Top stocks to buy (AI image)

Stock market recommendations: Ipca Laboratories, and AU Small Finance Bank are the stocks that Motilal Oswal Wealth Management Research Desk recommends buying for the week starting March 30, 2026. Target prices and potential upsides are listed below:

Ipca LaboratoriesIpca Laboratories is witnessing improving growth visibility driven by a recovery in its domestic formulations business and a gradual pickup in exports. The company is strengthening its domestic portfolio through therapy expansion in cardiology, pain management, and entry into high-end dermatology, while reinforcing key brands like Zerodol. Export growth is supported by increasing traction in branded markets and a steady ramp-up in generics, aided by product relaunches in the United States and participation in European tenders. The integration of the Unichem business is progressing, with focus on improving cost efficiencies through API integration and rebuilding the product pipeline, although near-term performance remains impacted by pricing pressure. Overall, improving operating leverage, portfolio optimization, and better execution across segments position the company for steady earnings growth.AU Small Finance BankAU Small Finance Bank’s transition from a SFB to a universal bank expands its addressable market across retail, MSME, and mid-corporate lending, while lower priority sector requirements and broader product capabilities improve portfolio flexibility, cross-selling opportunities, & long-term return potential. A granular deposit base, improving CASA mix, and expanding network of 2,700+ touchpoints support liability growth and operating leverage. The secured-heavy loan portfolio and disciplined underwriting are expected to keep credit costs contained, supporting sustainable long-term profitability. Loans are expected to grow at ~24% CAGR over FY26-28, driven by a strong branch-led distribution network and expansion across secured lending segments. This, along with moderating funding costs and stable asset quality, is likely to drive ~36% earnings CAGR over FY26-28.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

MUMBAI: RBI has placed consumer empowerment through portable bank accounts and cross-border efficiency at the centre of its Payments Vision 2028, signalling a new focus to improving user experience and reducing friction in money movement.While customers can freely open accounts with any bank, savings accounts are considered ‘sticky’ because of multiple standing instruction to send and receive money into the specified account. RBI’s work around this stickiness is a Payments Switching Service where all standing instructions are centralised. This centralised interface will allow customers to view and migrate all payment mandates, both incoming and outgoingreducing dependence on individual banks making accounts portable.A key thrust is on making cross-border payments faster, cheaper and more accessible. The central bank plans a comprehensive review of the ecosystem to identify regulatory, operational and technological bottlenecks, aligning domestic systems with global standards shaped by the G20.Proposed changes aim to lower entry barriers for firms, promote innovation and reduce delays in cross-border fund transfers, even as India has been signing agreements with other countries to link domestic fast payments systems and enable CBDC acceptance.

NEW DELHI: WTO talks in Cameroon are deadlocked over a moratorium on e-commerce with the US seeking a long freeze on countries for levying tax on digital downloads and streaming, while India is so far unwilling to agree to this period.Starting from two years, India has indicated its willingness to go up to four, with the WTO draft proposing a moratorium until June 2031, two persons familiar with the ministerial level talks told TOI.But before ministers move to that the US and Brazil have to reach common ground on farm sector liberalisation. Talks between the US and Brazil are currently underway before ministers move to the issue of e-commerce. Here, the African countries have also demanded support and technical assistance before a final text can be agreed to.For over 25 years, members of the WTO have upheld a rule — no customs duties on electronic transmissions. While India has used it as a bargaining chip at every ministerial meeting.For India, the big win is managing to keep investment facilitation for development out of the WTO framework despite standing alone at the end. It has demanded “guardrails” against using plurilaterals, which are agreements between a select group of member nations. India has indicated its willingness to support discussions on reforms but it is the US which is stalling issues despite in the past signalling that WTO wasn’t moving anywhere.Talks are expected to conclude in the next few hours as ministers have started leaving Cameroon and the ministerial meeting is not going into extra time.

NEW DELHI: The ongoing West Asia conflict and concerns over energy supplies have prompted govt to explore faster rollout of flexible-fuel vehicles (FFVs), which can run on blended petrol as well as 100% ethanol. At a meeting called by the petroleum ministry on Saturday, original equipment manufacturers (OEMs) flagged the need to address consumer concerns, particularly regarding the need to lower fuel costs as vehicle mileage decreases when using ethanol, for faster adoption.People aware of the developments said since major car and two-wheeler manufacturers have their prototype FFV models ready, now govt needs to create the ecosystem for adoption of these vehicles. Govt has maintained that 20% ethanol blending in petrol has helped India save imports of around 4.5 crore barrels (700 crore litres) of crude annually.

Crude crisis: A ‘visible option’

Officials and industry sources said that FFVs are more viable option than increasing ethanol blending in petrol, as higher blending levels would impact performance of existing vehicles. A person aware of the discussions said, the meeting focused on enabling conditions for FFVs. TOI has learnt that the industry sought clear road map about the fuel stations that would dispense ethanol, compensation for mileage loss, which is around 27%-30% less than petrol. “Industry made a clear point that consumers should not feel ‘cheated’ for buying such vehicles on account of less mileage ,” said a person who attended the meeting. Last year, petroleum minister Hardeep Singh Puri had written to FM Nirmala Sitharaman seeking GST parity of FFVs with EV. Currently, the GST for FFVs is 28% compared to 5% for EVs.

NEW DELHI: Confederation of Indian Industry (CII) on Sunday called upon companies to work with govt to build reserves of raw material, fuel and strengthen supply chains amid disruptions from the West Asia crisis.“The present situation represents a supply side disruption, with pressures transmitted through energy costs, logistics and working capital cycles,” it said in a statement, while advising firms to ensure benefits of stable fuel and logistics costs are passed on to consumers to help manage inflation.The industry body suggested accelerating investments in renewable energy, green hydrogen and energy efficiency to reduce dependence on conventional fuels and to explore switching from LPG to natural gas where feasible.

NEW DELHI: The penalty on nine carmakers that failed to meet the Corporate Average Fuel Efficiency (CAFE-2) targets for three years — FY23 to FY25 — has been revised to Rs 2,728 crore, as per power ministry’s presentation made to the PMO last week. Earlier, the penalty was estimated around Rs 7,800 crore.Earlier, penalty was fixed at Rs 10 lakh per OEM plus Rs 25,000 per car manufactured for non-compliance of norms below 0.2 litres per 100km and Rs 50,000 per unit for violation beyond 0.2 litres per 100km. Under the new calculation, for April-Dec of FY23, penalty has been fixed at Rs 37.5 lakh as standard for all OEMs. This has resulted in reduction of penalty.TOI has learnt that the ministry also said in its presentation that the credit-debit registry of each original equipment manufacturer (OEM) will be established and maintained by the designated authority. Officials said this will ensure better enforcement of penalties and provisions along with providing greater clarity as govt is working to finalise the norms for CAFE-3.

Cafe blues

The ministry, in its presentation, said that surplus credits generated by a manufacturer may be pooled within the same block period — first three years and then two years during the 5-year implementation period — for compliance. OEMs with deficit credits can procure credits from other manufacturers holding surplus credits. Manufacturers that still remain with deficit credits will face penalties.Earlier, PMO had asked power and road ministries to come up with a clear mechanism for recovery of penalties imposed on carmakers. CAFE-2 is in force from FY23 to FY27 and the next phase is scheduled to be from FY28 to FY32.

MUMBAI: The RBI’s unorthodox move to steady the rupee by forcing banks to unwind foreign exchange positions beyond $100 million will prevent its slide towards 95, even as markets fret over a possible escalation in the Iran conflict and the prospect of a US ground invasion.The move will also cause banks with large open positions to lose money. Over the weekend, banks pressed RBI to either relax or grant more time. With RBI standing firm, banks will have to start unwinding on Monday to meet the April 10 deadline.Until Friday, banks could run net open positions of up to 25% of their net worth. In practice, large lenders often accumulated sizeable long dollar bets, sometimes in excess of of $1 billion, on expectations of rupee depreciation. The new cap forces a rapid reversal. By April 10, 2026, banks must cut these exposures to $100 million. This compels them to sell dollars and buy rupees to close the gap.

Free fall since the West Aisa war started

Uday Kotak, called the move “an unconventional policy action” triggered by a West Asia crisis that has entered “uncharted territory”. “Reminds me of Bimal Jalan play book as RBI Governor in 1998 when the rupee was depreciating sharply post Asian crisis. If things get worse geo politically, is there an opportunity for a new version of FCNR (B) scheme?” he said.Some bankers are sceptical of special schemes to raise dollars. Earlier dollar mopping exercises relied on offering guaranteed returns to non-resident Indians, who borrowed cheaply abroad and parked funds in India. Such tactics may be less effective now. Investors have access to a wider array of structured products, and it is cheaper for the RBI to raise dollars through rupee dollar swaps, bankers said.Despite the RBI move pressure persists as dollar is expected to gain globally due to geopolitical tensions rise and fuel inflation fears and FPIs selling across markets. “FPIs were net sellers on all trading days in March, so far, taking total selling through March 27 to a record Rs 1,18,093 crore,” said VK Vijayakumar. The key drivers are the West Asia conflict, Gulf remittance-risk, hit to growth and earnings from high crude prices.