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

Swiggy has successfully completed a qualified institutions placement (QIP) of equity shares, raising capital from eligible qualified institutional buyers (QIBs). The company allocated 26,66,66,663 equity shares at a price of ₹375.00 per share. This placement was approved by the Investment & Allotment Committee on December 12, 2025, marking a significant step in Swiggy’s financial strategy.

Equity Share Placement Approval

Swiggy Limited has announced the successful placement of equity shares to qualified institutional buyers (QIBs). The Investment & Allotment Committee of the Board approved the closure of the issue on December 12, 2025, following the receipt of application forms and funds in the escrow account.

Details of the Share Allocation

The company allocated 26,66,66,663 equity shares at an issue price of ₹375.00 per equity share, including a premium of ₹374.00 per equity share. This price represents a discount of 3.97% to the floor price of ₹390.51 per equity share. The allocation was determined according to prescribed regulations, ensuring compliance throughout the process.

Placement Document and Confirmation

Swiggy also approved and adopted the placement document dated December 12, 2025. The company finalized the confirmation of allocation note, which will be sent to the eligible QIBs, informing them of the allocation of equity shares as per the issue. Details of the placement document are available on the company’s website.

Source: BSE

Lemon Tree Hotels has launched a new Lemon Tree Suites property in Gurugram, Haryana, marking its 11th property in the state. The hotel features 246 well-appointed rooms and suites, restaurants, and recreational areas. The first phase includes 151 rooms and suites, restaurants and recreational areas. The remaining rooms and suites are slated to open in the second phase. The hotel is managed by Carnation Hotels Private Limited.

Lemon Tree Expands in Haryana

Lemon Tree Hotels Limited has announced the opening of Lemon Tree Suites in Gurugram. This is the 11th property for the group in Haryana, reinforcing its presence in the region.

Hotel Features and Launch Phases

The newly opened hotel features 246 rooms and suites and will be launched in two phases. The first phase, which is now open, includes 151 rooms and suites, restaurants, and recreational areas. The remaining rooms and suites will be available in the second phase.

Management

The hotel will be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the hotel management arm of Lemon Tree Hotels Limited.

Source: BSE

Lemon Tree Hotels has signed a franchise agreement for a new Keys Lite hotel in Kartarpur, Punjab. The hotel will feature 47 well-appointed rooms, a restaurant, a banquet hall, a conference hall, and a fitness center. This addition strengthens Lemon Tree’s presence in Punjab, catering to business and leisure travelers with a fresh and value-driven experience. Expected to be a boost for the region.

New Keys Lite Hotel in Kartarpur

Lemon Tree Hotels has announced the signing of a franchise agreement for a Keys Lite by Lemon Tree Hotels property in Kartarpur, Punjab, marking an expansion of its portfolio in the region. The property is strategically located in a city known for its furniture market and proximity to the Radha Soami Satsang Beas, a prominent spiritual center.

Hotel Features

The new hotel will offer a range of amenities and facilities, including:

• 47 well-appointed rooms
• A restaurant
• A banquet hall
• A conference hall
• A fitness center

Strategic Location

The Keys Lite hotel is approximately 31 kms from Adampur Airport, Jalandhar, and about 4 kms from the Kartarpur Railway Station, ensuring convenient access for travelers. This new location is expected to appeal to both business and leisure travelers visiting Kartarpur and the surrounding areas.

Management Commentary

Mr. Vilas Pawar, CEO – Managed & Franchise Business, Lemon Tree Hotels, stated, “With this signing, we are pleased to extend our pilgrimage portfolio in a place that holds deep spiritual resonance. Moreover, the vibrant tourism, rich cuisine, and growing hotel infrastructure make Punjab a magnet for travellers seeking unforgettable experiences.” He also noted that the state has two operational and nine upcoming hotels.

Source: BSE

The Hon’ble High Court has extended interim protection for Tata Steel in matters relating to the Sukinda Chromite Block until December 19, 2025. This decision impacts two writ petitions concerning demand letters issued by the Office of Deputy Director of Mines, Jajpur, related to alleged shortfalls in mineral dispatch. The court’s order provides temporary relief from coercive action.

Interim Relief Extended

Tata Steel has received an extension of interim protection from the Hon’ble High Court in connection with writ petitions pertaining to the Sukinda Chromite Block. The decision was made on December 12, 2025, and impacts two separate writ petitions filed by the company.

Details of the Petitions

The first writ petition, filed on August 8, 2025, contests a demand letter for ₹1902,72,53,760/-, citing alleged violations related to mineral dispatch during the period of July 23, 2023 to July 22, 2024. The second writ petition, filed on October 29, 2025, challenges another demand letter for ₹2410,89,66,881/-, relating to similar alleged shortfalls during the period of July 23, 2024 to July 22, 2025. The court has scheduled the next hearing for both matters on December 19, 2025.

Source: BSE

The United States Food & Drug Administration (USFDA) has completed a GMP and Pre-Approval Inspection (PAI) of Dr. Reddy’s formulations facility in Srikakulam, Andhra Pradesh. The inspection, conducted from December 4th to 12th, 2025, resulted in the issuance of a Form 483 with 5 observations. Dr. Reddy’s plans to address these observations within the stipulated timeline.

USFDA Inspection Concludes

Dr. Reddy’s Laboratories announced that the USFDA concluded its inspection of the formulations facility (FTO-SEZ PU01) located in Srikakulam, Andhra Pradesh on December 12, 2025. This inspection covered both Good Manufacturing Practice (GMP) and Pre-Approval Inspection (PAI) standards.

Key Details of the Inspection

The USFDA’s inspection took place between December 4th and December 12th, 2025. Following the inspection, a Form 483 was issued. This form lists a total of 5 observations identified by the USFDA during their assessment of the facility’s processes and compliance.

Next Steps for Dr. Reddy’s

Dr. Reddy’s Laboratories has committed to addressing all 5 observations outlined in the Form 483. The company plans to implement corrective actions within the timeframe established by the USFDA. This will ensure continued compliance with USFDA standards and regulations.

Source: BSE

APAR Industries Limited has announced the resignation of Mr. Shashi Amin, Chief Executive Officer – Cable Solutions, effective from the close of business hours on December 12, 2025. Mr. Amin is leaving to pursue new opportunities. The company has acknowledged his contributions and wishes him well in his future endeavors.

Executive Departure

APAR Industries Limited announced that Mr. Shashi Amin, Chief Executive Officer – Cable Solutions, has resigned from his position. The resignation is effective from the close of business hours on December 12, 2025.

Reason for Resignation

Mr. Amin’s resignation is due to his decision to pursue new challenges and opportunities outside of APAR Industries Limited.

Company’s Acknowledgment

APAR Industries Limited has acknowledged Mr. Amin’s valuable service to the company and wishes him continued success in his future endeavors.

Source: BSE

Voltas Limited announced that the tax demand related to the notice from the Commissioner of C.G.S.T. & Central Excise has been significantly reduced. The initial demand of ₹31.77 crores has been reduced to ₹0.14 lakhs following detailed submissions and explanations by the company. The new amount includes applicable interest and penalties. Voltas is currently evaluating the order.

Tax Demand Update

Voltas Limited received an update regarding the Show Cause Notice from the Office of the Commissioner C.G.S.T. & Central Excise. This update is regarding input tax credit and payment of GST for the years 2018-19 to 2020-21.

Significant Reduction in Demand

Based on the detailed submissions made by Voltas, the Commissionerate has reduced the tax demand. The initial demand was ₹31.77 crores, but with the order dated December 12th, 2025, the demand has been reduced to ₹0.14 lakhs (including applicable interest and penalty).

Company Evaluation

Voltas Limited is now evaluating the order and will decide on the appropriate course of action in response to the reduced tax demand. This represents a significant change from the initial notice and removes a large potential liability for the company.

Source: BSE

GlaxoSmithKline Pharmaceuticals has received a GST demand order from Bihar Central GST authorities for fiscal year 2021-22. The total demand is Rs. 52,52,988, including tax of Rs. 47,75,444 and a penalty of Rs. 4,77,544. The company is evaluating the order and will take appropriate action.

GST Demand Details

GlaxoSmithKline Pharmaceuticals Limited has received a demand order from the Assistant Commissioner, CGST & CX, Patna Central Division, Patna. The order, dated November 11, 2025, pertains to GST for the fiscal year 2021-22.

Financial Impact

The total demand amounts to Rs. 52,52,988, which comprises:

• Tax: Rs. 47,75,444
• Interest: NQ
• Penalty: Rs. 4,77,544

Issue and Response

The demand relates to a GST credit issue, specifically a mismatch between the company’s GST returns and details reported by suppliers. The company is currently evaluating the demand order and will take appropriate actions.

Source: BSE