Rail Vikas Nigam Limited (RVNL) has received a Demand Notice from the Office of the Assistant Commissioner, Range-2, Division-1, Ahmedabad, Gujarat. The notice, in form DRC-07, is dated December 23, 2025, and pertains to the financial year 2021-22. The total demand as per the order is ₹5.56 Crore.

Demand Notice Details

RVNL has received a Demand Notice (DRC-07) from the Assistant Commissioner, Range-2, Division-1, Ahmedabad, Gujarat. The order number is ZD2412251118851 and is dated December 23, 2025, relating to the FY 2021-22.

Financial Impact

The total demand arising from this notice amounts to ₹5.56 Crore. While there is no immediate material impact on the company’s financial operations, RVNL is planning to contest the order.

Action Taken

RVNL has indicated that the order is challengeable and has initiated or will initiate appeals with the appropriate jurisdictional appellate authorities.

Source: BSE

IKS Health has granted 46,000 employee stock options to eligible employees under its Employee Stock Option Plan 2022 (IKS ESOP Plan). This decision, approved on December 24, 2025, aims to incentivize and retain talent. Each option converts into one equity share with a face value of Re. 1. The options are priced at Rs. 1,749.00 per option.

ESOP Grant Details

IKS Health has approved the grant of 46,000 employee stock options to its eligible employees as of December 24, 2025. These options are granted under the company’s Employee Stock Option Plan 2022 (IKS ESOP Plan).

Key Highlights of the ESOP

Here are the notable features of the employee stock options granted:

• Number of Options Granted: 46,000
• Conversion: Each option is convertible into one fully paid-up equity share.
• Face Value: Each equity share has a face value of Re. 1.
• Exercise Price: The options are granted at an exercise price of Rs. 1,749.00 per option.
• Market Price Reference: The exercise price is not less than the market price, specifically the closing price on December 23, 2025, on the National Stock Exchange of India Limited.
• Exercise Period: The stock options can be exercised anytime during continuous active employment from the date of vesting.

Additional Terms

The IKS ESOP Plan is being administered through a Trust. When exercised, each option will be converted into one equity share with a face value of Re.1. The scheme also provides guidelines for handling stock options in various circumstances, including death, permanent incapacity, resignation, and retirement. Adjustments will be made for corporate actions like rights issues and mergers, ensuring fairness under the IKS ESOP Plan. Allotted equity shares are not subject to a lock-in period.

Source: BSE

JK Tyre & Industries Ltd. has successfully completed the merger of Cavendish Industries Ltd., its subsidiary, as announced on December 23, 2025. The merger aims to unlock enhanced operational synergies, economies of scale, and a stronger diversified product portfolio. Cavendish was acquired in 2016 and has since seen significant improvements in capacity utilization.

Cavendish Industries Merger Finalized

JK Tyre & Industries Ltd. has announced the successful completion of the merger with Cavendish Industries Ltd., effective December 23, 2025. This strategic move aims to enhance the company’s overall operational efficiency and market presence.

Acquisition and Turnaround

Cavendish was initially acquired by JK Tyre in 2016 from Kesoram Industries Ltd. At the time of acquisition, Cavendish’s capacity utilization was at approximately 30%. Following the acquisition, JK Tyre implemented comprehensive managerial, financial, and technical support, leading to a significant turnaround.

Improved Capacity Utilization

Post-acquisition, the implementation of streamlined manufacturing processes resulted in a substantial increase in Cavendish’s capacity utilization, reaching approximately 95%. Additionally, the capacity at the Laksar facility was expanded, further contributing to the company’s overall tyre operations.

Synergies and Future Growth

The merger is expected to yield substantial value through enhanced operational synergies, economies of scale, and a more diversified product portfolio. This will also improve the distribution network, providing a stronger foundation for sustainable growth. This move reinforces JK Tyre’s long-term strategy, following previous successful transformations including Vikrant Tyres (1997-98) and JK Tornel Mexico (2008).

Source: BSE

Crompton Greaves Consumer Electricals Limited has been empanelled by Maharashtra State Electricity Distribution Company Limited (MSEDCL) for EPC contracts. This includes design, manufacture, supply, installation, testing, and commissioning of Solar Photovoltaic Water Pumping Systems (SPWPS) under the MTSKPY/PM-KUSUM scheme. The total order value is INR 46,20,48,229.00, excluding GST, for various locations across Maharashtra.

MSEDCL Empanelment Secured

Crompton Greaves Consumer Electricals Limited has secured an empanelment from Maharashtra State Electricity Distribution Company Limited (MSEDCL). This involves EPC contracts for Solar Photovoltaic Water Pumping Systems (SPWPS) under the MTSKPY/PM-KUSUM scheme in Maharashtra.

Project Details

The project encompasses the design, manufacture, supply, installation, testing, and commissioning of solar-powered water pumping systems. This initiative aligns with the MTSKPY/PM-KUSUM scheme, aimed at promoting solar energy use in agriculture.

Financial Impact

The total order value for this empanelment is INR 46,20,48,229.00 (excluding GST). This project will be executed across various locations within the state of Maharashtra.

Project Scope and Volume

The order received is for 2000 number of Solar Photovoltaic Water Pumping System with total work order value excluding GST being INR 46,20,48,229.00/-

Project Timeline

The project is to be executed within 60 days from the date of issue of Notice to Proceed (NTP) /work order

Source: BSE

Larsen & Toubro has secured a significant order for a Mumbai metro railway project. The project, awarded by MMRDA, pertains to the electrification of a 24.72 km long Line 4, running from Bhakti Park to Cadbury junction, featuring 22 elevated stations. The scope includes design, manufacture, supply, installation, and commissioning.

Mumbai Metro Project Secured

Larsen & Toubro’s Transportation Infrastructure business vertical has secured a significant order for a Mumbai metro railway project, as announced on December 24, 2025. The project highlights L&T’s continued involvement in major urban infrastructure developments.

Project Details

The project, Package CA-298, awarded by the Mumbai Metropolitan Region Development Authority (MMRDA), focuses on the electrification of a 24.72 Km stretch of Line 4. This line connects Bhakti Park (Wadala) to Cadbury junction and includes 22 elevated stations.

Scope of Work

The scope encompasses design, manufacture, supply, installation, integration, testing, and commissioning of power supply and traction systems. It also includes the provision of a SCADA system for Metro Line 4 & 4A, covering 32 stations, depots, and a receiving substation. All work will be executed by L&T’s in-house team. The project also includes electrical and mechanical works, Lift & Escalators for the 22 elevated stations and 2 Depots, along with five years of comprehensive maintenance.

Previous Involvement

This is the third successive order L&T has won in the Line-4&4A corridor of the Mumbai Metro. Prior wins include Package CA-234, involving rolling stock, Communications-Based Train Control (CBTC) signalling, telecommunications, platform screen doors, and depot machinery & plant. Another order was for Package CA-168, involving 19.5 km of ballast-less track-works across 15 stations.

Source: BSE

Apollo Hospitals Enterprise Limited has received approval from the National Stock Exchange of India (NSE) for its proposed composite scheme of arrangement. The scheme involves Apollo Hospitals Enterprise Limited, Apollo Healthco Limited, Keimed Private Limited, and Apollo Healthtech Limited, along with their respective shareholders and creditors. The approval is subject to certain conditions and compliance with regulations.

Scheme of Arrangement Approved by NSE

Apollo Hospitals Enterprise Limited announced that it has received a crucial observation letter with ‘no objection’ from the National Stock Exchange of India Limited (NSE) regarding its proposed composite scheme of arrangement. The announcement, dated December 24, 2025, highlights a significant step forward in the company’s strategic restructuring efforts.

Details of the Scheme

The scheme involves several entities, including Apollo Hospitals Enterprise Limited, Apollo Healthco Limited, Keimed Private Limited, and Apollo Healthtech Limited. The approval is for the composite scheme of arrangement amongst these companies and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013.

Conditions and Further Steps

While the NSE has granted its ‘no objection’ status, the scheme remains subject to requisite statutory and regulatory approvals. These include approvals from shareholders and creditors of the involved companies. A copy of the observation letter dated December 23, 2025, is available on the company website.

NSE Conditions

The NSE stipulated certain conditions as part of its approval. The key conditions include disclosing details of ongoing adjudication and recovery proceedings against the listed entity, ensuring compliance with SEBI circulars, and providing additional disclosures to shareholders. It also states that the proposed equity shares to be issued in terms of the ‘Scheme’ shall mandatorily be in demat form only.

Source: BSE

HFCL Limited has approved the allocation of 8,79,29,651 Equity Shares at an issue price of ₹62.55 per Equity Share under its Qualified Institutions Placement (QIP). The decision was made by the Fund Raising Committee of Directors on December 24, 2025. The QIP issue closed on the same day following the receipt of application forms and funds. The placement document was also approved.

QIP Issue Closure and Share Allocation

The Fund Raising Committee of Directors of HFCL Limited convened on December 24, 2025, to finalize key aspects of its Qualified Institutions Placement (QIP) issue. This meeting culminated in several important resolutions impacting the company’s equity structure and financial standing.

Key Decisions

The committee approved the closure of the QIP issue, effective December 24, 2025. This decision followed the successful receipt of all application forms and corresponding funds into the designated escrow account, satisfying the conditions for closure. The company also agreed to several other key decisions at the meeting:

Equity Share Allocation Details

A significant outcome of the meeting was the determination and approval of the allocation of 8,79,29,651 Equity Shares. These shares were priced at ₹62.55 each. This price represents a discount of ₹3.29 per Equity Share, or 5%, relative to the floor price of ₹65.84 as allowed by regulatory guidelines. This includes a premium of ₹61.55 per Equity Share.

Document Approval

The placement document for the QIP, dated December 24, 2025, was formally approved and adopted during the committee meeting.

Allocation Confirmation

Finally, the committee approved the finalized confirmation of allocation note. This note will be dispatched to the eligible qualified institutional buyers, providing them with formal notification of their allocated Equity Shares as part of the QIP issue.

Source: BSE

ACME Solar Holdings Limited has been awarded a letter of award by REMC Limited to set up a 130 MW Renewable Energy Round-the-Clock power project. The applicable tariff for the project is Rs. 4.35 per unit for the entire duration of 25 years. This project will contribute significantly to ACME Solar’s renewable energy portfolio.

New Renewable Energy Project Secured

ACME Solar Holdings Limited has received a Letter of Award (LOA) from REMC Limited for the development of a 130 MW Renewable Energy Round-the-Clock power project. The announcement was made on December 24, 2025.

Project Details

The tariff applicable for the entire duration of the project is Rs. 4.35 per unit. The project is expected to operate for a period of 25 years, ensuring a steady revenue stream for ACME Solar Holdings. This project strengthens ACME Solar’s position in the renewable energy sector.

Source: BSE