SES ESG Research Pvt Ltd has assigned HEG Limited an Environmental, Social, and Governance (ESG) score of 66.2, based on publicly available data. The score reflects HEG’s performance in environmental stewardship, social responsibility, and corporate governance. The ESG report was received by the company on November 19, 2025. HEG Limited clarifies that it did not engage SES ESG Research for this rating, and the report was independently prepared.

ESG Score Details

HEG Limited has received an ESG score of 66.2 from SES ESG Research Pvt Ltd. This score is based on an assessment of the company’s performance regarding Environmental, Social, and Governance factors.

Report Summary

The summary of the report from SES ESG Research Pvt Ltd was received by HEG Limited on November 19, 2025. The assessment uses publicly accessible data to derive the final score.

Independent Assessment

HEG Limited states that it did not commission this ESG rating. The report was independently created by SES ESG Research Pvt Ltd using publicly available information.

Source: BSE

An order was passed against Sai Life Sciences on November 19, 2025, regarding the Goods and Services Tax Act, 2017. The order includes a demand of INR 20,84,77,738 for IGST, INR 13,75,10,920 for interest, and INR 2,08,47,774 for penalty. The company will file an appeal and anticipates a favorable outcome with no material financial impact.

Order Details

An order was issued on November 19, 2025, by the Joint Commissioner of Commercial Taxes (Appeals), Kalaburagi, concerning the Goods and Services Tax Act, 2017. The order demands payment towards IGST, interest, and penalty.

Financial Implications

The order specifies the following amounts:

• IGST: INR 20,84,77,738
• Interest: INR 13,75,10,920
• Penalty: INR 2,08,47,774

Reason for the Order

The demand relates to the taxability of intermediary services received from Sai Life Sciences Inc., USA, under the reverse charge mechanism for the period from July 2017 to March 2022.

Company’s Response

Sai Life Sciences intends to file an appeal against the order. Based on its assessment, the company is optimistic about a favorable outcome at the Tribunal level and does not anticipate any material adverse impact on its financial position.

Source: BSE

KNR Constructions announced its Q2 FY’26 results with a consolidated revenue of INR 646 crores. The company’s EBITDA stood at INR 192 crores with a margin of 29.8%. The company anticipates order inflows of approximately INR 8,000 crores to INR 10,000 crores by the end of FY’26, including NHAI and state government projects. The total order book stands at INR 8,748 crores as of September 30, 2025.

Financial Performance

In Q2 FY’26, KNR Constructions reported a consolidated revenue of INR 646 crores. The EBITDA for the quarter was INR 192 crores, representing a margin of 29.8%. The company’s net profit after tax for Q2 FY’26 stood at INR 105 crores. For H1 FY’26, the consolidated revenue was INR 1,259 crores, with an EBITDA of INR 375 crores, also at a 29.8% margin. Net profit for H1 FY’26 reached INR 228 crores.

Order Book and New Projects

As of September 30, 2025, the company’s total order book stood at INR 8,748 crores. This includes road projects (29%), irrigation projects (18%), pipeline projects (12%), and mining projects (41%). The company anticipates new orders worth INR 8,000 crores to INR 10,000 crores by the end of FY’26. These new orders are expected to include a mix of NHAI projects, irrigation projects, and other state government initiatives.

Project Updates

The company has received provisional completion certificates for the Ramanattukara-Valanchery and Guruvayur Infrastructure projects, both as of July 2025. KNR Constructions has also secured two EPC projects in Telangana: a three-lane flyover at Kukatpally Y-junction (INR 72 crores) and a multilevel flyover at Khajaguda junction and IIIT junction (INR 459 crores).

Revised Equity & HAM Projects

KNR Constructions has invested INR 698 crores out of the revised equity requirement of INR 991 crores for its HAM projects. The company plans to infuse an additional INR 292 crores, with INR 175 crores in FY’26 and INR 117 crores in FY’27.

Company Outlook

The company expects improved execution in the coming quarters, supported by continuous government focus on infrastructure development, including plans for new greenfield expressways and port connectivity highway networks. The industry anticipates a clear pickup in both awarding and execution momentum in the second half of the fiscal year.

Source: BSE

CRISIL has reaffirmed its ratings on Jaiprakash Power Ventures Limited’s long-term bank facilities. The ratings remain at CRISIL BBB/Stable. This decision, dated November 20, 2025, reflects CRISIL’s assessment of the company’s creditworthiness and outlook.

CRISIL Rating Reaffirmation

Jaiprakash Power Ventures Limited announced that CRISIL Ratings Limited has reaffirmed its CRISIL BBB/Stable rating for the company’s long-term bank facilities as of November 20, 2025.

Rated Facilities

The long-term bank facilities rated amount to ₹5600.00 crore and carry a CRISIL BBB/Stable rating.

Source: BSE

City Union Bank has expanded its network with the opening of a new branch in Aligarh, bringing the total number of branches to 893. The new branch, located at Ground Floor Part-A, Manohari Plaza, Niranjan Puri, Ramghat Road, Aligarh – 202 001 Uttar Pradesh, marks the bank’s continued growth and commitment to providing services across the region. This new location opened on November 20, 2025.

Branch Expansion

City Union Bank announced the opening of a new branch located in Aligarh. This expansion increases the bank’s total branch count to 893 branches as of November 20, 2025.

Location Details

The new branch is situated at the following address:

Ground Floor Part-A, Manohari Plaza, Niranjan Puri, Ramghat Road, Aligarh – 202 001 Uttar Pradesh.

Branch Codes

The branch code for the new Aligarh branch is 893, and its CBS code is 00898.

Source: BSE

PNB Housing Finance has received a credit rating upgrade from India Ratings on its Non-Convertible Debentures and Bank Loans, moving from ‘IND AA+’ to ‘IND AAA’ with a Stable Outlook. The upgrade reflects the company’s consistent performance, improved profitability, and asset quality, as well as the strategic support from Punjab National Bank. As of September 30, 2025, the Retail Loan Asset grew by 17% YoY.

Significant Rating Upgrade

PNB Housing Finance announced that India Ratings has upgraded its credit rating on the company’s Non-Convertible Debentures (NCDs) and Bank Loans to ‘IND AAA’ from ‘IND AA+’ with a Stable Outlook. This upgrade signals the company’s strong financial standing and growth trajectory.

Key Factors Driving the Upgrade

The rating rationale highlights PNB Housing Finance’s consistent performance across key business parameters, along with its consistent improvement in profitability and asset quality. The granularization of the loan book, reducing concentration risks, and the strategic importance of Punjab National Bank’s stake were also noted as key factors.

Executive Commentary

Mr. Jatul Anand, Executive Director, PNB Housing Finance, stated that the upgrade to ‘IND AAA’ marks a significant milestone, reaffirming the strength of the company’s business fundamentals, strategic direction, and prudent risk management practices.

Financial Highlights

As of September 30, 2025, PNB Housing Finance reported the following:

• Retail Loan Asset growth of 17% YoY, reaching ₹79,439 crores, and comprising 99.6% of the Total Loan Asset.
• Total Loan Asset stood at ₹79,771 crores.
• Gross NPA at 1.04%.
• Return on Asset at 2.65% in H1 FY26 (Annualized).
• Capital Risk Adequacy Ratio of 29.80%.
• Cost of borrowing at 7.74% in H1 FY26.

Source: BSE

CARE Ratings has reaffirmed the credit ratings of JSW Infrastructure as of November 19, 2025. The long-term/short-term bank facilities rating is CARE AA+; Stable / CARE A1+, while the short-term bank facilities rating is CARE A1+. The issuer rating is CARE AA+; Stable. ₹280.00 crore has been reduced from long term / short term bank facilities. The ratings reflect CARE’s assessment of the company’s creditworthiness.

Credit Ratings Reaffirmed

JSW Infrastructure announced that CARE Ratings has reaffirmed its credit ratings following their letter dated November 19, 2025. The reaffirmed ratings indicate CARE’s continued confidence in the company’s financial stability and operational performance.

Detailed Rating Breakdown

The specific ratings reaffirmed by CARE Ratings are as follows:

Long Term / Short Term Bank Facilities: CARE AA+; Stable / CARE A1+ (Reaffirmed). The amount is ₹280.00 Crore (Reduced from ₹480.00 Crore).

Short Term Bank Facilities: CARE A1+ (Reaffirmed) with an amount of ₹20.00 Crore.

Issuer Rating: CARE AA+; Stable (Reaffirmed) with an amount of ₹0.00 Crore.

Commercial Paper Update

The company stated that the Commercial Paper issued by JSW Infrastructure has been repaid on its due date. Consequently, CARE Ratings has withdrawn the rating previously assigned to it.

Source: BSE

Supreme Industries has reported that GST officials initiated inspection proceedings at multiple company locations on November 19, 2025. The inspection, conducted under section 67 of the Maharashtra Goods and Services Tax Act, 2017, included the registered office, corporate office, and a manufacturing unit. The company is cooperating with the authorities and does not expect any material impact on regular operations.

GST Inspection Initiated

On November 19, 2025, GST officials commenced inspection and search proceedings at various premises of Supreme Industries. These inspections were conducted under the authority of section 67 of the Maharashtra Goods and Services Tax Act, 2017.

Locations Under Inspection

The inspection covered the following locations:

• Registered Office: Raheja Chambers, Nariman Point, Mumbai
• Corporate Office: Solitaire Corporate Park, Andheri (East), Mumbai
• Khopoli Unit: Honad, Khalapur, Khopoli

Company Response

Supreme Industries confirmed that its officials are cooperating fully with the GST authorities, providing all necessary clarifications and documents. The company does not anticipate any disruption to its regular operations as a result of these inspections.

Expected Impact

Based on its initial assessment, Supreme Industries believes that the outcome of the inspection proceedings will not have a material impact on the company’s financial or operational status.

Areas of Inquiry

The inspection involves an inquiry regarding:

1. Various details from Accounts
2. Details regarding Tax payments
3. Insurance-related information

Source: BSE

Bajaj Holdings & Investment Ltd. (BHIL) reported a significant increase in consolidated profit after tax for H1 FY26, reaching ₹5,046 crore, compared to ₹3,047 crore in H1 FY25. The company sold 1.04 crore equity shares of Bajaj Finserv Ltd. (BFS) to fund equity stakes in two insurance companies. An interim dividend of ₹65 per equity share (650%) was declared.

Financial Performance Highlights

Bajaj Holdings & Investment Ltd. (BHIL) has announced its financial results for the half-year ended September 30, 2025, showcasing strong growth across its major businesses.

Key highlights include:

• Consolidated profit after tax increased to ₹5,046 crore (H1 FY26) from ₹3,047 crore (H1 FY25).
• An interim dividend of ₹65 per equity share (650%) was declared, amounting to ₹723 crore.

Investment and Divestment

During H1 FY26, BHIL divested 1.04 crore equity shares of Bajaj Finserv Ltd. (BFS) through a block deal. This was to partially fund equity stakes in two insurance companies. The profit from this sale is included in both the consolidated and standalone profit.

Bajaj Auto Ltd. (BAL) Performance

Bajaj Auto Ltd. (BAL) recorded strong performance during H1 FY26:

• Turnover increased by 10% to ₹28,306 crore.
• EBITDA grew by 9% to ₹5,534 crore.
• Profit after tax increased by 15% to ₹4,576 crore.

Bajaj Finserv Ltd. (BFS) Performance

On a consolidated basis, Bajaj Finserv Ltd. (BFS) reported:

• Total income increased by 12% to ₹72,854 crore.
• Profit after tax increased by 19% to ₹5,033 crore.

Standalone Financials

BHIL’s standalone financial performance includes:

• Total income of ₹2,822 crore.
• Profit after tax of ₹4,217 crore.

Investment Portfolio

As of September 30, 2025, BHIL’s investment portfolio had a market value of ₹236,429 crore.

Acquisition Update

BHIL is preparing to conclude the acquisition of Allianz’s stake in both Bajaj Allianz General Insurance Company Ltd. and Bajaj Allianz Life Insurance Company Ltd. in the coming months, having received the necessary approvals.

Source: BSE