Markets

ICICI Prudential Life Insurance Company Limited Receives Order Regarding Maharashtra GST Appeal ICICI Prudential Life Insurance Company Limited announced on March 31, 2026, that it received an order from the Joint Commissioner of State Tax, Appeals, Maharashtra, concerning an appeal filed against an earlier order passed under the Maharashtra Goods and Service Tax Act, 2017, for fiscal year 2019. The appeal petition was partially allowed in favor of the company and partially upholding the tax demand.The tax demand stemmed from reasons including the reversal of input tax credit, a mismatch in Input Tax Credit (ITC) claimed in GSTR-3B, GSTR-2A and GSTR-9, and non-payment of tax on the sale of fixed assets.The financial implications...

Akme Fintrade (India) Limited Secures Term Loan of Rs. 80 Million Akme Fintrade (India) Limited has received sanction for a term loan of Rs. 8,00,00,000 from MAS Financial Services Limited. The loan amount, equivalent to Rupees Eight Crores, was formally sanctioned as of March 31, 2026.Manoj Kumar Choubisa, Company Secretary and Compliance Officer (M. No.: A66176), provided the notification.Source:

Shanti Gold International Limited Revises Incorporation Timeline for Dubai Subsidiary Shanti Gold International Limited announced a revision to the timeline for the incorporation of its wholly-owned subsidiary in Dubai, United Arab Emirates (UAE). The expected date of incorporation has been revised to June 30, 2026, from the previously stated March 31, 2026.The delay is attributed to ongoing geopolitical tensions and conflict in the region. These conditions have caused disruptions to normal business operations and have resulted in delays in obtaining necessary approvals, documentation verification, and the issuance of licenses. Coordination with local authorities and service providers has also been impacted by reduced operational...

Apollo Pipes Limited Postpones Commercial Operations at Mirzapur Plant Apollo Pipes Limited announced a postponement in the commencement of commercial operations at its new manufacturing plant located in Mirzapur, near Varanasi, Uttar Pradesh. The update follows previous notifications on May 20, 2024, May 10, 2025, and January 29, 2026.The company now anticipates the start of commercial production towards the end of April 2026, contingent on achieving operational readiness.Gourab Kumar Nayak, Company Secretary and Compliance Officer, conveyed the information.Source:

Supreme Infrastructure India Limited Allots Equity Shares Upon Warrants Conversion Supreme Infrastructure India Limited announced that its Board of Directors approved the allotment of 7,67,000 equity shares to Mr. Vikas Vijaykumar Khemani following the exercise of his right to convert an equal number of warrants. The allotment was finalized at a meeting held on March 31, 2026.Mr. Khemani received the shares upon payment of a total of Rs. 5,00,12,235, equivalent to Rs. 65.205 per warrant, representing 75% of the warrant exercise price of Rs. 86.94 per warrant. The allotted shares rank pari passu with existing equity shares.As a result of this conversion, the company's issued, subscribed, and paid-up equity share capital has...

Rathi Steel & Power Ltd. Receives Demand Order from State Tax Authority Rathi Steel & Power Ltd. announced that it received a demand order from the Office of the Deputy Commissioner, State Tax, SGST, Sector -11, Ghaziabad, Uttar Pradesh, dated March 30, 2026. The order pertains to Section 74 of the CGST / SGST Act, 2017, and includes a demand for INR 3,06,07,072 along with a penalty of a similar amount and applicable interest.The company refutes the allegations, stating that the demand is not maintainable and that it will pursue appropriate legal remedies. Management does not anticipate a material impact on the company's financial, operational, or other activities as a result of this order.Details of the Demand Order...

Adani Enterprises Establishes Metals and Minerals Subsidiary in UAE Adani Enterprises Ltd. announced the incorporation of a new wholly-owned subsidiary, ADANI METALS AND MINERALS FZCO ('AMAMF'), in the UAE on March 31, 2026. The confirmation of incorporation was received at 02:28 PM IST.AMAMF is a step-down wholly-owned subsidiary of Adani Global FZE, which itself is a wholly-owned subsidiary of Adani Enterprises. The newly formed entity will be engaged in the trading of Pearls and Precious Stones, Jewelry, Non manufactured precious metal, Scrap and waste Metal, Metal ores, and basis non ferrous metal.The company was incorporated with a capital of AED 50,000, comprised of 50 shares valued at AED 1000 each, subscribed at a price of...

Panacea Biotec Receives Demand Order for ₹22.88 Crore Panacea Biotec Limited announced it received a Demand Order dated March 30, 2026, from the Office of the Joint Commissioner, Central Goods & Services Tax (CGST) Sub-Commissionerate Mohali, Chandigarh. The demand aggregates to approximately ₹22.88 crore, encompassing ₹11.44 crore for alleged non-payment of Goods and Services Tax and ₹11.44 crore in penalties.The demand stems from a previous Show Cause Notice received on September 27, 2025, concerning the alleged non-payment of GST on a corporate guarantee of ₹864 crore provided for 1,074 days, from April 6, 2019, to March 15, 2022. The company filed a writ petition with the Punjab & Haryana High Court in November 2025, which has...

NCC Limited Secures New Orders Worth Rs. 2469.53 Crore in March 2026 NCC Limited announced the receipt of five new orders totaling Rs. 2469.53 Crore (excluding GST) during March 2026. The new order intake reflects continued business momentum across several divisions of the company.The awarded projects are segmented across the Water, Buildings, and Transportation divisions, contributing Rs. 1291.9 Crore, Rs. 793.48 Crore, and Rs. 384.15 Crore respectively.DivisionOrder Value (Rs. Crore)Water1291.9Buildings793.48Transportation384.15Total2469.53These orders represent standard business activities and do not involve any internal orders. Additionally, the company confirmed that the Promoters, Promoter Group, or Group...

Kamdhenu Ventures Limited Appoints Rohit as Company Secretary and Key Managerial Personnel Kamdhenu Ventures Limited announced the appointment of Mr. Rohit as Company Secretary and Key Managerial Personnel for its wholly-owned subsidiary, Kamdhenu Colour and Coatings Limited (KCCL), effective April 1, 2026. The appointment was approved unanimously by the KCCL’s Board of Directors during a meeting held on March 31, 2026, on the recommendation of the Nomination and Remuneration Committee and Board of Directors of Kamdhenu Ventures Limited.Mr. Rohit, who currently serves as Company Secretary and Compliance Officer of Kamdhenu Ventures Limited, will hold the position with effect from April 1, 2026. He is a member of the Institute of...

NGEL Signs MoU with PTC India Limited for Renewable Energy Collaboration NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, announced on March 31, 2026, that it has signed a Memorandum of Understanding (MoU) with PTC India Limited.The agreement explores potential collaborations for the sale of Renewable Energy (RE) power through bilateral arrangements and other market mechanisms. The MoU was signed by Sarit Maheshwari, CEO (NGEL), and Dr. Manoj Kumar Jhawar, CMD (PTC) India Limited, in a ceremony attended by senior officials from both organizations.Source:

Banco Products (India) Limited Announces Resignation of Whole-time Director and CTO Banco Products (India) Limited announced that Mr. Venkata Ranganath Kumar Sami has resigned from his position as Whole-time Director (Innovations) & Chief Technical Officer (CTO), effective March 31, 2026, following the close of business hours. The resignation is due to personal reasons.Mr. Sami’s resignation letter was submitted on January 2, 2026, and includes a notice period of three months, culminating in his last working day on March 31, 2026.The following table details the changes:ParticularsDetailsReason for ChangeResignation as Whole-time Director (Innovations) & Chief Technical Officer (CTO)Date of Cessationw.e.f. March 31, 2026...

Presstonic Engineering Limited Secures Order from Alto-Shaam Inc. Presstonic Engineering Limited announced on March 31, 2026, that it has secured an order from Alto-Shaam Inc., USA. The order, received on the same date, represents a strategic diversification for the company beyond its core Metro and Railway business segments.The order for commercial kitchen accessories carries a value of USD 384,144.30, equivalent to INR 3,61,41,640. The contract involves export of the products, under purchase order number ASI-AGMT-0474.This achievement is viewed as a key milestone in the company’s expansion into new industry verticals, strengthening its order book and highlighting its ability to identify and capitalize on new opportunities...

Maruti Suzuki India Limited Receives Adjudication Order from Haryana GST Authority Maruti Suzuki India Limited (MSIL) announced it has received an Adjudication Order from the Haryana GST Authority. The order pertains to a tax demand related to Tax Credit Notes for the period April 2019 to March 2024.The Haryana GST Department confirmed a tax demand of Rs. 384.17 million, along with applicable interest, and a penalty of Rs. 384.17 million. MSIL intends to file an appeal against the order to the first appellate authority.According to the company, the Adjudication Order is not expected to have a major impact on its financial, operational, or other activities. The order was received on March 31, 2026.DetailInformation...

Vishal Fabrics Ltd. Receives Rectification Order Regarding Input Tax Credit Vishal Fabrics Ltd. announced that it received a Rectification Order from the Office of Commissioner Central GST & Central Excise, Ahmedabad - North, on March 31, 2026. The order revises a previously imposed penalty related to excess/incorrect Input Tax Credit claimed by the company.Previously, on December 31, 2025, the company received an order imposing a penalty of Rs. 24,26,74,876. The Rectification Order reduces the penalty to Rs. 21,35,65,819 under provisions of the CGST/Gujarat GST Act, 2017, the IGST Act, 2017, and the GST (Compensation to states) Act, 2017.The company believes that the revision will have no material financial impact.Table...

Jyothy Labs Resolves ₹110.64 Crore Tax Demand Jyothy Labs Limited announced that it received an Income-tax assessment order on March 30, 2026, under Section 143(3) of the Income-tax Act, 1961 for Assessment Year 2024-25, raising a tax demand of ₹110.64 Crore, including interest of ₹21.84 Crores.Subsequently, on the same date, the company received a rectification order under Section 154 of the Act. Based on a suo-motu rectification by the Income-tax Department, the entire tax demand, including applicable interest, has been nullified.The initial demand stemmed from computational errors during the processing of the Return of Income and issues related to recurring matters. The company has previously received favorable orders from the...

Sangani Hospitals Limited Completes Acquisition of Sadbhavna Hospital Sangani Hospitals Limited announced the successful completion of its acquisition of a 55% stake in Sadbhavna Hospital and Medical Research Centre Private Limited on March 31, 2026. The acquisition, previously approved on March 28, 2025, involves a cash consideration of Rs. 18,81,00,000 (Rupees Eighteen Crores Eighty-One Lakhs only).As a result of the acquisition, Sadbhavna Hospital and Medical Research Centre Private Limited has become a subsidiary of Sangani Hospitals Limited.The acquisition was executed at a share price of Rs. 15,390 (Rupees Fifteen thousand three hundred and ninety Only) per share. Sangani Hospitals Limited acquired 12,223 (Twelve Thousand Two...

Diligent Media Corporation Receives GST Demand Order Diligent Media Corporation Ltd. announced it has received a Goods and Services Tax (GST) Demand Order from the Office of the Assistant Commissioner of State Tax in Mumbai. The order pertains to the tax period of fiscal year 2019-20.According to the order, the company is directed to remit approximately Rs. 3.99 crores, encompassing Rs. 1.26 crores in interest and Rs. 1.47 crores in penalty. The demand arises from the purported non-levy of GST on the transfer and assignment of leasehold rights of an industrial plot in Mumbai, which was sold to M/s CTRL S (India) Pvt. Ltd. The tax authority considers this transfer a taxable supply of services under the Central Goods and Services Tax...

Oval Projects Engineering Ltd. Disagrees with Recent CRISIL Rating Rationale Oval Projects Engineering Limited (OPEPL) has stated that a recent rating rationale issued by CRISIL Ratings Limited on March 30, 2026, does not accurately reflect the company’s position. The rationale, which revised ratings on OPEPL's bank facilities, indicates an "Issuer not cooperating" status.According to a statement released by OPEPL, the company formally disputed the basis of the rating as early as November 2023, citing concerns that it did not account for updated information previously submitted. OPEPL subsequently requested the withdrawal of the rating mandate and sought clarification on the process, submitting banker No Objection Certificates (NOCs)...

Lloyds Engineering Works Limited Grants Employee Stock Options Lloyds Engineering Works Limited announced that its Nomination and Remuneration Committee (NRC) approved the granting of Employee Stock Options (ESOPs) under the Lloyds Steels Industries Limited Employee Stock Option Plan -2021. The decision was made at a meeting held on Tuesday, March 31, 2026. Stock portfolio managementA total of 69,71,000 ESOPs were granted to eligible employees of Lloyds Engineering Works Limited, with an exercise price of ₹ 9.50 per option. Additionally, 12,29,000 ESOPs were granted to eligible employees of Techno Industries Works Limited, a subsidiary of the Company, also at an exercise price of ₹ 9.50 per option.The Lloyds Steels Industries...