Granules India has announced the incorporation of Granules Pharmaceuticals Canada, Inc., as a wholly-owned step-down foreign subsidiary. This entity is a subsidiary of Granules Pharmaceuticals, Inc. and is located in Canada. As of November 26, 2025, the new subsidiary has not commenced business operations.

New Subsidiary in Canada

Granules Pharmaceuticals, Inc., a wholly-owned foreign subsidiary of Granules India, has incorporated a wholly-owned subsidiary (WOS) named Granules Pharmaceuticals Canada, Inc. The incorporation was finalized on November 26, 2025.

Subsidiary Details

Granules Pharmaceuticals Canada, Inc., is a wholly-owned subsidiary of “Granules Pharmaceuticals, Inc.” As a newly incorporated company, it has yet to commence its business operations.

Acquisition Details

Granules Pharmaceuticals, Inc. will hold 100% of the equity capital in Granules Pharmaceuticals Canada, Inc. The new Canadian entity is incorporated in Canada.

Source: BSE

HDFC Mutual Fund announces the approval for the allotment of bonus equity shares. The Share Allotment Committee has approved the allotment of 21,41,54,246 equity shares of Rs. 5/- each as fully paid-up bonus equity shares. The bonus issue ratio is 1:1, meaning one bonus share for every one existing share. The record date for determining eligible shareholders was November 26, 2025.

Bonus Share Allotment Approved

The Share Allotment Committee of HDFC Mutual Fund’s Board of Directors has approved the allotment of bonus equity shares on November 27, 2025. This decision follows earlier intimations on October 15, 2025, and November 16, 2025.

Details of the Allotment

A total of 21,41,54,246 equity shares, with a face value of Rs. 5/- each, have been allotted as fully paid-up bonus equity shares. The allotment ratio is 1:1, meaning one bonus equity share will be issued for every one existing equity share held by the company’s members.

Impact on Share Capital

Following the bonus allotment, the company’s paid-up share capital has increased to Rs. 2,14,15,42,460/-, which is divided into 42,83,08,492 fully paid-up equity shares of Rs. 5/- each.

Source: BSE

Glenmark Pharmaceuticals has received an Establishment Inspection Report (EIR) from the U.S. Food and Drug Administration (FDA) for its manufacturing facility in Monroe, North Carolina, with a Voluntary Action Indicated (VAI) status. The inspection, conducted in June 2025, has resulted in the company restarting commercial manufacturing at the Monroe site. This follows a previous Form-483 issued in June 2025 and a Warning Letter from June 2023.

FDA Approval Received

Glenmark Pharmaceuticals Ltd. has announced the receipt of the Establishment Inspection Report (EIR) from the United States Food & Drug Administration (FDA) for its formulations manufacturing facility located in Monroe, North Carolina (USA). The FDA has assigned a Voluntary Action Indicated (VAI) status to the facility. This development follows an inspection conducted from June 9 to June 17, 2025.

Restarting Production

With the receipt of the EIR, Glenmark is set to restart commercial manufacturing operations at the Monroe facility. The company had previously informed the stock exchange on June 18, 2025, about the Form-483, which contained five observations following the inspection. The site had been operating under a Warning Letter since June 2023.

Company Overview

Glenmark Pharmaceuticals Ltd. is a global pharmaceutical company involved in the Branded, Generics, and OTC segments, with a focus on respiratory, dermatology, and oncology. The company has 11 manufacturing facilities across 4 continents and operations in over 80 countries. Glenmark’s Green House Gas (GHG) emission reduction targets have been approved by the Science Based Target initiative (SBTi) in 2023. The company has impacted over 3 million lives over the last decade through CSR interventions.

Source: BSE

The Hon’ble Gujarat High Court has quashed a show cause notice (SCN) against Siemens, originally issued by the Joint Commissioner, Central GST & Excise, Vadodara I Commissionerate. The SCN proposed levying GST of ₹34,83,00,000. The court’s decision came on November 21, 2025, and the order was received on November 26, 2025.

Favorable Court Ruling

Siemens has received a favorable decision from the Hon’ble Gujarat High Court regarding a show cause notice (SCN) that was previously issued to the company. This legal action resolves a significant dispute concerning Goods and Services Tax (GST).

Details of the Dispute

The initial show cause notice (SCN) was issued by the Joint Commissioner, Central GST & Excise, Vadodara I Commissionerate. The notice proposed a GST levy amounting to ₹34,83,00,000, in addition to applicable interest and potential penalties under Section 74 of the Central Goods & Service Tax Act, 2017. The dispute centered around the transfer and assignment of the Company’s leasehold interest in property located in Halol, Gujarat.

Court’s Decision

Siemens filed a Writ Petition challenging the aforementioned SCN before the Hon’ble Gujarat High Court. Citing precedents in similar cases, the Hon’ble High Court has quashed the SCN via an order issued on November 21, 2025. The company received official confirmation of this order on November 26, 2025.

Source: BSE

Sterling and Wilson Renewable Energy Limited (SWREL) has been awarded its second international project in South Africa this fiscal year. The turnkey EPC contract is for a 240 MW AC Solar PV project, valued at approximately USD 147 million (~INR 1,313 crore). With this new order, SWREL is now implementing four Solar PV projects in the South African market, reflecting its growing presence in the region.

South African Expansion

Sterling and Wilson Renewable Energy Limited (SWREL) has secured its second international project in South Africa this fiscal year. The announcement, dated November 27, 2025, highlights the company’s continued growth in the renewable energy sector.

Project Details

The company has been awarded a turnkey EPC contract for a 240 MW AC Solar PV project in South Africa. The total value of the contract is approximately USD 147 million (~INR 1,313 crore).

Growing Market Presence

SWREL is currently implementing four turnkey Solar PV projects with four developers in the South African market. The company highlights that the two ongoing projects secured last fiscal have already shown strong operational progress. Securing the new project bolsters SWREL’s presence in the region, capitalizing on the growth in the South African Solar PV market, driven by corporate demand and declining costs.

Order Inflows

With this new order, SWREL has achieved order inflows of approximately INR 5,088 crore this fiscal year. The company expects this momentum to continue.

Source: BSE

Biocon Biologics’ Drug Substance Facility in Bengaluru has been classified as Voluntary Action Indicated (VAI) by the U.S. Food and Drug Administration (FDA). This classification resulted from an inspection conducted between August 26 and September 3, 2025. The VAI relates to the manufacture and supply of Human Recombinant Insulin and Biosimilar Pegfilgrastim Drug Substance for the United States.

Bengaluru Facility Update

The U.S. Food and Drug Administration (FDA) CDER-OC, Office of Manufacturing Quality, has classified Biocon Biologics’ Drug Substance Facility at Biocon Campus, located in Bengaluru, Karnataka, as Voluntary Action Indicated (VAI). The announcement was made on November 27, 2025.

Inspection Details

This classification follows an inspection conducted by the agency between August 26 and September 3, 2025. The inspection pertained to the manufacture and supply of Human Recombinant Insulin (rh- Insulin) and Biosimilar Pegfilgrastim Drug Substance to the United States.

Commitment to Standards

Biocon Biologics remains committed to maintaining global standards of Quality and Compliance.

Source: BSE

FirstCry announced the termination of an agreement among certain shareholders, effective November 27, 2025. The agreement, designed to maintain Indian ownership compliance, was terminated because a key condition—resident bloc ownership exceeding 60%—has been met. All parties consented to the termination.

Shareholder Agreement Ends

FirstCry has announced the termination of an agreement (the “Inter-se Agreement”) among key shareholders. The agreement, originally established to ensure compliance with Indian ownership regulations, is no longer required due to the fulfillment of specific conditions.

Reason for Termination

The agreement’s termination is triggered by the condition that the resident bloc collectively holds more than 60% of the company’s issued and outstanding share capital. This condition has been met, rendering the agreement unnecessary.

Effective Date

The termination of the Inter-se Agreement is effective as of November 27, 2025. All parties involved have provided their consent, leading to the agreement’s formal termination.

Source: BSE

Leela Palaces Hotels & Resorts is expanding into Dubai through an investment in Sofitel The Palm FZE. Argon Holdings (DIFC) Limited, in which Leela Palaces holds a 25% stake through Aries, acquired Sofitel The Palm FZE. This property features 546 keys on Palm Jumeirah, and the hotel will be rebranded as “The Leela,” marking the brand’s first international flagship. The company anticipates recovering its investment within 3 years.

Strategic Dubai Expansion

Leela Palaces Hotels & Resorts is strategically expanding its global footprint with a significant move into Dubai. This expansion involves an investment in Sofitel The Palm FZE, a prominent hospitality property located on Palm Jumeirah. The company anticipates this move will deliver substantial financial value in the coming years.

Investment in Sofitel The Palm FZE

Argon Holdings (DIFC) Limited, wherein Leela Palaces Hotels & Resorts holds a 25% stake through its subsidiary Aries, has acquired Sofitel The Palm FZE. This acquisition marks a strategic investment in one of Dubai’s premier beachfront properties. Sofitel The Palm FZE boasts 546 keys, encompassing a 361-key luxury hotel and 182 branded residences, plus 3 exclusive villas.

Palm Jumeirah Hub

Palm Jumeirah, a globally recognized luxury tourism destination, attracts over 5 million visitors annually and features a high concentration of luxury residences valued at over USD 1 million. This location provides Leela Palaces with a strong entry point into a vibrant and attractive market.

Rebranding and Future Outlook

The company plans to rebrand the Sofitel The Palm FZE property as “The Leela,” representing its first international flagship. Leela Palaces expects to recover its equity investment within 3 years through the sale of branded residences. The rebranding signals a major milestone in the company’s global expansion strategy.

Source: BSE