Markets

Promoters ICICI Bank and Prudential sign Undertaking over operational constraints for ICICI Prudential Life InsuranceA Letter of Undertaking has been executed between Prudential Corporation Holdings Limited and ICICI Bank Limited concerning ICICI Prudential Life Insurance Company Limited, setting out specific conditions related to the company's status and management. The undertaking relates to the transition of Prudential from a promoter to an investor under relevant regulatory frameworks.ICICI Prudential Life Insurance Company Limited was not a party to the agreement, which focuses on mitigating potential conflicts of interest arising from a strategic move made by Prudential.The Undertaking, dated July 4, 2026, addresses the...

Nifty 50 Reclaims Global Investor Interest as AI Frenzy Loses Momentum in Markets Indian equities are seeing a resurgence in global investor interest after weathering market turbulence and watching the peak of the artificial intelligence frenzy. As investors become concerned over the sustainability of the intense AI-driven rallies across Asia and the US, the NSE Nifty 50 Index is gradually establishing itself as a relative safe haven for global capital.While Indian stocks have generally underperformed compared to markets heavily involved in the AI trade—such as South Korea and Taiwan—the sentiment surrounding the country's stability is starting to shift. In June alone, the Nifty 50 managed to outperform the MSCI Emerging Markets Index...

Lodha Developers shifts financial reporting focus to audited Revenues and PAT Lodha Developers Limited has announced a strategic change in its operational performance reporting, moving towards a focus on audited revenues and profit after tax (PAT) as the primary metric for assessing the business's health.The company, which gained listing since April 2021, previously highlighted its commitment to transparency within the real estate industry. Lodha was among the first entities to provide quarterly pre-releases concerning pre-sales and operational performance, alongside proforma profitability and Profit & Loss (P&L) statements to enable full insight into its operations.As a next step in this journey, the company stated that it will...

Astec LifeSciences Completes Shareholder Voting for Board Appointments and Related Party Transactions Astec LifeSciences Limited announced that all seven resolutions put before its shareholders through a Postal Ballot process were successfully passed with the requisite majority on July 4, 2026. The voting covered several key board appointments and related party transactions concerning the company's operations during the financial year 2026-27.The outcome of the combined Physical Ballot Voting and Remote E-voting confirmed that all resolutions were ratified by the members. The voting process was completed on July 4, 2026.Board Appointments Approved Shareholders approved several appointments to the board of directors, including:Mr...

Lead Reclaim And Rubber Products Limited Appoints Company Secretary and Compliance Officer Lead Reclaim And Rubber Products Limited has approved the appointment of a new professional for compliance roles, following a meeting of its Board of Directors held on July 4, 2026. The company also authorized several key personnel to assess the materiality of corporate events and disclosures.The Board's resolution, based on the recommendation of the Nomination and Remuneration Committee and internal consideration, approved Ms. Ziral Soni as the Company Secretary and Compliance Officer. This appointment is effective from July 4, 2026. Ms. Soni holds a Master of Commerce degree, is a Qualified Company Secretary, and is an associate member of the...

Board Approves Appointment of New Company Secretary and Compliance OfficerThe Board of Directors has approved the appointment of Ms. Ziral Soni as the Company Secretary and Compliance Officer, effective July 04, 2026. The decision was taken following a meeting of the Board where the recommendation of the Nomination and Remuneration Committee was considered.Ms. Soni has been appointed to this crucial role based on her qualifications and experience in compliance matters. She holds a Master of Commerce degree and is a Qualified Company Secretary, holding an associate membership of the Institute of Company Secretaries of India. Ms. Soni possesses knowledge of Company law and SEBI regulations and previously served as a Company Secretary...

CG Semi Commences Commercial Production at G1 OSAT Facility in Sanand, Boosting India's Semiconductor Manufacturing Base Sanand, Gujarat: CG Semi Private Limited, a dedicated joint venture, has announced the commencement of commercial production at its G1 Outsourced Semiconductor Assembly and Test (OSAT) facility in Sanand. The launch represents a significant milestone in advancing India's semiconductor manufacturing ecosystem.The G1 facility was inaugurated in August 2025. As one of India’s first specialized OSAT companies, CG Semi was established through a collaboration involving CG Power and Industrial Solutions Ltd. of the Murugappa Group, Renesas Electronics Corporation, and Stars Microelectronics.The state-of-the-art G1...

Laser Power & Infra Cuts IPO Size at ₹742 Crore; Public Issue Opens July 9 Amid Strong Operating Margins Power transmission and distribution equipment manufacturer Laser Power & Infra has finalized its Initial Public Offering (IPO) details after filing its Red Herring Prospectus (RHP). The company is set to raise a total of Rs 742 crore through the IPO, which is scheduled for public subscription starting July 9. The listing of shares is anticipated on July 16.The Kolkata-based, Goel family-promoted entity plans to secure Rs 542 crore via a fresh issue of shares. An additional Rs 200 crore will be raised through an Offer For Sale (OFS) involving promoters. This marks a reduction from the original proposal of Rs 1,200 crore mentioned in...

JK Cement Limited Receives Orders in SGST Appeal Cases For FY18-19 and FY20-21 J.K. Cement Limited has received orders from the Additional Commissioner (Appeals), SGST, Kota, concerning appeals against tax demand orders related to Financial Years 2018-19 and 2020-21. In both cases, the appeal resulted in a partial allowance by the authority.The company received these decisions on July 3, 2026. The underlying issue in both matters involved the alleged wrong availment of Input GST as not matching GSTR 2B/2A.For the Financial Year 2018-19, the appeal filed against a demand order dated March 28, 2024, was partly allowed by the Additional Commissioner (Appeals), SGST, Kota. The authority ordered the dropping of the tax demand amounting...

Bajaj Housing Finance Reports on Sustainability and ESG Performance for FY2025-2026 Bajaj Housing Finance Limited (BHFL) has published its Business Responsibility and Sustainability Report (BRSR) covering the financial year ended March 31, 2026. The report details the company's commitment to ethical business conduct, operational efficiency, and stakeholder engagement, providing metrics on environmental stewardship, human capital development, and governance oversight.The BRSR affirms BHFL’s dedication to sustainable growth while maintaining high standards of corporate integrity. SGS India Private Limited conducted an independent assurance review on the report, assigning a Reasonable level of Assurance for core indicators and a Limited...

Karnika Industries Reports Q1 Results for FY2026, Details of Preferential Issue and Subsidiary Acquisition Karnika Industries Limited has announced its Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026. The company's results reflect operations across both its core textile segment and its subsidiary, Kidcity Solutions Private Limited, which was acquired in October 2025.The management approved these financial results, along with a Limited Review Report by Independent Auditors.Financial Performance Summary (Quarter ended June 30, 2026) The Unaudited Standalone Financial Results for the quarter demonstrate specific revenue and profitability metrics. The company's operations are currently...

HEC Infra Projects Limited Wins Rs 48 Crore Order for Bharat Petroleum Corporation's Pipeline Project HEC Infra Projects Limited has secured a work order valued at Rs 48 crores from M/S Bharat Petroleum Corporation Limited (BPCL). The contract pertains to the construction of a 66KV Switchyard for the Capacity Augmentation Project of the Vadinar-Bina Crude Pipeline.The award marks a significant milestone for HEC Infra Projects Limited, strengthening its visibility in the power transmission sector. BPCL, described as one of India's leading Public Sector Undertakings (PSUs) in the energy sector, is the entity that awarded the project. The company stated that this assignment enhances its track record in the field.The contract details...

ICICI Bank and Prudential Sign Letter of Undertaking Regarding Management of Life Insurance Subsidiary ICICI Bank Limited and Prudential Corporation Holdings Limited have entered into a Letter of Undertaking concerning their subsidiary, ICICI Prudential Life Insurance Company Limited. The agreement addresses non-exercise of certain rights by Prudential in relation to the management and governance of the life insurance company.The undertaking was executed on July 4, 2026. This commitment follows a Proposed Transaction undertaken by Prudential Corporation Holdings Limited (Prudential). Prudential had previously entered definitive agreements on May 17, 2026, with Bharti Life Ventures Private Limited, 360 ONE group, and Bharti Life...

PM Modi Inaugurates SJVN's 1000 MW Bikaner Solar Project; Highlights Indigenous Manufacturing The Prime Minister inaugurated SJVN’s 1000 MW Bikaner Solar Power Project in Pachpadra, Rajasthan. The event marks a significant milestone in India's renewable energy journey and reaffirms the nation's commitment to achieving its clean energy and sustainability objectives.The project was developed by SJVN through its subsidiary, SJVN Green Energy Limited (SGEL), in Bikaner, Rajasthan. With an investment of approximately ₹5,492 crore across nearly 5,000 acres, the facility is positioned as India's largest single EPC solar project under the Domestic Content Requirement (DCR) category at one location, showcasing advanced renewable energy...

Cubex Tubings Limited Confirms Status As Non-Large Corporate For FY2026, No Debt Security Issuance CUBEX TUBINGS LIMITED has confirmed its classification regarding Large Entity status and debt financing activities for the financial year ended on March 31, 2026.The company stated that it does not fall under the category of a Large Entity based on the applicable framework and criteria established for the period. Consequently, CUBEX TUBINGS LIMITED is categorized as a non-Large Corporate entity for the fiscal year ending March 31, 2026.Furthermore, the company confirmed that no funds were raised through the issuance of Debt securities during that financial year. The statement addresses the requirements related to fund raising by...

Piramal Finance Files Petition with NCLT for Scheme Sanctioning of Amalgamation Piramal Finance Limited, along with associated entities, has filed a Company Petition before the National Company Law Tribunal (NCLT), Mumbai Bench, seeking sanction for an amalgamation scheme. The petition was filed on July 4, 2026.The petition concerns the scheme of amalgamation involving Piramal Finance Limited, formerly known as Piramal Capital & Housing Finance Limited. The company, alongside three other entities, has initiated proceedings under Sections 230 to 232 of the Companies Act, 2013.The amalgamation involves several Transferor Companies: Piramal Finance Limited, Piramal Corporate Tower Private Limited, Piramal Agastya Offices Private...

ITAT Grants Relief in Tax Litigation for DCM Shriram Limited, Affecting AY 2022-23 DCM Shriram Limited has received a significant order from the Income-tax Appellate Tribunal (ITAT), New Delhi, concerning material tax litigation for Assessment Year (AY) 2022-23. The ITAT’s decision provides relief on the matter previously brought before the tribunal.The company reported the outcome of the proceedings which relate to an Order issued under Section 143(3) read with Section 144C(13).According to the details of the ITAT order:DetailAmount (Rs./Crs.)Tax effect of additions made by AO (A)178.24Tax effect of the Relief Granted (B)(172.82)Tax effect of matters referred back to AO (C = A - B)5.42In addition to granting this...

Krishna Institute of Medical Sciences Issues Corrigendum for EGM Notice, Updates Debts and Clarifies Promoter Status Krishna Institute of Medical Sciences Limited (KIMS) has issued a Corrigendum to its Extraordinary General Meeting (EGM) Notice, originally dated 15 June 2026. The update addresses inadvertent typographical errors in the explanatory statement related to Item No. 1 of the EGM Notice and provides necessary clarifications concerning the proposed preferential issue of equity shares.The Corrigendum pertains to the EGM scheduled for Thursday, 9 July 2026, through Video Conferencing (VC) / Other Audio Visual Means (OAVM).Financial Updates on Outstanding Debts One key modification concerns the outstanding debts proposed to be...

Desi Farms India Completes Preferential Allotment of CCPS Shares in Share Swap Deal Desi Farms India Ltd, formerly known as SER Industries Limited, has completed the allotment of 3% Compulsorily Convertible Non-Cumulative Preference Shares (CCPS) through a preferential basis. The shares were allotted to promoters and non-promoters for a total consideration of Rs. 37,88,37,000.The company issued 28,06,200 CCPS at an issue price of Rs. 135/- per share. This pricing included a premium of Rs. 125/-, while the face value of each CCPS was Rs. 10/-.The preferential allotment was executed for non-cash consideration and involved a share swap, which facilitated the acquisition of SNA Milk and Milk Products Limited (SNA) on a fully diluted...

Oswal Pumps Secures Order for 10,000 Solar Water Pumping Systems from MSEDCL Worth ₹235.92 Crore Karnal, Haryana — Oswal Pumps Limited has secured a substantial additional order from Maharashtra State Electricity Distribution Company Limited (MSEDCL). The contract involves the supply and installation of 10,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS), valued at approximately ₹235.92 Crore, including GST.The project is being executed under the PM Kusum B Scheme 'Magel Tyala Saur Krishi Pump' Yojana. The scope of work encompasses the design, manufacturing, supply, transportation, installation, testing, and commissioning of these solar systems. These pumps will be deployed at identified farmer sites across...