Markets

Income Tax Department Imposes Penalty of ₹11,33,130 on Max Healthcare Institute Limited Max Healthcare Institute Limited has received an order from the Assessment Unit of the Income Tax Department concerning transactions involving its employees and vendors. The company was informed of the decision by the IT Department, which levied a penalty amounting to ₹11,33,130.The company received the direction or order on June 26, 2026. This punitive action relates to certain transactions with its employees and vendors that were settled through journal entries in the books. The Income Tax Department considered these specific transactions as loans or deposits, resulting in the imposition of the penalty amount.Management has stated that they are...

Persistent Systems Limited Expands European Footprint with Acquisition of Galaxy Germany Holding SE and Shareholding in Nagarro Persistent Systems Limited (PSL) has taken significant steps to strengthen its global presence, initiating a strategy focused on scaling its technology services footprint in Europe through strategic acquisitions. The Company established M/s. Galaxy Germany Holding SE as a wholly owned subsidiary by acquiring a 100% stake via a local consultant in Germany.The acquisition of Galaxy Germany Holding SE, referred to internally as 'BidCo,' was executed via a Share Purchase Agreement on June 26, 2026. The target entity, Galaxy Germany Holding SE, holds no operational business but is intended to serve as a strategic...

Persistent and Nagarro to form AI-led digital powerhouse following takeover offer Galaxy Germany Holding SE, a wholly-owned subsidiary of Persistent Systems Limited, announced a voluntary public takeover offer for all outstanding shares in Nagarro SE. The Offer was made at a cash consideration of EUR 81 per share, following the signing of a Business Combination Agreement (BCA) between the parties.The takeover offer is positioned as a strategic move to create a scaled and globally diversified AI-led digital engineering and enterprise modernization company. Persistent has already held an approximate 21% stake in Nagarro, which is being acquired through a binding share purchase agreement with Lantano Beteiligungen GmbH, the investment...

HDFC Bank Concludes Legal Review on Atanu Chakraborty's Resignation Statement: Findings Suggest Lack of Substantiation HDFC Bank Limited has announced the conclusion of a legal review concerning the statement made by Mr. Atanu Chakraborty in his resignation letter. The review was conducted by external law firms, and their findings indicate that Mr. Chakraborty’s concerns were not substantiated by internal records or witness interviews.The bank had previously initiated this legal review on March 24, 2026. The objective of the review was to evaluate whether any concern was evident in the statement made by Mr. Atanu Chakraborty regarding his resignation, and if he recorded any dissent, and whether that dissent was addressed.Scope and...

Sapphire Foods India Limited Receives Favorable Order in Tax Proceedings; Demand Stands Dismissed Sapphire Foods India Limited has received a favorable order from the Assistant Commissioner regarding show cause notices related to tax proceedings under the Tamil Nadu SGST Act 2017. The decision effectively dismissed a demand amounting to INR 977.06 million.The resolution concerns show cause notices, which were originally issued against the company and relate to two periods: April 2022 to March 2023 and April 2023 to March 2024.According to the order passed by the Assistant Commissioner (Appeals), the company has no excessive input tax credit availment. The authority confirmed that Sapphire Foods India Limited correctly availed...

Shringar House of Mangalsutra Limited Announces Resignation of Senior Management Personnel Shringar House of Mangalsutra Limited has announced that Mr. Hitesh Khandelwal, a member of its senior management personnel, will be resigning from his position as Vice President - Sales & Marketing. The resignation is effective from the close of business hours on August 17, 2026.Mr. Khandelwal's departure comes as he pursues growth and better opportunities. He was identified as a Senior Management Personnel of the Company.The details surrounding this change in senior leadership are as follows:ParticularsDetailsPersonnel NameMr. Hitesh KhandelwalDesignationVice President - Sales & MarketingReason for ChangeResignation due to...

Orient Green Power Announces Dates for Nineteenth Annual General Meeting and Book Closure Orient Green Power Company Limited has set the schedule for its Nineteenth Annual General Meeting (AGM) and provided details regarding the associated book closure period and remote electronic voting dates.The company's AGM is scheduled to take place on Wednesday, July 22, 2026. The meeting will be held at 11:00 a.m. (IST) via Video Conferencing (VC) or Other Audio-Visual Means (OAVM).Key dates for investors, including the period of book closure and the remote e-voting process, have been specified to ensure smooth participation in the meeting.The company has established a specific Book Closure Period extending from Wednesday, July 15, 2026...

Vikran Engineering Secures INR 3517.98 Crore Work Order for 969 MW Solar Plant in Maharashtra Vikran Engineering Limited has announced securing a substantial work order valued at INR 3517.98 Crores from NOPL Solar Projects Private Limited (NOPL) for the solar plant development and execution within Maharashtra. This agreement is part of a larger contractual realignment following the company's acquisition of a controlling stake in NOPL, which necessitated the mutual cancellation of a prior EPC contract with Onix Renewable Limited for the same project.The new contract involves Vikran Engineering Ltd undertaking the Designing, Engineering, Procurement, Supply, Erection, Testing and Commissioning on Turnkey EPC Basis (including Supply of...

KEC International Permitted to Resume Bidding in Power Grid Corporation of India Limited TendersKEC International Limited has regained the ability to participate in tenders and contracts with Power Grid Corporation of India Limited (PGCIL) after PGCIL revoked a previous exclusion order. The company is now permitted to act as a bidder or sub-contractor in PGCIL's ongoing projects, effective immediately.Previously, KEC International was excluded from participating in the tendering process with PGCIL. This restriction had been active since November 18, 2025, and covered a period of nine months.The resolution came following consideration of representations made by the company and various actions undertaken. A letter dated June 26...

Utkarsh Small Finance Bank Approves Sale of NPA and Written-Off Loans to ARC Utkarsh Small Finance Bank Limited has approved a proposal for the sale of Non-Performing Asset (NPA) and written-off loans, outlining the specific parameters for these distressed assets. The decision was reached by the bank's authorised Management Committee during its meeting held on June 26, 2026.The management committee reviewed portfolios comprising unsecured MFI loans and secured commercial vehicle and construction equipment loans, setting binding offers and terms for prospective bidders who express interest in acquiring these stressed assets. The sale initiative aims to streamline the recovery of these specific asset classes.The approved details...

Independent Director Resigns from Jay Bee Laminations Limited Jay Bee Laminations Limited has announced the resignation of Mr. Atul Ladha from his position as an Independent Director. The decision comes amidst changes in directorial roles within the company.Mr. Atul Ladha tendered his resignation and will cease to be the Independent Director effective from close of business hours on June 26, 2026. His departure, citing pre-occupation and other personal commitments, means he will also step down as Chairman or Member of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee of Jay Bee Laminations Limited, effective the same day.Mr. Ladha confirmed that there are no material reasons for his...

Raymond Lifestyle Limited Announces Cessation of Amit Agarwal from Senior Management Role Raymond Lifestyle Limited has announced that Mr. Amit Agarwal has relinquished his position as President, Chairman's Office and Senior Management Personnel of the company. The change is effective from the close of business hours on June 30, 2026.The cessation relates to Mr. Agarwal's role in the company's senior management structure. According to the details provided by the company, the reason for this transition was personal reasons.A breakdown of the personnel change and associated details is as follows:ParticularsDetailsReason for changeRelinquishment of services from the position of President - Chairman's Office, designated as Senior...

Schaeffler India Appoints Two New Directors; Announces Shareholder Vote on Board Composition Schaeffler India Limited has appointed two individuals to its board of directors, seeking shareholder approval for both appointments through a postal ballot. The company informed stakeholders about the appointment of Mr. Christophe Hannequin as an Additional Director (Non-Executive Non-Independent) and Mr. Chetan Kumar Maini as an Additional Director (Non-Executive Independent).The Board of Directors approved these appointments via a circular resolution on June 26, 2026, based on the recommendation of the Nomination and Remuneration Committee. Both appointments are effective from July 1, 2026.Mr. Christophe Hannequin Appointment Details Mr...

Power Grid Corp Commences Operations of Major Solar Energy Zone Transmission Scheme in Andhra Pradesh Power Grid Corporation of India Limited has announced that its 'Transmission scheme for Solar Energy Zone in Ananthpuram (Ananthapur) (2500 MW) and Kurnool (1000 MW), Andhra Pradesh' project has been completely commissioned.The project achieved commercial operation status, with the notification received on June 26, 2026. The commissioning of the transmission scheme was completed effective from June 24, 2026.The project had initially been entrusted to POWERGRID Ananthpuram Kurnool Transmission Limited, a wholly owned subsidiary of Power Grid Corporation of India Ltd. This entity has since undergone structural changes, having been...

Persistent Systems Secures Long-Term Strategic Services Agreement with US Technology Giant; Total Value Exceeds USD 650 Million Persistent Systems Limited has signed a long-term strategic services agreement with a global technology leader based in the United States. The partnership is designed to significantly expand the company's operational footprint across North America, Europe, and Asia Pacific.The comprehensive agreement involves end-to-end operations, management, and support for a substantial portfolio of enterprise cloud services. Persistent Systems will leverage its domain expertise alongside advanced AI-driven platforms to deliver innovative and customized solutions in the realms of enterprise software and cloud services. The...

US Strikes on Iranian Missile and Drone Sites as Conflict Intensifies in Strait of Hormuz The geopolitical tension in the Middle East escalated sharply after American forces launched targeted strikes against Iranian missile and drone storage facilities. The operation, carried out by U.S. Central Command (CENTCOM), was a direct response to Iran's aggression against a commercial vessel navigating through the strategically vital Strait of Hormuz.Vice President JD Vance issued a strong statement, reaffirming Washington’s military posture. He asserted that "violence will be met with violence," following the attack on the commercial cargo ship near the Gulf of Oman. Vance emphasized that while Iran had signed a ceasefire agreement and the...

OpenAI Limits GPT-5.6 Rollout Under US Government Pressure, Sparking Global AI Concern OpenAI is managing the introduction of its advanced new artificial intelligence model by initially restricting access to a small group of select partners. This limited rollout comes following directives from the Trump administration, forcing the company to stagger the release of its next generation of AI tools.The ChatGPT creator confirmed on Friday that the GPT-5.6 model series is being introduced to about 20 trusted partners whose names have been vetted and approved by the US government. The initial path for accessing this highly capable model will be through Amazon.com Inc.’s Bedrock software platform.Government Vetting Limits Initial GPT-5.6...

Oil Plummets on Hormuz Shipping Resumption as US Stocks Stabilize Amid Tech Jitters Fade Market Volatility While global markets faced early headwinds due to tech sector concerns, major stock indices found footing by late Friday, buoyed by "buy-the-dip" investors. The stability was partly undermined by a sharp decline in crude oil prices after shipping traffic resumed through the Strait of Hormuz, sending commodity values lower.Oil benchmarks saw significant losses as ships continued leaving the Gulf. Brent crude dropped 4.3 percent, falling back to pre-war on Iran levels. West Texas Intermediate also fell by 3.7 percent following the resumption of transit through the critical waterway.Global Markets Face Tech Oversupply Fears The...

Samvardhana Motherson International Limited Completes Share Allotment in OSPL-SPV for Solar Project Compliance Samvardhana Motherson International Limited has finalized a significant equity allotment in Onega Solar Private Limited (OSPL-SPV), aligning its Group Captive operations with regulatory requirements while securing long-term sustainability goals. The entity, which is dedicated to the development of a 15 MWp Group Captive Solar Project in Uttar Pradesh, saw an equity share sale on June 26, 2026.The acquisition of OSPL-SPV was initiated when Motherson New Energy Limited (MNEL), a subsidiary of Samvardhana Motherson International Limited (SAMIL), acquired all the equity shares and compulsorily convertible debentures of OSPL-SPV...

Global Longlife Hospital Approves Re-appointment of Dhruv Jani as Managing DirectorThe shareholders of Global Longlife Hospital and Research Ltd approved the re-appointment of Mr. Dhruv Jani as Managing Director during an Annual General Meeting held on Thursday, June 25, 2026. The decision was made based on the recommendation of the Board of Directors.Mr. Jani has been re-appointed for a term covering five consecutive financial years, starting from September 10, 2026, and concluding on September 09, 2031.The appointment pertains to Mr. Dhruv Jani, who is identified as the Promoter and Managing Director of the company. He has been serving in this capacity since September 10, 2021.Mr. Jani holds a Bachelor Degree of Business...