Cr.
• ·Average daily cash reserve requirement for fortnight ending March 15, 2026.

05-03-2026

India Ratings and Research has assigned an IND AAA/Stable rating to TVS Motor Company Ltd's proposed ₹500 Cr non-convertible debentures (NCDs). The rating reflects strong market position (e.g., scooter market share at 28.5% in 10MFY26 from 18% in FY20), consolidated revenue growth to ₹374.6B in FY25 (+13.5% YoY from ₹329.9B), improving EBITDA margins to 9.9% (FY24: 9.2%), and robust credit metrics like 16.2x interest coverage. However, intense competition, macroeconomic headwinds, and ongoing losses from overseas subsidiaries (investments ₹86.24B till FY25) continue to drag profitability and ROCE.

• ·Capex FY25: ₹24.4B; planned FY26: ₹46B including EV platform and capacity expansion.
• ·Free cash flow FY25: negative ₹6.5B (deteriorated from negative ₹1.4B FY24).
• ·Standalone revenue FY25: ₹362.5B (+14.1% YoY from ₹317.8B FY24).
• ·Preference shares redemption due September 2026.
• ·Debt repayments: ₹8-9B FY26, ₹4.5-5B FY27.

05-03-2026

Wipro Limited's Board approved the appointment of Ms. Laura Marie Miller (DIN: 11546063) as an Additional Director in the capacity of Independent Director for a 5-year term from April 1, 2026, to March 31, 2031, subject to shareholder approval. Ms. Miller has over two decades of executive leadership in technology, AI, digital transformation, and data strategy, with prior roles at Macy’s as EVP and Chief Information and Data Officer, and current non-executive directorships at NCR Voyix and Ahold Delhaize. No relationships with other directors, and she is not debarred from holding directorships.

• ·Ms. Miller holds a Bachelor of Science in Information Systems Management and a Master of Science in Computer Systems Management from the University of Maryland.
• ·Previous board roles: Director at EVO Payments (during growth and acquisition by Global Payments) and LGI Homes.
• ·Current board roles: Chairs Risk Committee and serves on Audit Committee at NCR Voyix; Chairs Technology Committee and serves on Finance, Audit, and Risk Committees at Ahold Delhaize.

05-03-2026

Jio Financial Services Limited subscribed to and was allotted 14,74,50,000 equity shares of ₹10 each in its joint venture Allianz Jio Reinsurance Limited for ₹147.45 crore, increasing the aggregate investment to ₹150 crore. The transaction is a related party deal conducted on an arm's length basis, with funds to be used for AJRL's business operations. No governmental or regulatory approvals were required.

• ·Investment executed at 2.13 p.m. on March 5, 2026
• ·Related party transaction with no interest from promoters, promoter group, or other group companies
• ·Further to prior disclosure dated September 9, 2025
• ·No governmental or regulatory approval required