Markets

UltraTech Cement Receives Order from GST Authority UltraTech Cement Limited announced on March 25, 2026, that it received an order from the Deputy Commissioner, State Goods and Services Tax, Maharashtra.The order confirms a tax demand of Rs. 28,96,92,293, along with interest of Rs. 15,00,05,050 and a penalty of Rs. 2,89,69,229. The order relates to the acquired cement business of Kesoram Industries Limited and involves allegations of excess Input Tax Credit (ITC) availment, ineligible ITC claimed, and short payment of tax liability for the financial year 2022-23.According to the company, it will contest the demand and does not anticipate a material financial impact as a result of the order. The order was received on March 24, 2026...

Adani Enterprises Attributes Share Volume Movement to Market Conditions Adani Enterprises Ltd. stated that fluctuations in share price and trading volume are solely attributable to prevailing market conditions. The company reported that its management has no insight into the factors driving the observed share volume movement.The statement followed a communication from the BSE Limited on March 25, 2026, regarding the volume movement of the company's scrip (512599).Adani Enterprises affirmed its commitment to ongoing disclosures in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and its agreements with stock exchanges.Jatin Jalundhwala, Company Secretary & Joint President (Legal), conveyed...

Deepak Nitrite Faces Order Regarding Input Tax Credit Deepak Nitrite Limited announced on March 25, 2026, that the Assistant Commissioner of State Tax, Unit-40, Vadodara, Gujarat, has passed an order related to the company.The order, received on March 25, 2026, concerns a demand for ineligible Input Tax Credit (ITC) for the Financial Year 2019-20 under the Gujarat Goods and Service Tax Act, 2017.The details of the order are as follows:DetailInformationAuthorityAssistant Commissioner of State Tax, Unit-40 Vadodara, GujaratOrder DetailsRecovery of: Tax amount of ₹ 19,14,506/- (CGST+SGST); Interest amount of ₹ 22,17,784/- (CGST+SGST); Penalty of ₹ 19,14,506/- (CGST+SGST)Date of OrderMarch 25, 2026Reason for OrderDemand...

Uravi Defence and Technology Subsidiary Acquires Stake in Spafax International Uravi Defence and Technology Ltd announced that its wholly owned subsidiary, Bharat Technology Limited, has acquired 10,100 equity shares of Spafax International Holdings Limited. This acquisition represents 10% of the share capital of Spafax. The transaction was previously disclosed on February 20, 2026.The acquisition was reported to the National Stock Exchange of India Limited (NSE Symbol: URAVIDEF) and the Bombay Stock Exchange Limited (Scrip Code: 543930).The announcement was made by Kaushik Damji Gada, Whole-time Director & CFO of Uravi Defence and Technology Limited, in a communication from Mumbai on March 25, 2026.Source:

Cholamandalam Investment and Finance Company Awards Construction Contract Worth Rs. 540 Crores Cholamandalam Investment and Finance Company Ltd. has awarded a works contract for the construction of its corporate office building located at 18 & 18/1, Velachery Main Road, Guindy, Chennai. The contract, valued at Rs. 540 crores, was awarded to M/s. Kalpataru Projects International Limited.The construction project is slated for completion within 33 months. The contract is with a domestic entity, and does not involve any related party interests or transactions at arm’s length.Below is a summary of the contract details:DetailInformationEntity Awarded ContractM/s. Kalpataru Projects International LimitedEntity TypeDomestic...

Deepak Nitrite Receives Order Regarding Goods and Services Tax Assessment Deepak Nitrite Limited announced on March 25, 2026, that the Assistant Commissioner of State Tax in Vadodara, Gujarat, issued an order dated March 7, 2026, under the Gujarat Goods and Service Tax Act, 2017.The order pertains to a demand for ineligible Input Tax Credit (ITC) for the financial year 2019-20. The order mandates the recovery of ₹19,14,506 in tax (CGST+SGST), ₹22,17,784 in interest (CGST+SGST), and a penalty of ₹19,14,506 (CGST+SGST). The company maintains that the ITC was availed in compliance with applicable laws.According to the company, the total financial impact will be limited to the amounts specified in the order, and there will be no other...

Orient Cement Designates Key Personnel for Disclosure Decisions Orient Cement Limited announced on March 25, 2026, the designation of key managerial personnel (KMPs) authorized to determine the materiality of events and information and to make disclosures to stock exchanges, effective April 7, 2026.The appointed KMPs and their contact details are as follows:Name & Designation of KMPPostal AddressContact DetailsMr. Vaibhav Dixit, Wholetime Director & Chief Executive OfficerAdani Corporate House, Shantigram, S. G. Highway, Khodiyar, Ahmedabad - 382421, Gujaratvaibhav.dixit@adani.com 079- 2656 5555Mr. Kajal Sarda, Chief Financial OfficerAdani Corporate House, Shantigram, S. G. Highway, Khodiyar, Ahmedabad - 382421...

Semac Construction Ltd. Responds to Price and Volume Inquiries Semac Construction Ltd. clarified on March 25, 2026, that it has not withheld any material information that would necessitate disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The clarification follows an email dated March 19, 2026, from the BSE Limited and the National Stock Exchange.The company stated that the increase in the price and volume of its scrip is attributable to market conditions and is market driven. Management affirmed they are not connected to the fluctuations in the scrip's price or volume.Semac Construction Ltd. is headquartered in Coimbatore and has offices in Gurugram, Bengaluru, Navi...

Shreeji Shipping Global Limited Incorporates Subsidiary, Shreeji Tisha Maritime Private Limited Shreeji Shipping Global Limited announced the incorporation of a new subsidiary, Shreeji Tisha Maritime Private Limited, on March 25, 2026. The subsidiary’s Corporate Identification Number (CIN) is U69100GJ2026PTC175627.Shreeji Tisha Maritime Private Limited will be engaged in activities including shipping cargo agent services and the building of ships and floating structures. According to the company, this move aligns with a strategic initiative to expand business operations and create new growth avenues.The subsidiary’s initial capital is set at 1,00,000, comprised of 10,000 equity shares with a face value of 10 rupees each. Shreeji...

Arkade Developers Ltd. Receives NCLT Approval for Scheme of Arrangement Arkade Developers Limited (ADL) announced on March 25, 2026, the receipt of a certified copy of the order and scheme from the National Company Law Tribunal (NCLT) Bench in Mumbai regarding the Scheme of Arrangement between Filmistan Private Limited and Arkade Developers Limited. This follows the NCLT’s approval on March 16, 2026.The Scheme involves the demerger of Filmistan Private Limited (Demerged Company) into Arkade Developers Limited (Resulting Company) under Sections 230 to 232 of the Companies Act, 2013. The Appointed Date for the Scheme is August 1, 2025, and it will become effective upon filing of E-Form INC-28 with the Registrar of Companies in Mumbai...

Mantra Capital Ltd. Receives In-Principle Approval for Share and Warrant Issuance Mantra Capital Limited announced on March 25, 2026, that it has received an in-principle approval from the BSE Limited for the issue and allotment of securities on a preferential basis. The approval pertains to 48,25,000 equity shares with a face value of Rs. 10 each, and 45,00,000 warrants convertible into equity shares also with a face value of Rs. 10 each. The equity shares are to be issued to non-promoters at a price not less than Rs. 20 per share, while the warrants are to be issued to promoters at a price not less than Rs. 20 per share.The BSE’s in-principle approval emphasizes that it does not constitute approval for the listing of the securities...

LIC Receives Income Tax Demand Order Life Insurance Corporation of India (LIC) announced today that it has received a communication/demand order for Income Tax and Interest. The order, received on March 25, 2026, pertains to the financial year 2021-22.The Income Tax demand totals INR 61,46,71,18,015, while the interest amount is INR 9,53,25,87,935. The Corporation stated that the order is appealable before the Commissioner of Income Tax (Appeals).The tax demand stems from disallowances related to several issues, including the addition of Interim Bonus as Income, the addition of Loss from Jeevan Suraksha Fund as Income, the addition of Negative Reserve as Income, disallowance of Deduction u/s 80M, and disallowance of Interest on late...

Orient Cement Ltd. Appoints New Company Secretary Orient Cement Ltd. announced the appointment of Ms. Pranjali Dubey as Company Secretary and Compliance Officer, effective April 7, 2026. The decision was made by the Board of Directors at a meeting held on March 25, 2026, based on the recommendation of the Nomination and Remuneration Committee.Ms. Dubey is an Associate Member of the Institute of Company Secretaries of India (ICSI), New Delhi. She holds a graduate degree in Commerce and Law from Devi Ahilya Vishwavidyalaya (DAVV), Indore. She brings approximately 10 years of experience in corporate law compliance, secretarial, and legal areas, most recently serving as Deputy Manager (Secretarial) within the Cement business. Prior to...

Jost’s Engineering Company Limited Completes Sale of Subsidiary JECL Engineering Limited Josts Engineering Company Limited has completed the transfer of its 100% shareholding in its subsidiary, JECL Engineering Limited (JECL), following shareholder approval obtained through a postal ballot on March 11, 2026. The transfer was finalized on March 24, 2026, upon receipt of consideration and the execution of definitive agreements, including a Share Purchase Agreement with Mr. Rahul Dhoot, a Brand Assignment Agreement, a Trademark License Agreement, and a Transition Services Agreement.As a result of this transaction, JECL Engineering Limited is no longer considered a subsidiary of Josts Engineering Company Limited, effective March 24, 2026...

Vodafone Idea Limited Receives Order Under Central Goods and Services Tax Act Vodafone Idea Limited announced on March 25, 2026, that it received an order under the Central Goods and Services Tax Act, 2017, from the Office of the Assistant Commissioner Jurisdiction: Ernakulam Division, Kochi, Thiruvananthapuram, Kerala.The order, dated March 25, 2026, confirms a penalty of ₹34,97,279, along with applicable demand and interest. The action was taken under Section 74 of the Integrated/Central/State Goods and Services Tax Act, 2017. The allegation relates to Input Tax Credit claimed from suppliers who have not filed GSTR-3B for the financial years 2019-20 to 2023-24.Vodafone Idea Limited stated that the maximum financial impact is to...

Padam Cotton Yarns Limited Receives Requests for Promoter Re-Classification Padam Cotton Yarns Limited announced on March 25, 2026, that it received requests from several individuals belonging to the Promoter and Promoter Group for re-classification from 'Promoter/Promoter Group' to 'Public Category'. The Board of Directors will consider these requests.The individuals and their current shareholding details are as follows:S. No.Name of Promoter/Promoter GroupCategoryNo. of shares heldPercentage of the total equity1Padam Sain GuptaPromoter002Prem LataPromoter003Radhika GuptaPromoter004Vivek GuptaPromoter005Vivek GuptaHUFPromoter006Rajev GuptaPromoter007Rajev GuptaHUFPromoter008Rekha GuptaPromoter00...

Maruti Suzuki India Limited Receives Adjournment in NCLAT Hearing Maruti Suzuki India Limited announced on March 25, 2026, that a hearing regarding a matter before the National Company Law Appellate Tribunal (NCLAT) was held on the same date. The hearing involved further arguments related to a previous order by the Competition Commission of India (CCI). Following the hearing, the NCLAT adjourned the matter for further arguments, with the next hearing scheduled for April 24, 2026.This update follows a series of prior hearings and adjournments, beginning with an order passed by the NCLAT on November 22, 2021, and continuing through numerous subsequent dates in 2022, 2023, 2024, 2025, and culminating in the most recent adjournment on...

JSW Energy’s Subsidiary Receives Credit Rating Reaffirmation from ICRA JSW Energy Ltd announced on March 25, 2026, that ICRA Limited (ICRA) has reaffirmed a ‘ICRA A-/Stable’ rating for the long-term bank facilities of Mytrah Vayu (Tungabhadra) Private Limited, a step-down subsidiary of JSW Energy.The rating was released by ICRA on March 24, 2026. The press release detailing the rating is available on ICRA's website at www.icra.in.CIN: L74999MH1994PLC077041Source:

Azad Engineering Limited Receives Penalty Order Regarding GST Azad Engineering Limited announced today, March 25, 2026, that it has received communications detailing orders passed by the Joint Commissioner, Office of the Commissioner of Central Tax and GST, Jeedimetla Division, Medchal GST Commissionerate, Hyderabad. These orders pertain to financial years 2019-20 and 2020-21.The company has been levied an aggregate penalty of INR 10,38,280 and INR 1,10,582 under specific sections of the CGST/SGST Act, 2017 and the IGST Act, 2017. The penalty relates to the availment of blocked Input Tax Credit (ITC) and non-payment of GST on other income.According to the company, the events are not expected to have a material impact on its...

Sugs Lloyd Limited Promoter Acquires Equity Shares Sugs Lloyd Limited, formerly Sugs Lloyd Private Limited, announced that a promoter has acquired equity shares in the company. The disclosure, made under Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, detailed the purchase made by Santosh Kumar Shah.According to the filing, Santosh Kumar Shah, a promoter and director, acquired 65,000 equity shares, representing a 0.279% stake, on March 20, 2026. This followed a previous holding of 58,000 shares, constituting 0.249% of the company's equity. The total value of the acquisition was 757,076. The shares were purchased on the market through the BSE Limited.Sugs Lloyd Limited is an ISO 9001: 2015 certified...