Globalbees Brands Private Limited, a subsidiary of FirstCry, has increased its stake in DF Pharmacy Limited to 80%. This acquisition involves purchasing an additional 20% shareholding. DF Pharmacy, established in 2008, specializes in nutraceutical and pharmaceutical products under brands like ‘Kozicare’ and ‘Healthvit’. The deal was finalized on November 21, 2025.

Expanded Investment in DF Pharmacy

Globalbees Brands Private Limited has increased its investment in DF Pharmacy Limited, a step-down subsidiary of FirstCry. The agreement, formalized on November 21, 2025, increases Globalbees’ stake to 80%.

DF Pharmacy Overview

DF Pharmacy Limited, founded on January 22, 2008, operates in the nutraceutical and pharmaceutical sectors. Their product portfolio includes brands such as ‘Kozicare’, ‘Glutalight’, ‘Cleno’, and ‘Healthvit’.

Financial Performance

DF Pharmacy’s recent financial performance includes:

* 2024-25: INR 20.97 Crore
* 2023-24: INR 22.26 Crore
* 2022-23: INR 24.06 Crore

Key Financial Metrics (2024-25)

* Turnover: INR 20.97 Crore
* Net worth: INR 66.83 Crore

Acquisition Details

The acquisition, valued at INR 21.56 Crores, was completed in cash and increases Globalbees’ shareholding by 20%.

Source: BSE

Hindalco outlines its strategic imperatives, aiming for growth through aluminium and copper expansion. Key areas include upstream and downstream businesses, targeting a 4x growth in downstream by FY30. The company is focused on increasing recycled content and reducing carbon emissions, investing in projects expected to yield significant returns. Hindalco’s position among NIFTY 50 peers remains strong, with attractive valuations and a robust capital expenditure plan of $10B.

Strategic Business Imperatives

Hindalco is focusing on strategic imperatives to drive future growth, emphasizing both aluminium and copper businesses. A key goal is to achieve a 4x growth in the downstream sector by FY30. These strategies are designed to strengthen Hindalco’s market position and capitalize on emerging opportunities.

Focus on Sustainability and Circular Economy

The company is committed to sustainability, aiming to increase average recycled content and reduce carbon emissions. This includes initiatives to lower emissions to less than 3 tonnes of CO2e per Tonne of FRP shipped. The emphasis on a circular economy aligns with global trends towards sustainable business practices.

Financial Performance and Valuation

Hindalco maintains a strong position among NIFTY 50 peers with an attractive valuation. The company reported a strong H1 ROCE of 19.6%. A disciplined capital allocation strategy and a consolidated Net Debt / EBITDA at 1.23x contribute to financial stability. The company’s growth capex plan stands at $10B.

Novelis Growth and Expansion

Novelis, a subsidiary of Hindalco, is focused on capacity expansion and improving EBITDA per tonne. Key projects include developments in Logan (US), Oswego (US), and Pinda (Brazil), with commissioning planned for FY26. These projects aim to increase capacity and improve the product mix. The company projects long-term adjusted EBITDA per Tonne exceeding $600.

India Business Expansion Projects

Hindalco is undertaking significant expansion projects in India, including investments in aluminium upstream, alumina, aluminium downstream, and copper segments. Total investments in India business amount to $6.212 Billion. Key projects include Greenfield Aditya Alumina Refinery and Aluminium Smelter Expansion. The company expects self-sufficiency in captive coal by FY33, meeting 100% coal requirement through captive mines.

Aluminium Downstream Investments

Investments in aluminium downstream businesses are yielding results with enhanced capacity and unmatched quality. These include expansion of the product portfolio and cutting-edge technology for battery enclosures. Aluminium Downstream capacity will reach 600 KT post ramp-up.

Capacity and Potential

Hindalco is increasing its aluminium downstream capacity by 170 KT. This increase is expected to significantly improve EBITDA. Potential EBITDA improvement is projected at $200/t due to resource security.

Specialty Alumina

In Specialty Alumina, investments are targeted towards new value-added product developments. The company aims to produce FUSALOX™ White Fused Alumina and Superfine Precipitated ATH. Post ramp-up the estimated capacity is 1,000 KT with an EBITDA improvement projected at $50/t due to premiumisation.

Financial Strength

Hindalco’s balance sheet supports its growth strategy with Free Cash Flow after maintenance capex at $0.9B in India and $1.1B in Novelis, leading to a consolidated $2B. The net debt/EBITDA remains low at 1.23x

Source: BSE

Brickwork Ratings India Pvt. Ltd. has reaffirmed IIFL Finance’s credit ratings. BWR AA+/Stable rating has been reaffirmed for Non-Convertible Debentures (NCDs) amounting to Rs. 1,022.04 crores. Additionally, a BWR AA/Stable rating has been reaffirmed for Perpetual Debt Instruments. The ratings apply to NCDs issued to the public amounting to Rs. 2,000 crores.

Credit Ratings Maintained

IIFL Finance has received confirmation from Brickwork Ratings India Pvt. Ltd. regarding its credit ratings for specific debt instruments. The announcement, dated November 21, 2025, highlights the continued stability and reliability of IIFL Finance’s financial profile.

Details of Reaffirmed Ratings

The key highlights of the ratings reaffirmation are:

• BWR AA+/Stable: Maintained for Non-Convertible Debentures (NCDs) totaling Rs. 1,022.04 crores.
• BWR AA/Stable: Maintained for Perpetual Debt Instruments.

These ratings apply to publically issued NCDs of IIFL Finance, which amount to Rs. 2,000 crores.

Source: BSE

SMC Squared, part of Hexaware Technologies, has been named a 2025 SMU Cox Dallas 100 Winner, marking the third time the company has received this recognition. The award recognizes the fastest-growing privately held businesses in the Dallas region. This reflects SMC Squared’s sustained momentum, strategic impact, and leadership in global talent and Global Capability Center (GCC) services.

Prestigious Award

SMC Squared, a component of Hexaware Technologies, has been recognized as a 2025 SMU Cox Dallas 100 Winner. This acknowledgment signifies the company’s third time appearing on the list, which celebrates the fastest-growing privately held businesses in the Dallas region. The award is conferred by the SMU Cox School of Business’s Caruth Institute for Entrepreneurship.

Significance of Recognition

Being named to the Dallas 100 three times demonstrates SMC Squared’s sustained growth, strong execution, and resilience. According to Chinmoy Banerjee, President & Head – North America, Hexaware, this award is a credit to the SMC Squared team and the clients who trust them. Their work in building high-quality GCCs is central to Hexaware’s GCC 2.0 service line.

Leadership Perspective

Patricia Connolly, Senior Vice President & Global Head, SMC Squared, views this recognition as a tremendous honor that underscores the hard work and dedication of their global team and clients. This inspires them to further help multinational companies build world-class GCCs and accelerate strategic goals.

SMC Squared and Hexaware

The integration of SMC Squared into Hexaware Technologies has reinforced its position as a trusted GCC solutions provider. SMC Squared was ranked #8 among the Dallas 100 in 2021, becoming one of the top-ranked female-owned and led companies on the list. The 2022 acknowledgement reaffirmed its growth and excellence in the GCC and talent strategy domain.

About SMC Squared

SMC Squared optimizes global workforces for companies, providing solutions for teams ranging from 5 to over 1000 members. It focuses on innovation, people, and operational excellence to build GCCs.

Source: BSE

Grasim Industries Limited announced the approval of its Corporate Dossier. The dossier, accessible on the company’s website, provides comprehensive details about Grasim’s operations, financial standing, and strategic direction. The information is intended for shareholders, investors, and stakeholders, ensuring transparency and facilitating informed decision-making. The announcement was made on November 21st, 2025.

Corporate Dossier Approval

The board of directors at Grasim Industries Limited has formally approved the company’s Corporate Dossier. This announcement was officially released on November 21st, 2025, and is intended to keep all stakeholders well-informed.

Accessibility and Purpose

According to the official statement, the approved Corporate Dossier is readily accessible on Grasim’s official website. The document comprehensively outlines the company’s various activities, including key financial data, operational highlights, and strategic initiatives. This resource aims to ensure transparent communication with shareholders, potential investors, and other relevant parties, empowering them to make well-informed decisions regarding Grasim Industries.

Strategic Outlook

Grasim’s investor presentation highlights the company’s diversified business portfolio, spanning leadership positions in sectors critical to India’s economic growth. As a US$ 67 billion conglomerate, Grasim operates across cellulosic fibers, chemicals, building materials (including UltraTech Cement and decorative paints), and financial services. The company emphasizes sustainable practices, value creation, and consistent financial performance.

Financial Performance and Growth

Grasim reported consolidated revenue of ₹1,59,663 Cr. and EBITDA of ₹22,873 Cr., according to the presentation. Grasim highlights its commitment to sustainability, innovation, and operational efficiency across its businesses, positioning itself for continued growth in alignment with India’s economic trajectory.

Business Segment Highlights

Key highlights from the investor presentation include:

• Cellulosic Fibers: Focused on sustainable fibers and specialty products.
• Chemicals: Leading producer of chlor-alkali and epoxy resins.
• Building Materials: UltraTech Cement is India’s largest cement brand.
• Financial Services: Diversified financial services platform under Aditya Birla Capital.

Source: BSE

TVS Motor Company has launched its refreshed range of three-wheelers under the TVS King brand in Ghana. The new versions, TVS King Deluxe Plus and TVS King Deluxe Plus XL, feature a larger 10-liter fuel tank, tubeless tires, and a bigger utility box. The XL variant boasts a 1,405 mm wide passenger cabin. These models aim to strengthen TVSM’s position in Western Africa.

New TVS King Models Launched

TVS Motor Company has launched the TVS King Deluxe Plus and TVS King Deluxe Plus XL in Ghana on November 21, 2025. These three-wheelers aim to provide reliable and efficient public transit solutions. The launch expands the company’s global presence.

Key Features

The TVS King Deluxe Plus and TVS King Deluxe Plus XL offer a host of convenience features, including a 10-litre fuel tank, tubeless tires, and a 100-litre utility box for ample storage.

The XL variant features a 1,405 mm wide passenger cabin.

Both models include heavy-duty B&C pillars, a thick canopy, a stronger chassis, and a longer steering column.

The vehicles are powered by a fuel-efficient and reliable 200cc air-cooled engine.

Comments from Leadership

Mr. Rahul Nayak, Senior Vice President – International Business, TVS Motor Company, stated that Ghana is a high-potential market and expressed pleasure in introducing the company’s advanced three-wheelers there. He emphasized the commitment to delivering advanced technology and value to Ghana’s entrepreneurs and transport operators.

Mr. Dev Bulani, Managing Director, Arash Motors, expressed pride in partnering with TVS Motor Company and highlighted that the TVS King Deluxe Plus and TVS King Deluxe Plus XL will bring a new level of comfort, performance, and reliability to the three-wheeler segment.

Availability and Network

The product will be available across Ghana with a network of 75 dealers, over 100 sales touch points, and 200 service centers.

Source: BSE

Reliance Industries informs about the company’s participation in an Institutional Investors’ Meeting. The meeting, organized by a third party, involved company executives. The company confirms that no unpublished price-sensitive information was shared or discussed during the meeting. The announcement is dated November 21, 2025.

Institutional Investor Engagement

Reliance Industries Limited wishes to inform its stakeholders regarding the Company executives’ participation in an Institutional Investors’ Meeting. The Company confirms that this meeting was organized by a third party.

Key Details of the Meeting

The meeting took place on November 21, 2025, in Mumbai. The type of meeting/event was a JM Financial India Conference. During the course of the meeting, the company states that no unpublished price-sensitive information was shared or discussed.

Source: BSE

Ventive Hospitality announced strong Q2 FY26 results, with EBITDA growing by 50% and revenue up 28% year-over-year. The company reported robust performance in both India and Maldives, driven by operational efficiency and strategic acquisitions. India’s revenue grew by 14% and EBITDA by 47%. The company also highlighted key acquisitions and sustainability efforts.

Financial Highlights

Ventive Hospitality reported a consolidated revenue of ₹554.5 crores, a 28% increase year-over-year. Excluding foreign exchange gains, revenue growth was 16.6%. EBITDA reached ₹254.8 crores, up 50% year-over-year, with margins expanding to 46%.

India Business Performance

The India business saw revenue growth of 14% and EBITDA growth of 47%. This was driven by increased ADR (Average Daily Rate), which grew by 12% to ₹11,335. Occupancy in India improved to 66%, resulting in RevPAR (Revenue Per Available Room) growth of 13% to ₹7,486. F&B and banqueting revenues also increased by 17%.

Maldives Portfolio

The Maldives portfolio continued its strong performance, with EBITDA growing by 164% year-over-year. Same-store EBITDA rose 91%, with margins up by 5 percentage points to 13%. This was attributed to operational recovery and integration of assets. The company is also making progress on its solar installation program across all three resorts.

Strategic Acquisitions

Ventive Hospitality announced strategic acquisitions: a controlling stake in Soboho Private Limited to operate Soho House in India and the acquisition of a 76% stake in the Hilton Goa Resort. The investment for the Soho House deal is approximately ₹60 crore for a 51% stake, and the Hilton Goa Resort acquisition involved a minimal initial cash outflow of ₹120 crore.

Debt and Financial Position

The company’s cost of funds has decreased, with Indian assets seeing a reduction of 0.8% (from 8.2% to 7.36%) and Maldivian debt reduced by 0.5% (from 7.7% to 7.27%). As of September 30, 2025, total debt stood at ₹2,129 crore, and the company retains an AA rating with a stable outlook from CRISIL.

Sustainability Initiatives

Ventive Hospitality continues its focus on sustainability, with the Ritz Carlton, Pune, achieving the highest LEED Platinum Certification and ISO 14001:2015. Other initiatives include eco-certifications for Conrad Maldives Rangali Island and partnerships for seagrass ecosystem protection.

Expansion Pipeline

The company aims to reach 4000 keys by FY30. Projects under development include assets in Varanasi (by FY28), a Ritz Carlton Reserve (also by FY28), and an AC by Marriott (by FY27). Four ROFO assets are expected to be ready by FY30.

Source: BSE

Infosys Foundation has announced the winners of the 2025 Aarohan Social Innovation Awards, awarding INR 2 crore to eight innovators. The awards recognize transformative innovations in education, healthcare, and environmental sustainability. Winners receive INR 50 lakh each for their impactful solutions. The awards highlight Infosys Foundation’s commitment to driving social impact through technology and compassion across India.

Recognizing Social Innovators

Infosys Foundation, the philanthropic arm of Infosys, has revealed the winners of the fourth edition of the Aarohan Social Innovation Awards on November 21, 2025. These awards, initiated in 2018, celebrate individuals and teams creating breakthrough solutions for social good, aimed at improving lives across India.

Award Focus Areas

The 2025 awards recognized innovations in three key areas: Education, Healthcare, and Environmental Sustainability. These align with Infosys Foundation’s mission to drive social impact through technology, creativity, and compassion. Over 2,000 entries were evaluated by an eminent jury.

Winning Innovations

Each winner of the Aarohan Social Innovation Awards 2025 will receive INR 50 lakh for their impactful innovations:

Education: Connecting the Dots

Rajesh A Rao, Ravindra S Rao, and Deepa L B Rajeev from Bengaluru developed ‘Connecting the Dots,’ an interactive learning program designed to teach STEM and spoken English to government school students (Grades 6-10) through daily live classes, lab kits, scholarships, and teacher training.

Healthcare: CLUIX C012

Chitranjan Singh and Robin Singh from New Delhi created ‘CLUIX C012’, a portable Al- and loT-enabled water-quality analyzer that provides real-time, GPS-tagged reports, testing 14 parameters to identify waterborne diseases within 30 minutes. The affordable testing is available across urban and rural areas.

Environmental Sustainability: Borecharger

Rahul Suresh Bakare and Vinit Moreshwar Phadnis from Pune developed ‘Borecharger’, the world’s first robotic artificial borewell-recharge technique that injects 4 to 80 lakh liters of rainwater into existing borewells annually. This enhances irrigation, farm production, farmer income, drinking water quality and quantity.

Jury Special Award Winners

In addition to category winners, the jury recognized five social innovations, awarding prize money of INR 10 lakh each:

Sukoon

A smart jacket based on a Digital Hybrid-IDEC mechanism, created by Phalgun Mukesh Vyas from Pune.

Comprehensive Wildlife Management Platform

A web-based platform for managing wildlife rescue, treatment, rehabilitation, and release, developed by Neha Panchamiya and Nachiket Utpat from Pune.

Project Bindu

An initiative for creating remote, tech-enabled work ecosystems for persons with disabilities, created by Sowmya S and Pallavi Kulkarni from Pune.

CERVICHECK

India’s first CDSCO-approved at-home self-sampling kit for HPV screening developed by Anirban Palit, Dr. Sayantani Pramanik, and Palna Patel from Vadodara.

Hexis & Iris

India’s only integrated learning ecosystem for visually impaired students combining a unique refreshable Braille display by Nagarajan Rajagopal, Vidhya Y, and Supriya Dey from Bengaluru.

Source: BSE

United Spirits Limited’s Board of Directors has recommended the appointment of M/s. Walker Chandiok & Co. LLP as the new Statutory Auditors, effective from the conclusion of the 27th Annual General Meeting (AGM) to be held in FY 2026-27. The appointment, subject to shareholder approval, is for a term of five years. M/s. Price Waterhouse & Co., the current Statutory Auditors, will complete their term at the conclusion of the 27th AGM.

Auditor Appointment Recommendation

The Board of Directors of United Spirits Limited has recommended the appointment of M/s. Walker Chandiok & Co. LLP as the Statutory Auditors of the company for a term of five years. This recommendation follows a review by the Audit Committee.

Effective Period and Current Auditors

The appointment of M/s. Walker Chandiok & Co. LLP is slated to be effective from the conclusion of the 27th Annual General Meeting to be held in FY 2026-27, extending up to the 32nd AGM in FY 2031-32. M/s. Price Waterhouse & Co., Chartered Accountants LLP, the existing Statutory Auditors, will conclude their second term of five years upon the conclusion of the 27th AGM.

Shareholder Approval

The proposed appointment of M/s. Walker Chandiok & Co. LLP will be presented to the shareholders for their approval at the upcoming 27th AGM of the Company, scheduled for FY 2026-27.

Walker Chandiok & Co. LLP Overview

M/s. Walker Chandiok & Co. LLP, established in 1935, is a Chartered Accountancy firm registered with the Institute of Chartered Accountants of India (ICAI). The firm has over 2100 personnel, eighty-eight partners and provides audit and assurance services to a number of large companies.

Source: BSE