BLS International Services Limited has announced that the Hon’ble High Court of Delhi has set aside the debarment order imposed by the Ministry of External Affairs (MEA). The MEA’s original order restricted BLS International from participating in future tenders. With the court’s decision, the debarment imposed on the Company has been quashed. The initial debarment was for a period of two years.

Court Ruling on Debarment

The Hon’ble High Court of Delhi has ruled in favor of BLS International, setting aside a previous debarment order issued by the Ministry of External Affairs (MEA). This legal outcome marks a significant development for the company, allowing it to resume participation in MEA tenders.

Background of the Debarment

The MEA had initially imposed a debarment on BLS International, preventing the Company from engaging in tenders related to the Ministry and India Mission abroad for a period of two years. BLS International challenged this decision by filing a writ petition before the Hon’ble High Court of Delhi.

Implications of the Order

Following the court’s decision, the debarment imposed on BLS International has been quashed. This allows the Company to participate in future tenders issued by the MEA. The company released an official update on December 18, 2025, regarding the aforementioned development.

Source: BSE

Anand Rathi Wealth has divested its stake in Freedom Wealth Solutions Private Limited, a non-material subsidiary, for ₹5.37 crore. The transaction involved the sale of 23,71,625 equity shares to Aqua Proof Wall Plast Private Limited. This sale, formalized on December 18, 2025, is part of the company’s strategic initiatives.

Stake Divestment

Anand Rathi Wealth announced the sale of its equity stake in Freedom Wealth Solutions Private Limited. The agreement was executed on December 18, 2025, with Aqua Proof Wall Plast Private Limited as the buyer.

Transaction Details

The sale involved 23,71,625 equity shares of Freedom Wealth Solutions, each with a face value of ₹10. The total consideration for this transaction amounted to ₹5.37 crore. Freedom Wealth Solutions is classified as a non-material subsidiary of Anand Rathi Wealth.

Buyer Information

The buyer, Aqua Proof Wall Plast Private Limited, is associated with the promoter group of Anand Rathi Wealth. The transaction is considered a related party transaction but was conducted at arm’s length.

Financial Impact

The total income contributed by Freedom Wealth Solutions as a subsidiary was ₹40.63 Lakhs, representing 0.04% of Anand Rathi Wealth’s total income. The net worth of the subsidiary was ₹588.14 Lakhs.

Source: BSE

CareEdge Ratings has reaffirmed the AA+ rating with a stable outlook for Bank of India’s Basel-III compliant Tier II Bonds and Long Term Infrastructure Bonds. The ratings factor in the bank’s established franchise, granular deposit base, comfortable capitalization supported by periodic capital infusions, diversified advances portfolio and improving financial performance. The rating agency expects some pressure on the bank’s net interest margin (NIM) in FY26.

Ratings Reaffirmed

CareEdge Ratings has reaffirmed the ratings for Bank of India’s (BOI) debt instruments, including Basel-III compliant Tier II Bonds and Long Term Infrastructure Bonds. The reaffirmation reflects BOI’s established market position and improving fundamentals.

Key Rating Drivers

The ratings are underpinned by several key factors:

• Established Franchise: BOI benefits from its pan-India branch network and a granular deposit base.
• Capitalization: The bank maintains comfortable capitalization levels, supported by regular capital infusions from the Government of India (GoI), which holds a majority stake (73.38% as of September 30, 2025).
• Diversified Advances: BOI has a diversified advances portfolio.
• Improving Financial Performance: The bank has demonstrated improvement in its financial performance over the recent years.

Potential Challenges

While the overall outlook is stable, CareEdge Ratings anticipates that BOI’s Net Interest Margin (NIM) could face some pressure in FY26, potentially impacting profitability in the near term. The bank’s ability to continue improving asset quality remains a key area of focus.

Rating Details

The following ratings have been reaffirmed:

• Infrastructure bonds: CARE AA+; Stable
• Tier-II bonds: CARE AA+; Stable
• Fixed deposit: CARE AA+; Stable
• Certificate of deposit: CARE A1+

Financial Highlights (as of September 30, 2025)

• Total income: ₹41,144 crore
• Profit after tax: ₹4,807 crore
• Gross NPA: 2.54%
• Net NPA: 0.65%
• Total capital adequacy ratio: 16.69%

Source: BSE

Bharat Heavy Electricals Limited (BHEL) has amended its Articles of Association (AOA). The amendment, approved by members via postal ballot on December 18, 2025, pertains to the establishment of joint ventures and subsidiaries, as well as the divestment of shareholding in these entities. The changes are now subject to government guidelines issued periodically.

Articles of Association Amended

Bharat Heavy Electricals Limited (BHEL) has officially announced amendments to its Articles of Association (AOA). The changes were approved by a special resolution passed through a postal ballot by the company’s members on December 18, 2025.

Focus on Joint Ventures and Subsidiaries

The key change involves Article 69 (22) of the AOA, relating to financial Joint Ventures and Wholly Owned Subsidiaries in India or abroad. Previously, the equity investment of the Company had limitations. The amended article now focuses on enabling the company to establish Joint Ventures and Subsidiaries in India or abroad and to divest shareholding in joint ventures and subsidiaries. These activities will be subject to compliance with Government guidelines issued from time to time.

Source: BSE

Bharat Petroleum Corporation Ltd. (BPCL) has announced the approval to form a Joint Venture Company with Coal India Limited (CIL) for setting up a Coal Gasification Project at Western Coalfields, Maharashtra. The decision was made during a board meeting held on December 18, 2025. The project is subject to regulatory approvals. Further details regarding project cost and investment will be disclosed upon completion of feasibility studies.

Joint Venture Approved

Bharat Petroleum Corporation Limited (BPCL) has received board approval to form a Joint Venture Company with M/s. Coal India Limited (CIL). The approval was granted at a meeting held on December 18, 2025.

Project Details

The Joint Venture aims to establish a Coal Gasification Project at Western Coalfields, Maharashtra. This project is subject to customary regulatory approvals. Coal India Limited’s (CIL) Corporate Identification Number (CIN) is L23109WB1973GOI028844. The shareholding pattern of the proposed JV company will be: BPCL 49% and CIL 51%.

Future Developments

The total project cost and investment details, including contributions from JV partners, will be disclosed following the completion of the project feasibility study and Detailed Project Report.

Rationale and Expected Benefits

The collaboration aims to leverage Coal India’s strength in domestic coal production and BPCL’s expertise in refining and gas marketing. The project will produce synthetic natural gas (SNG). This initiative enhances energy security, reduces import dependence and supports sustainable industrial growth in India.

Source: BSE

Amber Enterprises India Limited is set to expand its Research & Development (R&D) Centre in Punjab, with a planned investment of ₹500 Crores. The R&D Centre will focus on Heating, Ventilation, and Air Conditioning (HVAC) products. The company aims to leverage the state’s supportive policies to advance energy-efficient technologies and strengthen its product offerings for both domestic and global markets.

R&D Expansion in Punjab

Amber Enterprises India Limited is expanding its state-of-the-art Research & Development (R&D) Centre dedicated to HVAC (Heating, Ventilation, and Air Conditioning) products.

Investment and Objectives

The company plans to invest ₹500 Crores in this R&D facility, capitalizing on the conducive policies and incentives offered by the state of Punjab. This investment aims to accelerate innovation, improve design capabilities, and develop sustainable energy-efficient solutions for domestic and global markets.

Focus on Innovation

The expansion will support the development of advanced energy-efficient technologies and strengthen Amber Enterprises’ product pipeline, including Commercial AC solutions and VRV systems. The R&D centre will play a crucial role in meeting evolving product requirements and enhancing the company’s competitive edge.

Source: BSE

Cummins India has approved the acquisition of equity shares in Clean Max Yellowstone Private Limited, investing up to Rs. 2.70 Cr. This investment secures at least 8.78% of Clean Max’s equity, facilitating renewable power (Solar/wind/hybrid) for Cummins’ facilities. The move aligns with a Group Captive Model involving other Cummins entities, ensuring compliance with electricity regulations and promoting sustainable energy use.

Strategic Investment in Clean Energy

Cummins India’s Board of Directors has approved an investment of up to Rs. 2.70 Cr to acquire equity shares of Clean Max Yellowstone Private Limited (“Clean Max”). This investment will represent at least 8.78% of the equity share capital of Clean Max.

Group Captive Power and Regulatory Compliance

The investment will be made alongside other Cummins group entities in India under a Group Captive Model. Collectively, the Cummins group will hold at least 26.00% of the equity share capital of Clean Max. This structure complies with regulatory requirements for group captive power plants as outlined in the Electricity Act, 2003.

Share Purchase Agreement Details

A Share Purchase Agreement (SPA) has been signed, with the closing subject to specific terms and conditions outlined in the agreement.

Clean Max Yellowstone: Project Overview

Clean Max Yellowstone Private Limited, incorporated on September 23, 2024, is focused on developing and operating renewable energy projects, specifically offsite captive solar/wind/hybrid power generating plants.

Clean Max is currently a 100% subsidiary of Clean Max Enviro Energy Solutions Limited.

Rationale for the Investment

This investment allows Cummins India, along with other entities, to qualify as a group captive consumer, thereby reducing Scope 2 greenhouse gas (GHG) emissions and optimizing power costs for its facilities.

Source: BSE

Praj Industries has announced an inter-se transfer of shares among its promoter group. 7,200,000 shares were transferred from Moriyaset Trust to Dr. Pramod Chaudhari, representing 3.917% of the company’s total shares. The transaction took place on December 9, 2025. The aggregate holding of the promoter group remains unchanged post-transaction.

Inter-Se Share Transfer

Praj Industries has disclosed an inter-se transfer of shares between entities within its promoter group. The transaction involved the transfer of 7,200,000 shares.

Details of the Transaction

The transfer occurred from Moriyaset Trust to Dr. Pramod Chaudhari on December 9, 2025. The transferred shares represent 3.917% of the total shareholding of Praj Industries.

Promoter Holding

Following this inter-se transfer, the aggregate holding of the Promoter and Promoter group remains the same. There is no change in the overall promoter stake in Praj Industries.

Additional Information

This transfer is an internal transaction within the promoter group, and the company has complied with all necessary regulatory requirements, including payment of applicable fees.

Source: BSE

Maruti Suzuki India has announced that the National Company Law Appellate Tribunal (NCLAT) has scheduled a hearing regarding the CCI matter. The hearing is set for January 27, 2026. This update follows the company’s initial letter dated December 17, 2025, concerning the same issue. The company has requested the concerned parties to take note of this updated schedule.

NCLAT Hearing Scheduled

Maruti Suzuki India informs that the next hearing date concerning the CCI matter before the National Company Law Appellate Tribunal (NCLAT) is set for January 27, 2026. This information follows the company’s earlier communication on December 17, 2025, regarding the ongoing matter.

The company requests all concerned parties to take note of the newly scheduled hearing date.

Source: BSE