Finolex Cables has announced the resignation of its Compliance Officer, Mrs. Gayatri Kulkarni, effective December 12, 2025, at 5:15 pm. Her resignation, tendered on November 13, 2025, is due to personal reasons. The company has accepted the resignation and relieved her from her duties in accordance with company policy.

Compliance Officer Transition

Mrs. Gayatri Kulkarni, previously serving as Assistant Company Secretary & Compliance Officer at Finolex Cables, has resigned from her position. The resignation was tendered on November 13, 2025, and has been accepted by the company.

Effective Date of Resignation

The company confirms that Mrs. Kulkarni will be relieved from her duties effective December 12, 2025, at 5:15 pm. The decision is attributed to personal reasons, as stated in the initial resignation letter.

Source: BSE

PTC India has formed a joint venture with NLC India Renewables Limited (NIRL) to explore opportunities in green energy projects across India. The collaboration aims to develop projects up to 2000 MW, including solar, wind, hydro, and battery storage systems. PTC India will hold a 26% stake in the joint venture, while NLC India Renewables Limited will hold 74%.

Strategic Alliance for Green Energy

PTC India announced a Joint Venture Agreement with NLC India Renewables Limited (NIRL) on December 12, 2025, to jointly pursue opportunities in the Green Energy sector. The partnership aims to leverage the strengths of both companies to develop a portfolio of renewable energy projects across India.

Projected Development and Scope

The joint venture will focus on the development of Green Energy Projects with a cumulative capacity of up to 2000 MW. This includes a diverse range of renewable energy sources, such as solar, wind, hydro, and battery storage systems, implemented on a pan-India basis. The execution of these projects will be subject to the fulfillment of conditions outlined in the joint venture agreement and the receipt of necessary regulatory approvals.

Equity and Governance Structure

As part of the agreement, NLC India Renewables Limited will hold a 74% shareholding in the joint venture, while PTC India will hold the remaining 26%. The agreement also includes provisions for the appointment of Nominee Directors on the Board of the JV Company, ensuring appropriate governance and strategic oversight. Both parties have the Right of First Refusal and Tag along rights.

Source: BSE

SJVN Green Energy Limited (SGEL), a subsidiary of SJVN, has achieved commercial operation of 100.56 MW capacity of its 1,000 MW Bikaner Solar Power Project as of December 12, 2025. The project has a total cumulative commissioned capacity of 830.70 MW, and the remaining capacity is expected to be commissioned soon.

Bikaner Solar Project Milestone

SJVN’s subsidiary, SJVN Green Energy Limited (SGEL), has announced the commencement of commercial operations for a portion of its ambitious Bikaner Solar Power Project. As of December 12, 2025, 100.56 MW of the project has been successfully commissioned, marking a significant step forward in the renewable energy initiative.

Current Capacity and Future Outlook

With the commissioning of this latest capacity, the Bikaner Solar Power Project now boasts a total cumulative commissioned capacity of 830.70 MW out of the total 1,000 MW. The company anticipates commissioning the remaining capacity shortly, further solidifying its commitment to sustainable energy generation.

Source: BSE

Adani Enterprises has announced the incorporation of a new wholly owned subsidiary (WOS) under AdaniConneX Private Limited named AdaniConneX Hyderabad Two Limited. This entity was incorporated in India on December 3, 2025. The subsidiary has a subscribed capital of ₹100,000 divided into 10,000 equity shares. Currently, the subsidiary has no turnover as it is yet to commence business operations.

Subsidiary Incorporation

Adani Enterprises Limited has officially announced the incorporation of a new wholly owned subsidiary (WOS), AdaniConneX Hyderabad Two Limited (“ACXHTL”), under its joint venture, AdaniConneX Private Limited (“ACX”). This strategic move aims to further expand the company’s footprint in the data center sector.

Key Details of AdaniConneX Hyderabad Two Limited

AdaniConneX Hyderabad Two Limited was incorporated on December 3, 2025. The confirmation of the incorporation was received by Adani Enterprises on December 12, 2025, at 7:09 pm IST.

Financial and Operational Overview

The subsidiary has a subscribed capital of ₹100,000, divided into 10,000 equity shares with a face value of ₹10 each. As of the announcement, the turnover for AdaniConneX Hyderabad Two Limited is reported as Nil, as the entity is yet to commence its business operations. Through ACX, Adani Enterprises indirectly holds 50% share capital of ACXHTL.

Business Focus

The primary objective of AdaniConneX Hyderabad Two Limited is to carry out the business of construction, development, and operation of Data Centers. The incorporation aligns with the strategic objectives of Adani Enterprises to expand and strengthen its presence in the rapidly growing data center industry.

Source: BSE

Swiggy has successfully completed a qualified institutions placement (QIP) of equity shares, raising approximately ₹99,999 crore. The issue includes the allotment of 26,66,66,663 Equity Shares to qualified institutional buyers at ₹375.00 per share. This move aims to strengthen the company’s capital base and support future growth initiatives. The issue opened on December 9, 2025, and closed on December 12, 2025.

Successful Equity Share Placement

Swiggy has announced the successful closure and allotment of its qualified institutions placement (QIP). The company allotted a total of 26,66,66,663 Equity Shares. These shares were issued to eligible qualified institutional buyers at a price of ₹375.00 per Equity Share, which includes a premium of ₹374.00 per Equity Share.

Key Details of the Issue

The aggregate value of the allotment totals approximately ₹99,999 crore (₹99,99,99,98,625). The issue officially opened on December 9, 2025, and concluded on December 12, 2025. Following the allotment, Swiggy’s equity share capital has increased from ₹2,49,36,46,892 to ₹2,76,03,13,555.

Major Allottees

Several significant institutional investors were allotted more than 5% of the Equity Shares offered in the issue. These include:

• ICICI Prudential (16.0000%)
• SBI (15.0000%)
• Aditya Birla Sun Life (6.0000%)

Source: BSE

CRISIL has reaffirmed its ‘CRISIL AA-/Stable/CRISIL A1+’ ratings for Craftsman Automation and its wholly-owned subsidiary, DR Axion India Private Limited. The ratings apply to bank facilities, reflecting the credit agency’s confidence in the company’s financial stability and operational performance. This decision underlines the continued strength and reliability of both Craftsman Automation and its subsidiary in the competitive automotive sector.

CRISIL Reaffirms Credit Ratings

CRISIL Ratings Limited has reaffirmed the credit ratings for both Craftsman Automation Limited (CAL) and its wholly-owned subsidiary, DR Axion India Private Limited, in a release dated December 12, 2025. The long-term rating for both entities remains at ‘CRISIL AA-/Stable’, and the short-term rating is reaffirmed as ‘CRISIL A1+’. These ratings apply to the companies’ bank loan facilities.

Rating Rationale for Craftsman Automation

The reaffirmation of Craftsman Automation’s ratings reflects a strong uptick in its business risk profile, particularly within the aluminum segment. The ratings also factor in expectations of continuous improvement in operating profitability over the near to medium term. Consolidated operating revenues increased to ₹3786 crore during the first half of fiscal 2025.

DR Axion India Private Limited Rating Rationale

The rating reaffirmation for DR Axion India Private Limited reflects the strong parentage of Craftsman Automation and a healthy business risk profile, supported by its position as a supplier to passenger vehicle OEMs. Revenues for DR Axion grew by ~36% in the first half of fiscal 2026, driven by continued demand and increased exports. Operating margin was reported as 18.2% for the first half of the current fiscal year.

Key Financial Highlights

Some key financial indicators for Craftsman Automation, on a consolidated basis, include revenues of ₹5693 crore in fiscal year 2025 and ₹4452 crore in fiscal year 2024. The adjusted debt to adjusted net worth stood at 0.78 times in fiscal 2025. For DR Axion, revenue was ₹1299 crore in fiscal year 2025 and ₹1246 crore in fiscal year 2024.

Source: BSE

Karur Vysya Bank has announced the allotment of equity shares to employees under its ESOS 2011 and ESOS 2018 schemes. A total of 63,420 equity shares were allotted to employees who exercised their options under the ESOS 2011 Scheme. Additionally, 16,658 equity shares were allotted to Shri B Ramesh Babu, MD & CEO, under the ESOS 2018 Scheme as part of his compensation.

Equity Share Allotment Details

Karur Vysya Bank (KVB) has allotted equity shares as per its employee stock option schemes. The bank’s board meeting held on December 12, 2025, approved the allotment of shares under the following schemes:

ESOS 2011 Scheme

Under the KVB ESOS 2011 Scheme, 63,420 equity shares, each with a face value of Rs. 2, were allotted to various employees who exercised their options.

ESOS 2018 Scheme

The bank also allotted 16,658 equity shares, each with a face value of Rs. 2, to Shri B Ramesh Babu, MD & CEO, under the KVB ESOS 2018 Scheme. This allotment forms a part of his non-cash component of variable pay for the financial year FY 2022-23, in accordance with his compensation structure.

Meeting Conclusion

The board meeting commenced at 02.30 P.M. and concluded at 8.00 P.M. on December 12, 2025.

Source: BSE

CRISIL has reaffirmed Poonawalla Fincorp Limited’s (PFL) long-term rating at CRISIL AAA/Stable and short-term rating at CRISIL A1+. A CRISIL AAA/Stable rating has also been assigned to Rs 10,000 crore of Non-Convertible Debentures. The ratings are underpinned by the strategic importance of and support from Rising Sun Holdings Private Limited (RSHPL), healthy capitalization, a diversified resource profile, and experienced senior management.

Rating Actions Overview

Poonawalla Fincorp Limited’s (PFL) ratings have been reaffirmed and assigned by CRISIL. The key highlights include:

• Long Term Rating: Reaffirmed at CRISIL AAA/Stable
• Short Term Rating: Reaffirmed at CRISIL A1+
• Rs 15,285 Crore Total Bank Loan Facilities: Enhanced from Rs.12,285 Crore and rated CRISIL AAA/Stable
• Rs 10,000 Crore Non Convertible Debentures: Assigned CRISIL AAA/Stable

Key Rating Drivers

The ratings are driven by several factors:

• Strategic Importance and Support: Continued expectation of support from Rising Sun Holdings Private Limited (RSHPL), holding 63.96% stake in PFL.
• Capitalization: Healthy capitalization, diversified product offerings, and resource profile with competitive cost of borrowings. Networth stood at Rs 9,822 crore as on September 30, 2025.
• Experienced Management: The company is governed by an experienced board and supported by a strong senior management team.

Asset Quality

PFL reported a gross non-performing asset (GNPA) of 1.59% as of September 30, 2025, compared to 1.84% as of March 31, 2025. Net NPA stood at a comfortable 0.81% as of September 30, 2025. The company’s AUM grew by approximately 68% (annualized) in the first half of fiscal 2026, reaching Rs 47,701 crore as of September 30, 2025.

Resource Profile & Funding Costs

The company benefits from a diversified funding mix, including capital markets and bank loans, at competitive funding costs. Weighted average cost of borrowings stood at 7.69% as of September 30, 2025.

Liquidity

As of September 30, 2025, the company had unencumbered cash, cash equivalents, and liquid investments of around Rs 1,787 crore, as well as unutilized working capital demand lines of approximately Rs 4,474 crore. The ALM profile of the company remained strong with positive cumulative gaps across all buckets.

Outlook

The stable outlook reflects the expectation of continued support from RSHPL.

Source: BSE

IndiGo has provided an update on its efforts to process refunds and compensation for customers affected by recent flight disruptions. The airline is prioritizing refunds through December 2025 and is working to identify and compensate severely impacted customers by January. IndiGo estimates that compensation will exceed ₹500 crores for customers whose flights were canceled or who were severely stranded.

Focus on Customer Refunds

IndiGo is actively processing refunds for customers affected by recent disruptions, with a primary focus on completing all refunds by the end of December 2025. The airline is working to ensure these refunds are processed efficiently and expeditiously, giving them the utmost urgency.

Compensation for Stranded Customers

IndiGo is currently identifying flights where customers were severely impacted and stranded at airports, particularly on December 3, 4, and 5, 2025. The airline plans to reach out to all such customers in January to extend compensation smoothly.

Significant Compensation Commitment

IndiGo aims to make the compensation process transparent and hassle-free, with compensation expected to exceed ₹500 crores. This will cover customers whose flights were canceled within 24 hours of departure time and/or those severely stranded at certain airports.

Source: BSE