Hindustan Zinc Limited (HZL) has been assigned an ESG rating of ’62’ by ESG Risk Assessments and Insights Limited. This rating is part of the company’s annual environmental, social, and governance (ESG) assessment process. The rating report and rationale are available on the ESG Research platform, ESGRisk.ai.

ESG Rating Assignment

Hindustan Zinc Limited (HZL) has received an ESG rating of ’62’ following an assessment conducted by ESG Risk Assessments and Insights Limited. This evaluation contributes to the company’s ongoing commitment to transparently disclosing its ESG performance.

Additional Information

The assigned ESG rating reflects the assessments made by ESG Risk Assessments and Insights Limited. HZL emphasizes that it did not engage the agency for this specific assessment. The ratings are independently prepared based on publicly available information.

Further details regarding the methodology used to determine the rating can be found in the Rating Rationale Report, accessible on the ESG Research – ESGRisk.ai website.

Source: BSE

FirstCry’s subsidiary, Swara Baby Products Private Limited, will acquire K.A. Enterprises (Hygiene) Private Limited (KA Hygiene). Swara Baby will acquire 100% stake in KA Hygiene, issuing 3,849,572 equity shares. The cost of acquisition is estimated at ₹57.74 Crore. Following the deal, FirstCry’s shareholding in Swara Baby will adjust from 87.29% to 75.92%.

Acquisition Overview

Swara Baby Products Private Limited, a subsidiary of FirstCry, has entered into an agreement to acquire 100% of K.A. Enterprises (Hygiene) Private Limited, referred to as KA Hygiene. This acquisition will be executed through a share subscription agreement and a share purchase agreement, both dated December 22, 2025.

Deal Structure

To acquire KA Hygiene, Swara Baby will issue 3,849,572 equity shares to the existing shareholders of KA Hygiene. The estimated cost of the acquisition is ₹57.74 Crore. Post-issuance, FirstCry’s shareholding in Swara Baby will be adjusted from 87.29% to 75.92%. KA Hygiene will become a wholly-owned subsidiary of Swara Baby.

About KA Hygiene

KA Hygiene, incorporated in India on July 31, 2019, is primarily involved in the manufacturing and trading of hygiene products. The company has recently commenced its business operations.

Financial Details

KA Hygiene’s turnover for the last three financial years is as follows:

* 2024-25: ₹84.01 Crore
* 2023-24: ₹80.42 Crore
* 2022-23: ₹58.45 Crore

The Profit After Tax for 2024-25 was ₹5.22 Crore. Due to the recent commencement of its business operations, turnover, profit after tax, and net worth are currently negligible.

Timeline

The acquisition is expected to be completed on or before December 31, 2025.

Source: BSE

Akzo Nobel India has received a notice from the Deputy State Tax Officer, Vellore, regarding alleged discrepancies in transport documents during a physical verification conducted by the GST Department. The notice, issued on December 22, 2025, mentions a potential penalty of ₹5,19,840. The company is currently reviewing the notice and preparing a response within the stipulated timeframe.

GST Notice Received

Akzo Nobel India has received a notice concerning alleged irregularities discovered during the physical verification of transport documents by the GST Department.

Details of the Notice

The notice was issued by the Deputy State Tax Officer, Vellore, Roving Squad, Tamil Nadu GST Department, and received on December 22, 2025, at 11:00 am. It alleges a defect in the transport documents. The notice was issued under Section 68 of the CGST Act/Rules, 2017.

Potential Financial Impact

The notice mentions a penalty amounting to ₹5,19,840. This represents the total potential liability as per the received communication.

Company’s Response

Akzo Nobel India is currently assessing the notice and preparing a response to be submitted within the specified timeframe. The company views this as an open matter subject to further submissions and review by the relevant authorities.

Source: BSE

Larsen & Toubro (L&T) has been awarded a significant order in its Hydrocarbon Onshore business from Bharat Petroleum Corporation Ltd (BPCL). The project includes engineering, procurement, construction, and commissioning of a Linear Low-Density Polyethylene / High-Density Polyethylene (LLDPE / HDPE) Swing Unit. The unit consists of two trains of 575 KTPA each and will be located in Bina, Madhya Pradesh.

Hydrocarbon Business Boost

Larsen & Toubro’s (L&T) Hydrocarbon Onshore business vertical has secured a major order from Bharat Petroleum Corporation Ltd (BPCL), according to a press release dated December 23, 2025. This win significantly strengthens L&T’s position in the hydrocarbon sector.

Project Overview

The project scope includes engineering, procurement, construction, and commissioning of a Linear Low-Density Polyethylene / High-Density Polyethylene (LLDPE / HDPE) Swing Unit. This unit will consist of two trains, each with a capacity of 575 KTPA, located in Bina, Madhya Pradesh. The project will be executed on a Lump Sum Turnkey basis.

Significance of the Project

The LLDPE / HDPE Swing Unit is expected to be India’s largest, setting a new benchmark in polyethylene production capacity. This project is integral to BPCL’s Bina Petrochemicals & Refinery Expansion Project, aiming to establish a petrochemical complex and increase refinery capacity from 7.8 ΜΜΤΡΑ to approximately 11 ΜΜΤΡΑ. The expansion supports the Government of India’s ‘Aatmanirbhar Bharat’ vision.

Executive Commentary

According to Mr. Subramanian Sarma, Deputy Managing Director & President of L&T, this order will strengthen the company’s balance sheet and provide impetus to its demonstrated credentials in the downstream hydrocarbon EPC space.

Mr. E S Sathyanarayanan, Senior Vice President & IC Head of L&T Energy Hydrocarbon Onshore, highlighted the win as a testament to the trust customers place in L&T’s execution and delivery capabilities, emphasizing the commitment to delivering the project with high standards of HSE and quality.

Source: BSE

Biocon Biologics has secured full global rights to Hulio, its biosimilar Adalimumab, through an expanded agreement with Fujifilm Kyowa Kirin Biologics (FKB). This grants Biocon Biologics end-to-end control over manufacturing and commercialization. FKB will participate in development, offsetting costs, while Biocon Biologics will pay a technology license fee and royalties. Commercial production will commence after technology transfer and regulatory approvals.

Expanded Biosimilar Agreement

Biocon Biologics Limited has announced it has secured full and exclusive global rights for Hulio® (biosimilar Adalimumab) from Fujifilm Kyowa Kirin Biologics Co., Ltd. (FKB). This announcement was made on December 23, 2025.

Key Terms of the Agreement

Under the new agreement, Biocon Biologics will assume end-to-end responsibility for manufacturing and commercialization, including rights for additional development activities. This agreement supersedes the previous collaboration, granting Biocon Biologics expanded control.

FKB will participate in the product’s development and offset certain development costs incurred by Biocon Biologics. In return, Biocon Biologics will pay a technology license fee and royalties on sales to FKB for a specified period.

Manufacturing and Production

Commercial production of biosimilar Adalimumab will commence at Biocon Biologics’ facilities, following successful technology transfer and regulatory approvals. This will give Biocon greater flexibility.

Executive Commentary

Shreehas Tambe, CEO & Managing Director of Biocon Biologics Limited, stated, “This agreement with FKB provides Biocon Biologics the manufacturing rights to biosimilar Adalimumab, granting us end-to-end control over the product. This strategic move enhances flexibility and cost efficiency, reinforcing our commitment to expanding affordable access to high-quality biologics for patients with inflammatory diseases globally.”

Strategic Focus

Adalimumab is one of the three immunology biosimilars in Biocon Biologics’ portfolio, underscoring the Company’s strategic focus on expanding access to biologics for immune-mediated diseases worldwide.

Source: BSE

Glenmark Pharmaceuticals Inc., USA has launched Epinephrine Injection USP, 30 mg/30 mL (1 mg/mL) Multiple-Dose Vial. This product is bioequivalent and therapeutically equivalent to the reference listed drug. According to IQVIA data, the Epinephrine Injection market achieved annual sales of approximately $67.6 million. This launch expands Glenmark’s portfolio within the institutional channel, offering affordable alternatives for patients.

Epinephrine Injection USP Launch

Glenmark Pharmaceuticals Inc., USA (Glenmark) announced on December 23, 2025, the launch of Epinephrine Injection USP, 30 mg/30 mL (1 mg/mL) Multiple-Dose Vial. This launch marks an expansion of Glenmark’s product offerings in the United States.

Product Equivalence

Glenmark’s Epinephrine Injection USP, 30 mg/30 mL (1 mg/mL) Multiple-Dose Vial is bioequivalent and therapeutically equivalent to the reference listed drug, Epinephrine Injection USP, 30 mg/30 mL (1 mg/mL) of BPI Labs, LLC, NDA 205029. This ensures patients receive the same therapeutic benefits.

Market Opportunity

According to IQVIA™ sales data for the 12-month period ending October 2025, the Epinephrine Injection USP, 30 mg/30 mL (1 mg/mL) market achieved annual sales of approximately $67.6 million*. Glenmark’s entry into this market presents a significant opportunity for growth.

Comments on the Launch

Marc Kikuchi, President & Business Head, North America, stated, “We are excited to announce the launch of Epinephrine Injection USP, 30 mg/30mL (1 mg/mL) Multiple-Dose Vial, growing our portfolio of products within the institutional channel, while also strengthening our commitment to bring to market quality and affordable alternatives for patients.”

Source: BSE