Tariff news updates: Ahead of April 2 reciprocal tariff deadline, India and US to hold bilateral trade talks from tomorrow

Global telecom organisation GSMA has elected Bharti Airtel managing director Gopal Vittal as the new chairman, the Indian telecom company announced said on March 24. Vittal, who will hold the position till the end of 2026, is the acting chair on the board of the London-headquartered GSM Association.

Vittal will be the second Indian to be elected GSMA chairman. In 2016, Bharti Enterprises founder Sunil Mittal became the first Indian to be elected to the chairman of the organisation, which represents nearly 1,000 telecom companies globally, along with handset and device companies, software companies and other industry players.

Indian insurance companies are no longer seeking FDI support, although regulations now permit foreign insurers to increase their stakes in Indian entities, Moneycontrol reports.

The Finance Bill 2025-26 has proposed to withdraw the 6 percent Equalisation Levy on online advertising services starting April 1, 2025, marking a significant shift in the country’s digital taxation policy.

The levy was imposed on payments made by Indian businesses to non-resident entities for digital advertising services, primarily affecting companies like Google, Meta, and Amazon. The move follows India's commitment to align with the OECD’s global tax framework and comes amid renewed trade negotiations with the United States.

The decision to eliminate the Equalisation Levy, a tax that was first introduced in 2016, signals the end of the digital tax that targeted foreign technology giants. The removal is expected to reduce compliance costs for multinational firms and improve trade relations.

Bank of America's India Head Kaku Nakhate is leaving the firm after 15 years of service, according to a memo seen by Bloomberg News. The bank has tapped its current head of global equity research, Vikram Sahu, to succeed Nakhate as the head of India operations. Sahu will relocate from New York in the second quarter to transition to the said role, the report further said.

With the deadline for reciprocal tariffs approaching, reports indicate that India and the US will commence bilateral trade discussions starting tomorrow. According to an India Today report, senior officials from both nations will engage in talks on a bilateral trade agreement, which is being viewed as a ‘mini’ free trade agreement (FTA).

• With a little more than a week to go for the Trump administration’s reciprocal tariffs to kick in, American pharma and healthcare groups have sought an exemption for pharmaceutical products, especially low-cost generic drugs, saying higher duties will push up prices and also disrupt supply chains.
• India’s pharma industry, too, is closely watching President Donald Trump’s tit-for-tat tariffs, which are expected to come into effect on April 2, as the US is the biggest market for Indian generics. (Read More)

• M&M In Talks To Buy Entire Promoter Stake In SML Isuzu
• M&M Looking At Valuation Of Rs 1,400-1,500/Sh For SML Isuzu
• M&M Board Likely To Meet This Week To Evaluate The Proposal
• Deal Likely To Help M&M Expand Trucks And Buses Segment
• M&M Says It Does Not Wish To Comment On The Speculation
• SML ISUZU Has Not Replied To The Query As Yet

• Australia will bring forward A$1 billion in defence spending in Tuesday's federal budget to boost its military capability, including guided weapons manufacture, an AUKUS submarine base and a frigate program, Defence Minister Richard Marles said on Monday.
• Australia and other United States security allies are under pressure from United States President Donald Trump to increase defence spending.
• Marles said the federal budget would contain an increase of A$10.6 billion (US$6.66 billion) for defence over the next four years, part of a previously announced A$50 billion boost over a decade, which he said was the most significant increase in defence spending since the end of the Second World War. (Reuters)

According to a Wall Street Journal report, the White House is refining its tariff strategy ahead of the April 2 implementation, likely excluding certain industry-specific tariffs while imposing reciprocal levies on select nations that dominate foreign trade with the U.S.

The iconic Goli Soda making a comeback on the global stage, with successful trial shipments to USA, UK, Europe, and Gulf. APEDA facilitated and featured Goli Pop Soda at the International Food & Drink Event (IFE) London 2025, held from 17th-19th March 2025

India’s private sector activity likely eased to end the year at 58.6 compared with 58.8 in the previous month, according to preliminary data released by HSBC.

Divine Hira Jewellers IPO debuted below grey market expectations. Prior to the listing, its unlisted shares were trading at approximately Rs 93 each, indicating a grey market premium (GMP) of Rs 3 or 3.33% over the issue price of Rs 90 per share, according to sources monitoring unofficial market trends.

Divine Hira Jewellers SME IPO listed at Rs 90 against the offer price of Rs 90, which means flat listing or 0% premium. On the other hand, Paradeep Parivahan SME IPO listed at Rs 78.4 against the offer price of Rs 98. This means a discount of 20 percent

SoftBank-backed Meesho, the homegrown e-commerce platform, is gearing up to go public later in the year and plans to raise around $1 billion through an initial public offering (IPO), people aware of the developments told Moneycontrol. “...talks are progressing and Meesho has already picked Morgan Stanley, Kotak Mahindra Capital and Citi as advisers for its IPO,” one of the sources cited above said. (Read More)

• Divine Hira Jewellers, based in Mumbai, specializes in designing and selling premium 22 Karat gold jewelry. Catering primarily to wholesalers, showrooms, and retailers, the company offers a diverse range of jewelry.
• Its extensive collection includes necklaces, mangalsutras, chains, and malas, along with rings, pendants, bracelets, bangles, kadas, gold coins, and wedding jewelry.
• In FY24, Divine Hira Jewellers recorded a 62.63% year-on-year increase in profit after tax, reaching Rs 1.48 crore compared to Rs 91.23 lakh in FY23. However, the company’s revenue declined by 25.6%, falling to Rs 183.25 crore from Rs 246.44 crore in the previous fiscal year.

Horizon Management Private Limited serves as the book-running lead manager for the Divine Hira Jewellers IPO, while Bigshare Services Pvt Ltd acts as the registrar. The market maker for this IPO is Giriraj Stock Broking Private Limited.

The price of Divine Hira Jewellers IPO is set at Rs 90 per share, with a minimum lot size of 1,600 shares. Retail investors are required to invest at least Rs 1,44,000, while High Net-worth Individuals (HNIs) must invest a minimum of 2 lots (3,200 shares), totaling Rs 2,88,000.

Divine Hira Jewellers IPO is a fixed-price offering valued at Rs 31.84 crores, comprising a fresh issue of 35.38 lakh shares. The IPO bidding period began on March 17, 2025, and ended on March 19, 2025. The allotment of shares was finalized on Thursday, March 20, 2025.

The company has operations in multiple locations, including Gopalpur, Paradip, Haldia, Visakhapatnam, Jajpur, Joda & Barbil, Chandikhol, Cuttack, and Talcher. It serves a wide range of industries, such as cargo shipping, cement, steel, and railway siding.

• Paradeep Parivahan Limited, founded in 2000, is a port service provider specializing in logistics, ship husbandry, and stevedoring. The company operates from Paradip Port in Odisha, India.
• Its key services include:
• Cargo Handling: Managing the import and export of bulk cargo.
• Ship Husbandry: Offering ship husbandry services in partnership with major global shipping lines.
• Stevedoring: Acting as a stevedoring contractor and one of the largest fleet owners on India’s east coast.
• Dredging: Running a dredging division that serves ports across India and Southeast Asia.
• Custom House Clearance: Providing customs clearance and forwarding agency services.
• Transportation: Handling transportation from mines to ports and within port areas.

Share India Capital Services Private Limited serves as the book-running lead manager for the Paradeep Parivahan IPO, while Bigshare Services Pvt Ltd acts as the issue's registrar. The market maker for this IPO is Share India Securities Limited.

The price band for the Paradeep Parivahan IPO is fixed at Rs98 per share, with a minimum lot size of 1,200 shares. Retail investors must invest at least Rs1,11,600, but to mitigate the risk of oversubscription, it is advisable to bid at the cutoff price, which comes to approximately Rs1,17,600. For High Net-worth Individuals (HNIs), the minimum investment requirement is 2 lots (2,400 shares), totaling Rs2,35,200.

Paradeep Parivahan IPO is a book-built offering valued at Rs 44.86 crore, consisting solely of a fresh issue of 45.78 lakh shares. The bidding process for the Paradeep Parivahan IPO commenced on March 17, 2025, and concluded on March 19, 2025. The share allotment was finalised on Thursday, March 20, 2025.

Good morning and welcome to Monyecontrol. Today, we will see some action in the SME segment as Paradeep Parivahan and Divine Hira Jewellers are set to make their D-Street debut today. While there has been muted mood in the IPO world, there seems to be some excitement over SME listings. So should you buy, sell or hold these stocks? What's the current GMP? Stay with us to know all about the latest on IPO listings today.