Markets

GST Demand Confirmed by Appellate Authority for Sula Vineyards; Company plans GSTAT Appeal Sula Vineyards Limited has faced confirmation of a significant GST demand from the Commissioner (Appeals), CGST & Central Excise, Nashik, following an appellate review of an earlier tax order. The authority rejected the company's appeal against the Order-in-Original, thus upholding the original GST demand related to alleged violations committed between FY 2017-18 and FY 2021-22.The Appellate Authority issued the order on May 29, 2026. The confirmed levy involves allegations regarding the imposition of additional tax liability. Specifically, the upheld order relates to the allegation that the rate of GST on restaurant services should be 18%...

E To E Transportation Infrastructure Wins Contract Worth Over ₹22 Crore from Southern Railway E To E Transportation Infrastructure Limited has secured a major works contract worth ₹ 22,87,62,176 after being declared the lowest bidder (L1) by Southern Railway, Thiruvananthapuram Division. The agreement pertains to critical signaling and telecommunication arrangements for railway infrastructure development in Kerala.The contract involves the Provision of Indoor and Outdoor signaling and telecommunication arrangements at Neyyatinkara station. This assignment is part of stage-I and stage-II works related to the doubling of track between Thiruvananthapuram Central and Kanniyakumari Station. The work falls under the scope of Indian Railways...

POWERGRID Declared Successful Bidder for Inter-State Transmission System Project Power Grid Corporation of India Limited (POWERGRID) has been named the successful bidder in a Tariff Based Competitive Bidding (TBCB) process. The corporation secured the contract to establish an Inter-State Transmission System under the Build, Own, Operate and Transfer (BOOT) model.The project, titled 'WR-ER Inter-Regional Network Expansion Scheme Part-A,' was awarded to POWERGRID after receiving the Letter of Intent (LoI) on June 16, 2026.Under the scope of this major undertaking, established by POWERGRID, the project involves multiple infrastructure components across several states. This includes the construction and establishment of two new...

Anondita Medicare Receives Order for ₹2.92 Crore from Ministry of Health Anondita Medicare Limited has secured a significant purchase order totaling ₹2,92,41,000/- from the Central Medical Services Society (CMSS), under the Ministry of Health and Family Welfare, Government of India. The contract involves the supply of Condoms SMO (Ustad Nirodh-HLL) [363].The Purchase Order (PO No: 10282600139/PDI/Domestic Fund-DF), dated June 16, 2026, outlines the terms for the domestic supply of contraceptives. The order is structured in two tranches. Fifty percent of the total quantity must be executed within 60 days from the PO date. The remaining fifty percent is scheduled for execution between 61 and 120 days after the purchase order date.The...

Sona BLW Precision Forgings Approves INR 626 Million Capex for Robotics Industry Components and Announces Key Leadership Changes Sona BLW Precision Forgings Limited’s Board of Directors recently approved a significant capital expenditure dedicated to expanding into components and systems for advanced robotics. The meeting also saw the resignation of key personnel, followed by the appointment of Mr. Pankaj Gupta as Senior Vice President (Legal), Company Secretary, and Compliance Officer.The company has allocated INR 626 million towards manufacturing specialized components and systems intended for the robotics industry, including advanced applications. This Capex approval, stemming from the recommendation of the Capex Committee, is...

Subsidiary Secures Contract from Central Railway for Supply of Batteries The wholly owned subsidiary of Dynamic Services & Security Limited has been awarded a contract by the Central Railway for supplying Low Maintenance Lead Acid Batteries intended for Diesel Electric loco engines.The business transaction, valued at Rs. 9,23,940 (Rupees Nine Lakhs Twenty- Three Thousand Nine Hundred and Forty Only), involves the supply of specialized batteries to the Office of the Dy. Chief Materials Manager, Bhusawal. The contract was awarded by a domestic entity.Details concerning this contract are as follows:ParameterDetailEntity Awarding ContractOffice of the Dy. Chief Materials Manager, Central RailwayNature of OrderSupply of Low...

Global Geopolitics Shift: US-Iran Deal Signals Potential Oil Moderation, Suggesting Rerating for Indian Markets Indian markets could be on the cusp of a significant moderate rerating driven by hopes surrounding a potential US-Iran memorandum of understanding. A de-escalation in West Asia following such an agreement could pave the way for improved energy trade flows and stabilization in global oil and gas prices, according to a report from Kotak Institutional Equities.The possibility of the deal signifies more than just diplomatic progress. It suggests increased normalization of shipping through the Strait of Hormuz, crucial for stabilizing supply chains worldwide. However, Kotak emphasizes that the outcome remains uncertain, heavily...

MIT Acquires 1.53% Stake in Renaissance Global as Institutional Investors Participate Heavily in Sectoral Deals Market activity saw significant institutional movements across multiple sectors as bulk and block deals were recorded on the exchanges on June 16. These large-scale transactions highlight the growing interest of global investors and major conglomerates in specific companies. The movement reflects strategic shifts in investor portfolios, with high-profile entities participating in the transfers.MIT Boosts Stake in Renaissance Global via Bulk DealMassachusetts Institute of Technology (MIT) executed a substantial purchase of shares in Renaissance Global during the session. MIT acquired 16.40 lakh shares, solidifying a 1.53...

E to E Transportation Infrastructure Limited Wins Contract worth ₹ 22.87 Crore from Southern Railway E To E Transportation Infrastructure Limited has been declared the lowest bidder (L1) and secured a works contract valued at ₹ 22,87,62,176 from Southern Railway, Thiruvananthapuram Division. The agreement pertains to the provision of signaling and telecommunication arrangements for track doubling work at Neyyatinkara station.The contract involves the provision of Indoor and Outdoor signaling and telecommunication arrangements at Neyyatinkara station. This scope covers both stage-I and stage-II works, which are connected to the process of doubling the track between Thiruvananthapuram Central and Kanniyakumari Station.Southern...

Global Markets Brace for Fed: Asian Equities Slip as Oil Stabilizes Ahead of Warsh's Inflation Test Asian stock markets are set to face near-term turbulence, following declines seen on Wall Street. Investors are rotating out of technology stocks as they position themselves ahead of the first Federal Reserve policy decision under Chairman Kevin Warsh. Equity index futures across Japan, South Korea, and Australia point toward losses at the open, while Hong Kong contracts registered a slight gain.US Tech Pullback Weighs on Market Indices US equities have seen pullbacks as chipmakers experienced softness after a sharp prior rally. This selling pressure dragged the S&P 500 lower and sent the Nasdaq 100 down nearly 2%. Separately, SpaceX...

High Stakes Diplomacy: PM’s Summit Meeting with UAE President Signals Focus on Global Economic Resilience India's Prime Minister has engaged in high-level discussions with the President of the United Arab Emirates (UAE) during the critical sidelines of the G7 Summit. This meeting underscores the growing importance of bilateral economic ties and strategic cooperation between the two nations amidst global volatility. The focus of such summit engagements often pivots around trade flows, energy security, and collective response to international economic challenges.Strategic Significance of PM-UAE Presidential Talks The interaction between the Prime Minister and the UAE President is being monitored closely as diplomatic efforts continue...

Vedanta Power Designates Key Managerial Personnel for Materiality Assessment and Disclosures Vedanta Power Limited has designated its Key Managerial Personnel (KMPs) who are authorized to assess the materiality of corporate events and provide necessary information for stock exchange disclosures. The Board of Directors of the company made this appointment to ensure effective communication regarding significant company developments.The designation aims to establish a clear line of responsibility among senior management concerning the assessment and reporting of material events, in alignment with regulatory requirements for listing companies.Vedanta Power Limited has authorized specific personnel to determine event materiality and...

Dow Hits Record High as Tech Stocks Suffer Dip; SpaceX Surges to New Valuations The financial markets presented a mixed picture on Tuesday, with the Dow Jones Industrial Average securing another record close. Meanwhile, investors rotated away from heavily valued technology stocks, causing both the S&P 500 and Nasdaq Composite to decline significantly.Global Market Performance: The Divergence of Indices The Dow Jones Industrial Average (.DJI) climbed by 328.64 points, recording a gain of 0.64% to reach 51,999.67. This marked its second straight record close. Conversely, the Nasdaq Composite (.IXIC) lost 307.60 points, falling 1.15% to 26,376.34. The S&P 500 (.SPX) saw a modest dip of 42.94 points, registering 0.57%, settling at...

Global Market Focus: PM's High-Stakes Meeting With UK Leader at G7 Summit Fuels Geopolitical Sentiment The sidelines of the G7 Summit have become a crucial arena for high-level diplomatic engagements. A significant meeting involving the Prime Minister and the Prime Minister of the United Kingdom is generating considerable international focus. This bilateral discussion comes as global markets digest various geopolitical pressures and trade dynamics.Significance of Bilateral Meetings Amid Global Summits The Prime Minister's engagement with the UK counterpart highlights deepening economic ties between both nations. Such meetings are critical for mapping out future regulatory alignments and stabilizing international trade pathways. The...

Samhi Hotels Limited receives order concerning stamp duty liability on share issuance Samhi Hotels Limited has received an order from the Office of the Divisional Commissioner, Revenue Department: Stamp and Registration Branch, Government of National Capital of Delhi (GNCTD), regarding the adjudication of stamp duty pertaining to the issuance of certain shares by the company in dematerialized form.The matter arose following a circular issued on 29 July 2025 by the Additional District Magistrate, Collector of Stamps, Revenue Department, Delhi. The dispute concerns the rate of stamp duty applicable to the issuance of dematerialized shares under the Indian Stamp Act, 1899, as amended pursuant to the Finance Act, 2019 and effective from...

Anand Rathi Acquires Shares Through Rights Issue from Wholly Owned Subsidiary ARIVPL Anand Rathi Share And Stock Brokers Ltd has completed the acquisition of equity shares in its wholly owned subsidiary, Anand Rathi International Ventures (IFSC) Private Limited (ARIVPL), through a rights issue. The investment solidifies the relationship between the parent company and its subsidiary as ARIVPL continues its operations in the international financial services sector.The transaction was formalized on June 16, 2026, when the Company received an allotment of 15,00,000 equity shares from ARIVPL. These shares are denominated with a Face Value of Rs. 10/- each and were acquired by Anand Rathi at a cost of Rs. 1,50,00,000/-.Following this...

Lloyds Steel Subscribes 5,85,000 Shares in Loka Metals through Right Issue A subsidiary of KS Smart Technologies Ltd has subscribed to equity shares in Loka Metals Private Limited following a right issue by the target company to its existing shareholders. The subscription involves investing a cash consideration of Rs. 58,50,000/- for 5,85,000 fully paid-up equity shares.The transaction involves Lloyds Steel Private Limited (formerly Lloyds Logistics Private Limited), which successfully subscribed to the shares of Loka Metals Private Limited. The subscription was carried out against a cash consideration totaling Rs. 58,50,000/-, with the purchase price set at the par value of Rs. 10/- per share.The acquisition marks a move towards...

TVS Group to Acquire 100% Stake in PGIM Assets for Entry into Asset Management Sector TVS Emerald Limited and its affiliates are moving to acquire a significant stake in the asset management services of PGIM India, aiming to position the group within the financial sector.The proposed combination involves TVS Emerald Limited and TVS Venu Management and Consultancy Services Private Limited (collectively known as Acquirers) acquiring 100% of the issued, subscribed, and paidup share capital of PGIM India Asset Management Private Limited and PGIM India Trustees Private Limited (collectively referred to as Targets).This proposed acquisition offers a strategic pathway for the Acquirer Group to enter the asset management sector. The...

Cerebra Integrated Technologies Limited Initiates Corporate Insolvency Resolution Process (CIRP) Cerebra Integrated Technologies Limited has initiated the process of Corporate Insolvency Resolution under Chapter II of Part II of the Insolvency and Bankruptcy Code, 2016. The company filed the application before NCLT Bengaluru Bench concerning the insolvency proceedings.The action was taken following a default amount owed to Canara Bank.The details regarding the insolvency initiation are as follows:MetricDetailDefaulting CreditorCanara BankAmount of DefaultRs. 27,67,60,247/- (Rupees Twenty Seven Crores Sixty Seven Lakhs Sixty Thousand Two Hundred and Forty Seven Only)Date of Occurrence of EventJune 15, 2026Time of...

Zero Shares Tendered in Novartis India Open Offer as of June 16, 2026 Novartis India Ltd has disclosed the results of the open offer regarding its equity shares acquisition. The offer involved Acquirers including WaveRise Investments Limited and ChrysCapital Fund X, among others, attempting to acquire up to 64,19,608 fully paidup equity shares representing 26% of the voting share capital.The disclosure confirmed that as of June 16, 2026, zero shares had been tendered in response to the open offer. This applies both for the dematerialized and physical forms of the equity shares.Details regarding the tendering of Equity Shares are summarized below:Tender TypeDate of TenderingNumber of Shares TenderedPercentage of Offer Size...