JSW Steel has been assigned an Issuer Rating of ‘A-‘ with a Stable Outlook by Rating and Investment Information, Inc. (R&I), a Japanese credit rating agency. The rating reflects JSW Steel’s leading position in the robust Indian steel market, supported by its strong manufacturing capabilities and technological advancements. R&I anticipates continued growth in the Indian steel demand, underpinning JSW Steel’s solid earnings base.

Credit Rating Assigned

Rating and Investment Information, Inc. (R&I) has assigned JSW Steel an Issuer Rating of ‘A-‘ with a Stable Outlook, effective December 23, 2025. This rating reflects R&I’s assessment of JSW Steel’s financial strength and stability in the context of the Indian steel market.

Rationale for the Rating

R&I recognizes JSW Steel as a leading steel manufacturer in India, a country with robust steel demand expected to continue expanding. The rating is supported by:

• Strong capabilities of JSW Steel’s plants.
• Technological prowess in product development.
• Robust economic fundamentals of India, which support the steel industry.

Factors Considered in the Assessment

R&I also considered the following factors in its assessment:

• Managerial independence of JSW Steel despite being an equity-method affiliate of JFE Holdings, Inc.
• Benefits from collaboration with the JFE Group, particularly in product portfolio and technological capabilities.
• Expected firm growth of the Indian economy, driven by domestic demand and economic policy initiatives.
• JSW Steel’s large-scale crude steel production capacity and technological capabilities in the growing Indian market.
• Strong access to domestic and international financial markets.
• Availability of unused credit facilities in addition to cash and short-term investments, limiting liquidity concerns.

Source: BSE

ACME Solar Holdings Limited has announced the incorporation of a new wholly-owned subsidiary (WOS) named ACME Greentech Sixteen Private Limited on December 23, 2025. The subsidiary will focus on power generation, specifically in the renewable energy sector, aiming to develop, establish, and operate various power projects.

New Subsidiary Launch

ACME Solar Holdings Limited has expanded its operational capabilities with the incorporation of a new wholly-owned subsidiary, ACME Greentech Sixteen Private Limited, officially established on December 23, 2025.

Focus on Renewable Energy

The newly formed entity will operate in the power generation sector, with a specific focus on renewable energy. The primary objective is to undertake businesses related to the development, establishment, and operation of power generation and renewable energy projects.

Financial Details

The cost of subscription for the shares in the new subsidiary amounts to ₹1,00,000, comprising 10,000 equity shares with a face value of ₹10 each. ACME Solar Holdings Limited holds 100% control and shareholding in ACME Greentech Sixteen Private Limited.

Source: BSE

Persistent Systems has announced that Aepona Group Limited, Ireland, is now a wholly-owned subsidiary, effective from December 23, 2025. The transfer of 100% shareholding from Persistent Systems Inc., USA, has been completed. This move aims to streamline operations and strengthen Persistent’s global presence.

Aepona Group Now a Subsidiary

Aepona Group Limited, Ireland, is now a wholly-owned subsidiary of Persistent Systems, effective December 23, 2025.

Details of the Acquisition

The necessary conditions for the transfer of the 100% shareholding of Aepona Group Limited from Persistent Systems Inc., USA, to Persistent Systems Limited, India, have been successfully met as of December 23, 2025. This restructuring simplifies the ownership structure.

Source: BSE

PNB Housing Finance has received an order from the Income Tax Department, related to Assessment Years 2019-20 and 2020-21. The order, received on December 23, 2025, pertains to disallowances of certain revenue expenses and deductions. The total demand amounts to ₹107.92 crore. The company plans to file a rectification application to address errors in the order.

Income Tax Order Details

PNB Housing Finance has been notified of an order issued by the Income Tax Department on December 22, 2025, and received by the company on December 23, 2025. The order concerns Assessment Years 2019-20 and 2020-21.

Financial Impact

The tax demand resulting from the disallowance of expenses and deductions amounts to ₹107,92,10,700. This comprises ₹91,33,53,370 for AY 2020-21 and ₹16,58,57,330 for AY 2019-20.

Company Response

PNB Housing Finance intends to file a rectification application under section 154 of the Income Tax Act, 1961, to address certain errors present in the order, including the application of incorrect tax rates. The company does not expect the order to have a material financial impact.

Existing Appeals

The announcement also clarified that the disallowances mentioned in the order have already been identified in the regular assessment proceeding. The company has already filed an appeal against these disallowances with the Income Tax Appellate Tribunal, Delhi.

Source: BSE

ICICI Bank Limited has filed its Semi-Annual Report (SAR) with the Director of Kanto Local Finance Bureau in Japan, as per the Financial Instruments and Exchange Law of Japan. The filing covers the six-month period from April 1, 2025, to September 30, 2025. An English translation of the report is attached as an annexure.

Semi-Annual Report Filing

ICICI Bank Limited (the Bank) has announced the filing of its Semi-Annual Report (SAR) with the Director of Kanto Local Finance Bureau in Japan. This action is mandated by the Financial Instruments and Exchange Law of Japan.

Reporting Period

The Semi-Annual Report (SAR) encompasses the financial activities and performance of ICICI Bank for the six-month duration beginning on April 1, 2025, and ending on September 30, 2025.

Additional Information

The original filing is available at https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9K2. The English translation is attached as Annexure.

Copy To

• New York Stock Exchange (NYSE)
• Singapore Stock Exchange
• Japan Securities Dealers Association
• SIX Swiss Exchange Ltd.

Source: BSE

Syngene International is investing in O2 Renewable Energy V Private Limited (O2 RE V) to source renewable power. The investment involves acquiring equity stake from Dalmia Cement (Bharat) Limited. The investment amount is revised to Rs. 35 million. This strategic move ensures captive status as per Electricity Act and supports the company’s commitment to utilizing renewable energy.

Investment in Renewable Energy

Syngene International is proceeding with an investment in O2 Renewable Energy V Private Limited (O2 RE V) to strengthen its renewable energy sourcing capabilities. The decision comes after considering regulatory changes affecting solar power utilization and extended timelines for wind energy infrastructure.

Revised Strategy

Instead of the previously planned investment in O2 Renewable Energy II Private Limited (O2 RE II), the company will now invest in O2 RE V, another SPV of the O2 Group. O2 RE V has existing wind assets, offering a more immediate renewable energy solution.

Financial Details

The investment amount is revised to Rs. 35 million, which will be used to acquire an equity stake from Dalmia Cement (Bharat) Limited. This investment will allow Syngene to source power from O2 RE V through a Power Purchase Agreement and Share Purchase Agreement.

O2 Renewable Energy V Details

O2 RE V was incorporated on May 25, 2022. It is engaged in power generation from 2.2 MW of Wind Power and 3.125 MW ac of Solar Power from a Wind-Solar Hybrid power plant located in Kudligi, Bellary District, Karnataka. As of the financial year 2024-25, O2 RE V’s turnover was Rs. 20,29,37,390/-.

Strategic Rationale

This investment allows Syngene International, along with other captive investors, to acquire and maintain a minimum 26% stake in O2 RE V. This ensures captive status as per the Electricity Act and Share Purchase Agreement. The acquisition is expected to be completed on or before March 31, 2026.

Source: BSE

SKF Interim AB, part of the Promoter Group of SKF India, has acquired 25,992,059 equity shares, representing 52.58% of the company’s shareholding, through an off-market transaction from Aktiebolaget SKF (AB SKF), Promoter of the Company. The transaction occurred on December 23, 2025, and reflects an inter-se transfer within the Promoter Group with no consideration.

Promoter Group Restructuring

On December 23, 2025, SKF India announced a significant shift in its shareholding pattern. SKF Interim AB, a member of the Promoter Group, increased its stake in the company by acquiring a substantial block of shares from another Promoter entity, Aktiebolaget SKF (AB SKF).

Details of the Transaction

The transaction involved the acquisition of 25,992,059 equity shares by SKF Interim AB. This represents 52.58% of SKF India’s total shareholding. The shares were acquired through an off-market transaction from Aktiebolaget SKF (AB SKF). The company stated this transaction is an unconditional and irrevocable shareholder’s contribution, with no consideration involved.

Source: BSE

Aktiebolaget SKF (AB SKF), the promoter of SKF India, has disposed of 25,992,059 equity shares, representing 52.58% of the company’s shareholding. The shares were sold to SKF Interim AB, a wholly-owned subsidiary of AB SKF, through an off-market transaction. The transaction, dated December 23, 2025, was executed as per insider trading regulations, with no consideration involved.

Promoter Stake Transfer

Aktiebolaget SKF (AB SKF), promoter of SKF India, has divested a significant portion of its stake in the company. The transaction involved the transfer of 25,992,059 equity shares.

Details of the Transaction

The disposed shares constitute 52.58% of SKF India’s total equity. The off-market transaction was executed on December 23, 2025, with SKF Interim AB, a wholly-owned subsidiary of AB SKF, as the acquirer. This transfer was an unconditional and irrevocable contribution for no consideration.

Impact on Shareholding

Following this transaction, SKF Interim AB now holds 52.58% of SKF India’s shares. The transaction was carried out in accordance with insider trading regulations.

Source: BSE

SKF Interim AB, a member of the promoter group of SKF India Limited, has acquired 25,992,059 equity shares, increasing its stake to 52.58%. The transaction, completed on December 23, 2025, involved an off-market purchase from Aktiebolaget SKF (AB SKF). This acquisition strengthens SKF Interim AB’s position within the company.

Promoter Group Strengthens Holding

On December 23, 2025, SKF India Limited announced that SKF Interim AB, a member of the Promoter Group, has increased its shareholding in the company.

Details of the Transaction

SKF Interim AB acquired 25,992,059 equity shares, representing 52.58% of SKF India Limited. The shares were purchased from Aktiebolaget SKF (AB SKF) through an off-market transaction. Consequently, SKF Interim AB now holds a majority stake in the company.

Significance of the Acquisition

This acquisition demonstrates the promoter group’s continued confidence in the long-term prospects of SKF India Limited. By increasing its stake, SKF Interim AB solidifies its commitment to the company’s growth and strategic direction.

Source: BSE

Syrma SGS Technology Limited announced the grant of 4,21,947 stock options under the Syrma SGS Employee Stock Option Plan 2023. The grant was approved at a Nomination and Remuneration Committee meeting held on December 23, 2025. Each option allows the holder to acquire one equity share of the company, and the vesting schedule is spread over three years.

Stock Option Plan Details

Syrma SGS Technology Limited has granted 4,21,947 stock options to eligible employees, as approved by the Nomination and Remuneration Committee on December 23, 2025. Each option, upon exercise, entitles the holder to one equity share of ₹10.

Vesting Schedule

The vesting of the options is performance-based and structured over three years:

• 30% of the granted options will vest on the 1st anniversary of the grant date.
• An additional 30% will vest on the 2nd anniversary.
• The final 40% of the options will vest on the 3rd anniversary from the grant date.

Exercise Period

The exercise period for these options is limited to a maximum of 3 years from their respective vesting dates.

Source: BSE