Markets

JK Cement Subsidiary Receives GST Order Re: Demand Against Former Acro Paints Entity JK Maxx Paints Limited, a wholly owned subsidiary of J.K.Cement Limited, has received an order from the Additional Commissioner of State Tax in Patna regarding a Goods and Services Tax (GST) demand issued against M/s Acro Paints Ltd (which has since been amalgamated with JK Maxx Paints Ltd).The official communication detailing the GST dispute was received by the company on June 27, 2026. The order from the Additional Commissioner of State Tax in Patna addresses allegations related to the wrong availment of Input GST that did not match GSTR 2B/2A records.The tax order issued included a directive concerning two distinct amounts: a demand was dropped...

Sterling and Wilson Renewable Energy Limited faces revised GST demand totaling ~INR 2.97 crore Sterling and Wilson Renewable Energy Limited has received an order from tax authorities concerning a revised demand for shortfall in tax payment and input tax credit mismatch spanning five financial years.The Assistant Commissioner of CGST, Vijayawada, Andhra Pradesh, issued the order dated June 18, 2026. This communication pertains to the period from April 2018 to March 2023.As a result of the review, the revised demand aggregates to approximately INR 2.97 crore, excluding applicable interest and penalty. This figure is an increase compared to the earlier demand, which was cited at around INR 2.96 crore (also excluding applicable interest...

L&T Technology Services Receives Request for Nabha Power Limited Re-classification L&T Technology Services Limited has received a request from Nabha Power Limited (NPL) seeking to change its classification within the company's ownership structure. The requested re-classification is moving NPL from the 'Promoter Group' category to the 'Public' category.The provided data shows that in relation to this matter, Nabha Power Limited currently holds Nil shares with a Nil percentage of holding.This request stems from the cessation of NPL as a subsidiary of L&T Power Development Limited (L&T PDL). The change is related to the transfer of 100% equity and convertible instruments held by L&T PDL in NPL to Torrent Power Limited.The...

Waaree Energies Clarifies U.S. Customs Determination; Business Operations Unaffected Waaree Energies Limited has issued a statement clarifying findings related to a determination made by the U.S. Customs and Border Protection (CBP) concerning EAPA Consolidated Investigation No. 8163. The clarification addresses recent media reports regarding the investigation conducted against the company in India.Following a detailed examination that included an on-site verification of Waaree’s manufacturing facility, CBP made several specific confirmations. These findings include the confirmation that Waaree did not export to the United States solar modules manufactured using Chinese-origin solar cells. Furthermore, CBP drew no adverse inference...

OLX India Partners with IDFC FIRST Bank to Launch Used-Car Loan Offering OLX India, a marketplace under CarTrade Tech Limited, has announced a strategic partnership with IDFC FIRST Bank to introduce a dedicated used-car loan offering designed to enhance affordability and streamline the purchasing journey for its users. This alliance aims to leverage OLX India’s vast audience of buyers and sellers by providing eligible customers with a tailored vehicle financing solution.The collaboration pairs OLX India's massive consumer base—which includes approximately 3 million used-car sellers and 20 million used-car buyers annually—with IDFC FIRST Bank's specialized vehicle financing capabilities. The offering is designed to meet the specific...

Puravankara Announces Joint Development Agreement for 6.4 Acres in Bengaluru with Rs 1,000 Crore Potential GDV Bengaluru: Real estate developer Puravankara Limited has entered into a joint development agreement (JDA) concerning a 6.4-acre land parcel located in Sarjapur, Bengaluru. The project carries an estimated Gross Development Value (GDV) of Rs 1,000 crore and will be developed as a residential community. The saleable area for this particular project is approximately 0.8 msft.This strategic acquisition strengthens Puravankara’s growth pipeline in the city. The company reported that the total potential GDV from acquisitions and JDAs during Q1FY27 stands at Rs 5,200 crore.Commenting on the development, Ashish Puravankara...

Sammaan Capital Makes Timely Interest Payments and Completes Full Redemption of Debt Instruments Sammaan Capital Limited has successfully managed the payments for interest related to its Unsecured Non-Convertible Subordinated Perpetual Debt and completed the full redemption process for one of its Unsecured Redeemable Non-Convertible Subordinated Debt instruments. These debentures were issued by the company on a private placement basis.The entity confirmed that all due principal and interest amounts pertaining to these debt instruments have been paid promptly. The details regarding the interest payments for three different instruments are provided below:Sr. NoISINIssue Size (INR lacs)Interest Amount to be Paid (INR...

Switching Technologies Gunther Ltd Completes Change in Control; Reports New Promoter Structure and Leadership Changes Switching Technologies Gunther Limited has successfully completed a transition in management and control, marking a shift from its previous promoter to a new group of acquirers. The company also reported several significant changes in its leadership structure, including multiple resignations at the board level, following a Board meeting held on June 27, 2026.The takeover process concluded with the successful acquisition and change of control for the Company. Previously, Guenther America Inc., which held 9,22,000 equity shares representing 37.63% of the paid-up equity share capital, was reclassified from a "Promoter" to...

PTC Industries Board Approves Funding Raise Up To ₹1800 Crores, Increases Borrowing Limits PTC Industries Limited has announced significant corporate approvals following a Board meeting held on June 27, 2026. The Board approved multiple measures related to fundraising, lending capacities, and increasing the company's borrowing and asset charge limits, pending required shareholder consent.The management of PTC Industries Limited reviewed and authorized several key financial strategies aimed at strengthening the company’s capital structure and operational capacity. The primary focus involves a substantial potential fund raise through various equity mechanisms.Fundraising and Equity Issuance The Board granted approval for raising funds...

Subsidiary Executes Memorandum for Sale of Crane Pontoon Barge in Marine Asset Portfolio Streamlining Arcadia Logistics Limited, a subsidiary of Arvind Port and Infra Limited, has formalized the sale and transfer of a specialized marine asset. The company executed a Memorandum of Agreement (MOA) on Saturday, June 27, 2026, agreeing to the disposal of a Crane Pontoon Barge named "KB 19."The transaction involves the sale to Vrinda Marine LLP. The vessel, registered with the Mercantile Marine Department (MMD), Jamnagar, bears Registration No. JMR-0006.This movement is part of the Group's continuous efforts toward evaluating and optimizing its marine asset portfolio. The strategic divestment aligns with the company's focus on enhancing...

REC to Merge into PFC; Mergered Entity Expected to Hold Over INR 11 Lakh Crore Loan Book The Board of Directors of Power Finance Corporation Limited (PFC) and REC Limited approved a Scheme of Merger on June 28, 2026. The merger involves the transfer of REC (the Transferor Company) into PFC (the Transferee Company), along with their respective shareholders and creditors.This consolidation is set to create a major financing entity with an aggregate loan book exceeding INR 11 lakh crore.The Scheme remains conditional upon obtaining all requisite approvals and consents under applicable law, including approvals from the shareholders and creditors of both companies, as well as necessary governmental authorities. The merged entity must...

VMS TMT Limited Approves Amalgamation of Aditya Ultra Steel to Boost Market Presence Ahmedabad, India – June 27, 2026. VMS TMT Limited, a prominent manufacturer of Thermo-Mechanically Treated (TMT) steel bars in Gujarat, announced that its Board of Directors has approved the Scheme of Amalgamation for the merger of Aditya Ultra Steel Limited (AUSL) into VMS TMT Limited. The amalgamation is intended to create a larger and more integrated steel manufacturing enterprise with enhanced capabilities across various operational aspects.The strategic move integrates two established manufacturers of premium-quality TMT bars, both operating under the Kamdhenu brand ecosystem across different territories in Gujarat. By merging these complementary...

Lux Industries Limited Announces Resignation of Chief Information Officer, Mr. Subrata Kumar Roy Lux Industries Limited has announced a change in its senior management personnel following the resignation of Mr. Subrata Kumar Roy. Mr. Roy, who held the position of Chief Information Officer for Vertical A, tendered his resignation from the company due to ongoing health concerns.The resignation is effective as of the close of business hours on June 27, 2026.Mr. Subrata Kumar Roy’s departure falls under the category of a senior management personnel change, and the company confirmed that his decision was based solely on his health condition.Details regarding the transition of responsibilities related to Mr. Roy's role have been noted...

Waaree's Solar Modules Face Severe US Probe as CBP Finds 'False' Country of Origin Declarations A final determination by the U.S. Customs and Border Protection (CBP) has revealed serious discrepancies in the origin declarations of solar modules imported into the United States by renewable firm Waaree Energies Ltd. The probe concluded that Waaree had made "false" declarations regarding the country of origin for its shipments over a nearly four-year period.The findings indicate that the alleged misreporting may have allowed the company to evade mandatory anti-dumping and countervailing duty requirements upon import into the U.S. This determination was officially filed by CBP, bringing scrutiny onto India's largest solar photovoltaic...

Hindustan Zinc Limited Secures Composite Licence for Rare Earth Elements Block in Uttar PradeshHindustan Zinc Limited announced that it executed a Deed for the Grant of Composite Licence (CL) on June 27, 2026. The licence pertains to the Nawatola Laband Rare Earth Elements (REE) Block in Uttar Pradesh and was executed with the Government of Uttar Pradesh.The Composite Licence entitles Hindustan Zinc Limited to undertake reconnaissance and prospecting exploration activities within the allocated area. This land parcel is located in Sonbhadra District, and the block covers an area of 210.01 hectares.The successful completion of exploration, along with fulfilling all terms and conditions applicable under the Minerals (Auction) Rules...

REC Ltd Merging into PFC in Approved Scheme; Boosted Capital Structure and Future Funding Planned The Board of Directors of REC Limited has approved a scheme for the merger by absorption into Power Finance Corporation Limited (PFC). The move is set to consolidate both entities, aiming to strengthen the capital base and enhance operational efficiencies across the power sector.Under the Scheme, constituted as decided by the Board meeting held on June 28, 2026, REC will be absorbed by PFC. The merger provides for the dissolution of REC without being wound up. Eligible shareholders of REC will receive Consideration Shares from PFC at a specified ratio.The share exchange ratio mandates that for every 100 equity shares of REC (each fully...

PTC Industries Approves Aggressive Funding Routes and Increases Borrowing Limits Up To ₹600 Crore PTC Industries Limited announced significant approvals following its Board meeting held on June 27, 2026. The board approved multiple measures related to capital raising, lending capacity, and corporate borrowing limits, which are subject to future shareholder approval via an Extraordinary General Meeting (EGM).The company’s directors authorized up to ₹1800 Crores through various methods of equity issuance. These include a Qualified Institutions Placement (QIP), a Preferential Issue, or the issue of share warrants convertible into equity shares. This enabling approval is intended to facilitate preparatory engagement with merchant bankers...

Best Agrolife Limited Board Approves Forfeiture of Warrants Not Exercised Within Stated TimelineBest Agrolife Limited has taken board action regarding a tranche of convertible warrants, following specific warrant holders failing to exercise their conversion options within the stipulated 18-month period. The company's Board of Directors approved the forfeiture of amounts received on these non-exercised warrants as per applicable regulations.The company had previously allotted 23,43,750 convertible warrants at an issue price of Rs. 640 per warrant. A portion of the subscription amount was reportedly received during the initial subscription process from certain members in 2024. These warrants were set to expire within 18 months from...

Arvind Port Subsidiary Sells Crane Pontoon Barge as Part of Asset Portfolio Optimization Arvind Port and Infra Limited’s subsidiary, Arcadia Logistics Limited, has completed a memorandum of agreement for the sale and transfer of a specialized marine vessel. The transaction involves the sale of a Crane Pontoon Barge named "KB 19" to Vrinda Marine LLP.The Memorandum of Agreement (MOA) was executed on Saturday, June 27, 2026. The asset being sold is the Crane Pontoon Barge, designated "KB 19," which holds Registration No. JMR-0006 and is registered with the Mercantile Marine Department (MMD), Jamnagar.The sale of the vessel falls under the Group's continuous review process for optimizing its marine asset portfolio. The transaction is...

Ganga Forging Limited Launches Rights Issue Offering Up To 20 Crore Shares Ganga Forging Limited has announced a significant rights issue offering, inviting existing equity shareholders to participate in an issuance of up to 20,22,03,345 fully paid-up Equity Shares. The offer materials were released on June 27, 2026.The Rights Issue allows eligible Equity Shareholders the opportunity to subscribe for new shares at a premium, with the issue price set at Rs. 1.63/- per share against a face value of Re. 1/-. This translates into an aggregated gross proceeds target of up to Rs. 3,295.91 Lakhs (Rupees Thirty-Two Crore Ninety-Five Lakh Ninety-One Thousand Four Hundred and Fifty-Two Only).The offering operates at a ratio of three Rights...