Markets

Mphasis Limited Receives Income Tax Demand Order Mphasis Limited announced on March 30, 2026, that it received an order and a notice of demand from the Office of the DCIT, International tax, Circle 1(1), Bangalore Income Tax Department. The order pertains to assessment year 2020-21 and includes a demand of ₹ 151.73 crores.The company was selected for scrutiny under section 133(6) of the Income Tax Act, 1961. The order primarily concerns the demand for tax deductible at source on payments made to overseas associated enterprises.Mphasis Limited believes the claims are not maintainable and anticipates no material financial impact. Management cited favorable precedents in previous assessment years for other industry participants. The...

Zaggle Prepaid Ocean Services Limited Recognized as a Leading ESG Entity in India Zaggle Prepaid Ocean Services Limited has been recognized as one of “India’s Leading ESG Entities” in Dun & Bradstreet’s report, “ESG Horizons: Now and Next 2026.” The recognition highlights the company's commitment to environmental, social, and governance practices. A copy of the report detailing the recognition has been provided.Source:

Signature Global Partners with RMZ for Commercial Development, Secures ₹1,293 Crore Investment Signature Global (India) Ltd. (BSE: 543990 | NSE: SIGNATURE) announced a partnership with RMZ group, securing an investment of ₹1,293 crore for a 50% equity stake in Gurugram Commercity Limited (GCL), a subsidiary company.The investment will be used to jointly develop a large-scale mixed-use commercial project on the Southern Peripheral Road (SPR) in Gurugram. The project, with a Floor Space Index of 3.94 million square feet, is expected to have a total capital value of approximately ₹14,000-16,000 crore upon completion. The development will include office spaces, hotels, and retail components.RMZ acquired the 50% stake through a...

Abans Financial Services Limited Announces Directorate Changes Abans Financial Services Limited announced the re-appointment of Mr. Abhishek Bansal as Managing Director and Ms. Ashima Chhatwal as an Independent Director. The decisions followed shareholder approval from a postal ballot held on February 09, 2026.Mr. Abhishek Bansal’s re-appointment as Managing Director is effective June 18, 2026, for a second term of five consecutive years, extending through June 17, 2031. Mr. Bansal is a Commerce graduate from the University of Mumbai and the founder of the Abans Group. He oversees the Group's overall strategy, operations, and expansion.Ms. Ashima Chhatwal's re-appointment as an Independent Director takes effect July 12, 2026, also...

Federal Bank Re-Appoints Harsh Dugar as Executive Director Federal Bank Limited announced the re-appointment of Mr. Harsh Dugar as Executive Director on its Board, effective June 23, 2026. The decision, recommended by the Board, received approval from the Reserve Bank of India (RBI) via a letter dated March 30, 2026.Mr. Dugar’s re-appointment is for a period of three years and is subject to shareholder approval at the next General Meeting or within three months. He is not disqualified from holding the office of Director by any regulatory authority.Mr. Harsh Dugar has served as Executive Director of The Federal Bank Ltd since 2023. Prior to joining the bank in 2016, he spent 20 years in corporate banking at HDFC Bank. He holds a...

Bank of Baroda Resumes Government Business Following Brief Suspension Bank of Baroda confirmed a brief suspension of its government business operations following an incident involving fund transfers to the Madhya Pradesh government. The events unfolded between March 26 and March 28, 2026.According to a timeline provided by the bank, a branch received an email request on March 26, 2026, for funds to be transferred from a Madhya Pradesh government savings account. A discrepancy was noted between the requested amount and the available balance. Later the same day, a revised amount request arrived via email.On March 27, 2026, the branch received an email with an attached letter from the State Government Department authorizing the funds...

Muthoot Capital Services Limited Completes Two Securitization Transactions Muthoot Capital Services Limited announced the completion of two securitization transactions on March 30, 2026.The company raised ₹ 1,03,70,01,698.70 through the assignment of TwoWheeler Loan receivables totaling ₹ 1,11,50,55,590. Additionally, a further ₹ 72,67,42,353 was raised via the assignment of TwoWheeler Loan receivables amounting to ₹ 77,31,30,163.These transactions mark the seventh and eighth securitization deals undertaken by the company during the fiscal year 2025-26. The loan pool originates from the non-priority sector and aligns with guidelines set by the Reserve Bank of India.Source:

Tata Steel Acquires Remaining Stake in Medica TS Hospital Private Limited Tata Steel Limited has completed the acquisition of the remaining stake in Medica TS Hospital Private Limited, making it a wholly-owned subsidiary of the company. The acquisition finalized on March 30, 2026, follows a previous disclosure made on March 17, 2026.The acquisition involved purchasing securities from Manipal Hospitals Eastern India Private Limited. Tata Steel acquired 7,40,000 equity shares with a face value of ₹10 each, representing a 49% equity stake, and 2,30,05,182 Optionally Convertible Redeemable Preference Shares (-0.01%) constituting 31.85% of the preference share stake. The total consideration for the acquisition was ₹1.49 crore.With this...

3M India to Cease Precision Grinding & Finishing Operations Following Business Sale 3M India Limited will discontinue its Precision Grinding & Finishing (PG&F) operations in India following the completion of a sale by its parent company, 3M Company, USA, to Nimbus, a Europe-based private equity firm. The transaction, initially announced in September 2025, is expected to close on April 1, 2026.The PG&F business in India generated approximately INR 26 crore in sales during the fiscal year 2024-25 and is supported by two employees, operating as a trading operation.Following the closure of the global transaction, 3M India Limited will provide limited post-closing support for up to 12 months, with a possible extension of an...

Raghuvir Synthetics Ltd. Completes Sale of Subsidiary Stake Raghuvir Synthetics Limited announced the successful completion of the sale of its entire 51% shareholding in Dreamsoft Bedsheets Private Limited on March 30, 2026. This follows a board approval on March 27, 2026. As a result of the transaction, Dreamsoft Bedsheets Private Limited is no longer considered a subsidiary of Raghuvir Synthetics Limited.The consideration for the sale was Rs. 51,000. The buyers are Mr. Yash Sunil Agarwal and Mr. Hardik Sunil Agarwal, who are also promoters of the company. The transactions were conducted at an arm's length basis.According to audited financial statements as of the last financial year, Dreamsoft Bedsheets Private Limited contributed...

JK Paper Delays Hardwood Bleach Chemical Thermo-Mechanical Pulp Plant Commissioning to Q1 FY2026-27 JK Paper Ltd. announced a revised timeline for the commissioning of its Hardwood Bleach Chemical Thermo-Mechanical Pulp (BCTMP) plant. Originally slated to begin operations in the fourth quarter of fiscal year 2025-26, the plant's commercial production is now expected to commence in the first quarter of fiscal year 2026-27.The company stated that the plant is currently in advanced stages of erection and commissioning. The delay was disclosed in a communication to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). The Scrip Code on the BSE is 532162, and the Symbol on the NSE is JKPAPER.Source:

Bank of Baroda Receives Demand Order of ₹806.18 Crores from Income Tax Department Bank of Baroda announced on March 30, 2026, that it has received a demand order of ₹806.18 Crores from the Faceless Assessment Unit (FAU) of the Income Tax Department pertaining to Assessment Year 2020-21.The demand order relates to the taxability of income from foreign branches, broken period interest paid on the purchase of securities, and bad debts written off under Section 36(1)(vii) of the Income Tax Act, 1961.According to the Bank, the demand will likely subside as it plans to file an appeal before the Commissioner of Income Tax (appeals), National Faceless Appeal Centre (NFAC), and potentially a Writ Petition before the Hon'ble High Court. The...

Aditya Birla Real Estate Gets Approval to Sell Inventory of Shares Aditya Birla Real Estate Ltd. announced that its Nomination and Remuneration Committee approved the sale of 80,749 unappropriated equity shares held by the CTIL Employee Welfare Trust on March 29, 2026.The shares, which are not backed by grants to any employee under the CTIL Employee Stock Option Scheme 2023, will be sold in the secondary market on stock exchanges. Proceeds from the sale will be used to repay an outstanding loan to the company. The sale is compliant with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.The transaction is scheduled to occur after the close of the financial year 2025-26, following the reopening of the trading...

Novartis India Receives Order from Delhi High Court Regarding Tax Assessment Mumbai – March 30, 2026 – Novartis India Limited announced today that it received an order from the Delhi High Court on March 27, 2026, admitting the company’s petition in the matter of Novartis India Limited vs. Commissioner of Trade and Taxes.The petition challenges a DVAT assessment for assessment year 2013-14, which initially resulted in a demand of approximately 10.89 crore for tax and interest, along with a penalty of 6.85 crore. The court’s order is procedural in nature and does not constitute a final order in the matter.According to the company, in the event of a favorable order, a refund of 54.45 lacs may be received. Conversely, an unfavorable...

Manappuram Finance Ltd. Approves Borrowing Program, Appointments, and Additional Investments Manappuram Finance Ltd. announced several key decisions following a board meeting held on March 30, 2026. The board approved a borrowing program for the financial year 2026-27, along with appointments and investments in subsidiary companies.The company approved a borrowing program totaling Rs. 7,400 Crore for FY 2026-27, which includes the potential issuance of redeemable non-convertible debentures. These debentures may be issued through private placement and/or public issue in one or more tranches, with listing on either the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE). Details regarding the tenure, coupon/interest rates...

Bank of Baroda Infuses INR 500 Crore in Subsidiary BOB Securities & Giltedge Limited Bank of Baroda announced an investment of INR 500 crore in its wholly-owned subsidiary, BOB Securities & Giltedge Limited, according to a communication released on March 30, 2026. The investment follows a previous announcement made on March 13, 2026. This capital infusion strengthens Bank of Baroda’s commitment to its securities and gilt edged subsidiary.The stock will be traded on the Bombay Stock Exchange under code 532134 and on the National Stock Exchange under code BANKBARODA.Source:

Bharti Airtel Announces $1 Billion Investment in Nxtra Led by Alpha Wave Global and Carlyle New Delhi, March 30, 2026: Bharti Airtel (NSE: BHARTIARTL) announced a $1 billion investment in Nxtra Data Limited, a subsidiary engaged in the data center business, led by Alpha Wave Global and Carlyle (NASDAQ: CG), with participation from Anchorage Capital. Airtel will also participate in this investment round. Alpha Wave Global will invest $435 million, Carlyle $240 million, and Anchorage Capital $35 million, with the remainder infused by Airtel. Airtel will retain a controlling stake in Nxtra. The deal is subject to regulatory approvals in India.Nxtra plans to use the proceeds to expand its network across India and accelerate growth. The...

Kwality Wall's (India) Limited Announces Leadership Changes and Promoter Shift Kwality Wall's (India) Limited announced significant changes in its board and promoter structure on March 30, 2026. The changes follow a share purchase agreement executed on June 25, 2025, between Magnum Ice Cream Company Holdco 1 Netherlands B.V. (the incoming promoter) and Unilever PLC, Unilever Group Limited, Unilever Overseas Holdings AG, Unilever UK&CN Holdings Limited, Unilever South India Estates Limited, Unilever Assam Estates Limited, and Unilever Overseas Holdings B.V. (the outgoing promoters).Magnum Ice Cream Company Holdco 1 Netherlands B.V. acquired 145,44,12,858 equity shares, representing 61.90% of the company’s equity share capital, from the...

Mphasis and Flagstar Bank Complete First Phase of Technology Modernization New York, March 30, 2026 – Mphasis (BSE: 526299; NSE: MPHASIS), a technology solutions provider, announced the successful completion of the first phase of a technology modernization program with Flagstar Bank, N.A. (NYSE: FLG). The collaboration, which began one year ago, focused on establishing a next-generation data center and cloud platform to support Flagstar's transformation into a leading U.S. regional bank.The partnership resulted in a scalable technology platform designed to support Flagstar's evolving business needs and enable future innovation. Flagstar consolidated six legacy data centers into two modern, co-sourced data centers within approximately...

Bank of Baroda Receives Demand Order from Income Tax Department Bank of Baroda announced today, March 30, 2026, that it received a demand order from the Faceless Assessment Unit, Income Tax Department, pertaining to Assessment Year 2019-20.The demand order totals ₹457.25 Crores under section 156 of the Income Tax Act, 1961. The matter concerns the taxability of income from foreign branches and broken period interest paid on the purchase of securities.The bank states that it is currently in the process of filing an appeal with the Commissioner of Income Tax (appeals), National Faceless Appeal Centre (NFAC), and may file a writ petition with the Hon'ble High Court. Bank of Baroda believes it has adequate grounds to support its...