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The wounds from the recent bloodbath remain fresh on Dalal Street, even as markets attempt to recover some losses. Market expert Manish Chokhani pointed out that Indian currency, bonds and equities are all cheap now, and this could unleash a buying frenzy."Indian currency, Indian bonds, Indian equities are all cheap now. Just waiting for cheap oil to unleash a buying frenzy? Is it the dark hour before dawn…or the twilight before a dark night?” the Director at Enam Holdings said in a post on X.— chokhani_manish (@chokhani_manish) Both Sensex and Nifty have crashed nearly 9% respectively so far in March, with the sharp selloff wiping out more than Rs 40 lakh crore from the total market capitalization of all companies listed on BSE. This came as the war between Iran and US-Israel triggered a massive rally in oil prices and rattled global markets. Market analysts also highlighted the possible impact of prolonged elevated oil prices on India’s economy.Earlier this month, Moody's Ratings had said that India could face pressure on the rupee, higher inflation and a widening current account deficit in case the Middle East crisis continued to push up energy prices and disrupt supplies. Costly energy imports would weaken the rupee, raise inflation, worsen the current account balance and complicate monetary policy as well as fiscal management if they lead to expanded subsidies to help offset the economic shock."India is a resilient country with strong fundamentals. While we have war raging on, Indians understand the challenges and are willing to work with the government. There will be a shortfall in economic activity in the short run, but we will make up for it in the coming months," said Union Commerce and Industry Minister Piyush Goyal during a fireside chat with CNBC-TV18 earlier this month.Markets heal after bloodbathWhile the war is officially in its fourth week, markets found some much-needed relief after the leaders of the countries involved in the conflict hinted at ceasefire talks and possibility of reopening the Strait of Hormuz, a critical waterway for oil supply.The US President Donald Trump-led administration has sent a 15-point plan and ceasefire proposal to Iran to end the raging war in the Middle East, multiple news agencies reported. The peace plan was shared with Iranian officials on Tuesday via Pakistan, according to the New York Times.Trump, meanwhile, claimed that Iran has agreed that it will "never have a nuclear weapon", even as fighting in the region continued and Tehran publicly denied that any formal negotiations are underway. Trump also claimed victory in the war, stating that US military forces have destroyed Iran’s military capabilities. “Look, their navy's gone, their air force is gone, their communications are gone. Pretty much everything they have is gone," he said. Later, the US President added that Iran had sent what he described as a "very big present" linked to the Strait of Hormuz, calling it a sign that the US was "dealing with the right people".As a result of the rising expectations of the war ending soon, oil prices sharply slipped below the key $100 per barrel mark today. Brent crude futures declined nearly 5% to $99 per barrel on Wednesday morning. Indian stock markets rallied sharply on Wednesday, with Sensex jumping 1,150 points to 75,214, while Nifty 50 gained 370 points to near 23,300 in the morning. The benchmark indices have extended gains for the second consecutive session, erasing all losses recorded during Monday’s crash.The latest decline in oil prices have stoked hopes for the selloff in markets to calm down. Only time will tell whether the recent bloodbath was the "dark hour before dawn" or "the twilight before a dark night", as stated by Chokhani.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of Sagility rallied as much as 8% to their day's high of Rs 40.22 on the BSE on Wednesday after international brokerage firm Nomura initiated coverage on the stock with a Buy call and a target price of Rs 55. The price implies an upside potential of 47.4% from current market levels.Nomura says Sagility stands to be a key beneficiary of the shift toward AI-led transformation in healthcare services. As clients move from transactional engagements to outcome-based models, consolidation is increasingly favouring vertical specialists over horizontal point-solution providers. Clients looking for sustained, multi-year cost efficiencies require end-to-end operational capabilities, which vertical players are better positioned to deliver. Sagility’s deep domain expertise in healthcare strengthens its positioning in this evolving landscape.Importantly, engagement services, which contribute around 30% of revenue, are unlikely to face meaningful disruption. This is due to regulatory constraints and the inherent complexity of healthcare processes. That said, AI is expected to significantly enhance operational efficiency. Tools like Agent Assist, powered by generative AI and analytics, can streamline workflows and improve productivity. However, a large portion of these efficiency gains, estimated at 70-80%, is likely to be passed on to clients, which should keep margins broadly stable over the medium term.Sagility is a technology-enabled, pure-play healthcare solutions and services provider, catering primarily to payers, which account for about 90% of its revenue from US health insurance companies, and to providers, contributing the remaining 10% from hospitals. As of 3QFY26, the company served 81 client groups, with an average client relationship spanning 18 years and a strong retention rate of 95%. It operates a vertically integrated model supported by a distributed workforce, allowing for operational flexibility, while its deep domain expertise in healthcare enables it to deliver effective and high-quality solutions across stakeholders.Nomura expects Sagility to deliver healthy growth, with revenue (in USD terms) and EPS (in INR terms) projected to clock CAGRs of 12% and 20%, respectively, over FY26–28F. Key risks to this outlook include a slowdown in the US healthcare payer industry, reduced outsourcing of operational work, potential disruption to existing business models, and the emergence of new competitors.Interestingly, domestic institutional investors (DIIs) have steadily increased their stake in Sagility over the period. Their shareholding rose from 7.25% in December 2024 to 7.47% in March 2025, before seeing a sharp jump to 14.07% in June 2025. The upward trend continued, with holdings inching up to 14.87% in September 2025 and further to 21.35% by December 2025.Foreign institutional investors (FIIs), on the other hand, also showed a clear increase in participation, though at a more gradual pace initially. Their stake moved from 3.77% in December 2024 to 3.38% in March 2025, followed by a notable rise to 5.98% in June 2025. While there was a slight dip to 5.59% in September 2025, FII holdings surged to 10.25% by December 2025.Sagility's share price has had a rough start to 2026, down 12% in the past month. The share price has tanked 15% in the last six months and nearly 30% since the beginning of the year.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

US-based private equity firm Warburg Pincus is in advanced discussions to acquire the formulations business of Mumbai-based Maneesh Pharmaceuticals in a deal valued around ₹1,600–1,800 crore, sources familiar with the matter told ET.Warburg has signed an exclusivity agreement with the company’s promoters and is currently engaged in final negotiations to acquire its non-tuberculosis (non-TB) medicines portfolio.Maneesh Pharmaceuticals is best known for brands such as Smyle Mouth Ulcer Gel, along with key gynaecology products like Doxinate and Clofert. The promoters have been exploring a potential sale for nearly four years, though the company’s anti-TB portfolio has remained a sticking point, with limited interest from prospective buyers in that segment.ET’s mailed queries to Maneesh Prama and Warburg Pincus remained unanswered until the publication of this report.A formal announcement is expected in the next three to four months, industry sources said, adding that discussions with multiple private equity investors have been ongoing for at least two years.Founded in 1985 by the Sapte family, Maneesh Pharma counts Rakesh Jhunjhunwala-led Rare Enterprises as a minority investor.The company, led by managing director Vinay Ramakant Sapte and Maneesh Ramakant Sapte, has built a strong presence in anti-TB treatments and works closely with the World Health Organization.Founders - Vinay Ramakant Sapte and Maneesh Sapte hold about 69% stake, star investor Utpal Sheth holds 16.2%, Rare holds 1.6%, while the rest of the stake is held by others, according to Tracxn data.With a moving annual turnover of ₹504 crore as of February 2026, growing at 6%, the company has a diversified portfolio spanning tuberculosis, gynaecology, antibiotics, gastrointestinal, and pain management therapies. Its flagship brand Doxinate, used to treat morning sickness, generates annual sales of around ₹110 crore, according to PharmaTrac data. Other key brands include Dysmen, Eracid D, MCV, Febrinil, and Clofert. While several products are seeing modest or flat growth, segments such as anti-infectives and respiratory are expanding at a faster pace of about 17%.Industry sources indicate that Warburg Pincus is working on a broader strategy to consolidate two to three India-focused pharmaceutical companies under a single platform. “Scale will play a critical role in building a new organisation, and they are actively scouting for top talent,” a source said.As part of this strategy, Rehan Khan, former India head of Merck & Co. (MSD), is likely to be brought on board to lead the platform. Khan previously drove strong growth for MSD in India, largely on the back of its blockbuster cancer drug Keytruda, which is estimated to have crossed ₹2,500 crore in sales—making it one of the largest pharmaceutical brands in the Indian market.In parallel, Warburg is also close to acquiring Integrace Health from Temasek and True North for around ₹1,200 crore,ET reported in February. Integrace has strengthened its women’s healthcare portfolio through the acquisition of Glenmark Pharmaceuticals’ gynaecology, orthopaedic, and pain management business, and key brands such as Mifegest and Cytolog from Zydus Healthcare.India’s pharmaceutical industry ranks third globally by volume and 14th by value, supplying nearly 20% of global generic drugs and 60% of vaccines. Pharmaceutical exports have grown significantly—from $15.07 billion in FY14 to $27.85 billion in FY24—and are expected to surpass $30 billion in the near future, highlighting the sector’s growing economic and public health importance.

Shares of Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited gained up to 2% on Wednesday after crude oil prices dropped 5% amid growing hopes of a ceasefire that could ease supply disruptions from the Middle East.U.S. President Donald Trump said Washington and Tehran are “currently in negotiations” and suggested that Iran is eager to strike a peace deal, even as the Islamic Republic has denied holding any direct talks with the United States.In a much-needed breather, oil prices tumbled over 5% on Wednesday. Brent crude futures dropped $6.21, or 5.9%, to $98.28 a barrel by 0058 GMT, after touching a low of $97.57. U.S. West Texas Intermediate crude futures fell $4.67, or 5.1%, to $87.68 a barrel, having slipped earlier to $86.72.Downstream stocks usually come under pressure when oil prices rise, as their input costs increase sharply while their ability to pass these costs on remains limited. These companies buy crude at higher prices, refine it, and sell the end products, but pricing is often regulated, restricting full cost pass-through to consumers. As a result, margins get squeezed when product prices do not rise in line with crude.Iran’s latest statement allowing non-hostile vessels to pass through the Strait of Hormuz signals a notable shift from the de facto blockade seen in recent weeks. In the early phase of the conflict, the IRGC had adopted a far more aggressive stance, issuing radio warnings that no ships would be allowed to transit. While it stopped short of a formal blockade, the group had warned that any vessel entering the Strait could be set ablaze.Sensex, Nifty today: Catch all the LIVE stock market action hereWhat are analysts saying?Earlier this month, international brokerage firm UBS downgraded the three counters following mounting uncertainty over rising crude oil prices amid US, Israel-Iran war. The international brokerage revised target prices to Rs 175 for IOCL from Rs 190, Rs 365 for BPCL from Rs 425, and Rs 340 for HPCL from Rs 540.Rising geopolitical tensions and the recent surge in crude prices have created uncertainty around earnings for Indian state-owned oil marketing companies, drawing parallels with the oil market disruption seen in 2022, UBS analysts said.Given their higher dependence on fuel marketing, these companies also face pressure when profits shift from marketing to refining. Reflecting this, marketing margin estimates for FY27 and FY28 have been cut by 43-45% and 22-26%, respectively. From a market standpoint, the biggest losers are likely to be oil refiners, downstream companies and gas players. Elara Securities notes that beyond $110 per barrel, the buffer begins to wear thin.Oil marketing companies such as HPCL, BPCL and Indian Oil are the most vulnerable, the domestic brokerage said in a note earlier this week. Higher gross refining margins may offer some cushion, but they are unlikely to fully offset the hit from shrinking retail margins and rising LPG losses. At current Brent levels of around $100 per barrel, earnings could decline sharply, in the range of 90% to 190%, unless there is a fuel price hike, tax cuts or higher LPG subsidies.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)