TBO Tek partners with Classic Vacations to revolutionize luxury travel distribution. The collaboration aims to combine Classic Vacations’ expertise with TBO Tek’s technology to empower travel advisors and enhance the luxury travel booking experience. This partnership focuses on delivering curated experiences and operational excellence in the high-end travel sector, strengthening both companies’ positions in the market.

Strategic Alliance for Luxury Travel

TBO Tek has announced a strategic partnership with Classic Vacations, a leader in the luxury travel segment. This collaboration is set to transform the distribution of luxury travel by combining Classic Vacations’ deep understanding of the luxury market with TBO Tek’s advanced technology platform.

Empowering Travel Advisors

The partnership aims to equip travel advisors with the tools and resources they need to deliver exceptional service to their luxury clients. By integrating Classic Vacations’ curated product offerings with TBO Tek’s technology, advisors will gain access to a wider range of high-end travel options and a more seamless booking experience.

Key Focus Areas

The collaboration between TBO Tek and Classic Vacations will focus on several key areas:

• Global Product Expansion: Expanding the range of luxury travel products and experiences available to travel advisors.
• Advisor Acquisition and Retention: Providing advisors with the support and resources they need to grow their businesses.
• Operational Excellence: Streamlining the booking process and ensuring a high level of service for luxury travelers.

Growth Strategy and Innovation

This partnership is part of TBO Tek’s broader growth strategy, which includes a focus on technology-enabled advisor ecosystems. The company’s goal is to automate predictable processes, augment professional capabilities, and elevate the personal touch in travel planning. This collaboration with Classic Vacations highlights TBO Tek’s commitment to innovation and its focus on delivering value to travel advisors and their clients.

Leveraging Market Opportunities

The partnership leverages TBO Tek’s global presence and Classic Vacations’ strong relationships within the luxury travel community. By combining their strengths, the two companies aim to capture a larger share of the growing luxury travel market and set new standards for service and innovation.

Source: BSE

TBO Tek’s investor presentation highlights a structural upswing in the luxury travel market. The presentation outlines the company’s progress through strategic investments leading to growth and operating leverage. Furthermore, TBO Tek is focusing on future readiness for an AI-led world. Key figures include 37K+ transacting advisors and an average hotel daily rate of $320+.

Luxury Travel Market Opportunity

The luxury travel market is outpacing general travel, driven by approximately 60 million affluent millionaires. Wealth growth is concentrated at the top of the pyramid, leading to increased discretionary spending. Luxury tourism is growing approximately 2x faster than the general market.

Financial Performance

TBO Tek reported strong financial results. They have 37K+ annual transacting advisors and a hotel average daily rate of $320+. Also, 40%+ of GTV comes from bookings greater than $5K, supported by approximately 30K direct hotel relationships. For H1 FY2025-26, transacting buyers (monthly) were 30,116, with GTV at INR 17,020 Cr and revenue at INR 1078.8 Cr.

Growth Initiatives

Hotel business demonstrates strong growth over the past three years. TBO Tek is focused on margin expansion through continued growth, highlighting a trajectory of improvement. New business acquisitions drive step-change, supported by Key Account Manager (KAM) additions and efficiency improvements.

Strategic Acquisition

The Classic Vacations (CV) acquisition provides scale and brand strength, driven by offline relationships. The US business GTV is $0.6B+, with approximately 13K transacting advisors and a 70%+ share of direct supply.

Technology and AI Integration

TBO Tek is leveraging technology and automation to enhance efficiency. People Managers are integrating Epicenter across supply, finance, customers, and operations. There is 72% automated resolution of supplier-initiated tickets. Furthermore, TBO Tek is building a ‘Better than OTA’ platform integrating AI driven solutions to improve usability for advisors.

Expanding Proposition

TBO Tek is strengthening its proposition through the Platinum program, scaling fast to approximately 160 hotels. Expansion is from Umrah to Academy, creating differentiated lock-ins for partners. In addition, they have launched Connected Trips to improve the user experience for all.

Future Outlook

TBO Tek is focusing on opportunities within the market. They aim to build an AI-enabled solution that caters to the advisor and customer, in order to remain competitive.

Source: BSE

Dr. Reddy’s Laboratories announces its commitment to achieving Net Zero greenhouse gas emissions across its value chain by FY2045. The company will reduce Scope 1 and 2 emissions by 80% and Scope 3 emissions by 51.6% per INR value added by FY2030. Dr. Reddy’s is the first Indian pharmaceutical company to commit to a science-based Net Zero target by FY2045.

Ambitious Climate Goals

Dr. Reddy’s Laboratories has announced its Net Zero targets, with both near-term and long-term science-based emissions reduction targets approved by the Science Based Targets initiative (SBTi). The company’s commitment aims for Net Zero greenhouse gas emissions throughout its entire value chain by FY2045.

Emissions Reduction Targets

The near-term targets include reducing absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 80%, and Scope 3 emissions by 51.6% per INR value added by FY2030, using FY2023 as the base year. The long-term target commits to reducing absolute Scope 1, 2, and 3 emissions by 90% by FY2045, also from the FY2023 baseline.

Commitment to Sustainability

Sanjay Sharma, Global Head Operations and Chief Human Resources Officer, stated that Dr. Reddy’s is committed to achieving Net Zero by FY2045. He also mentioned that the company is on track to achieve coal- and furnace oil-free operations by the end of FY’26, with 68% of its power in FY’25 sourced from renewables.

Source: BSE

HDFC Bank has announced the elevation of three key executives to the role of Group Head, effective December 1, 2025. These appointments are: Anil Bhavnani (Transportation and Infrastructure Finance Group), Ravi SSN (Large Local Corporates and PSU), and Sameer Ratolikar (Chief Information Security Officer). The decision was based on the recommendation of the Governance, Nomination and Remuneration Committee.

New Leadership Appointments

HDFC Bank has elevated three executives to Group Head positions, effective December 1, 2025. The bank’s Board of Directors approved these elevations on December 11, 2025, following recommendations from the Governance, Nomination and Remuneration Committee.

Key Executive Elevations

The newly appointed Group Heads are:

• Anil Bhavnani: Group Head – Transportation and Infrastructure Finance Group
• Ravi SSN: Group Head – Large Local Corporates and PSU
• Sameer Ratolikar: Group Head – Chief Information Security Officer

Executive Profiles

Anil Bhavnani

Anil Bhavnani brings over 30 years of banking experience across Assets, Credit Underwriting, and Liabilities Business, covering Retail, SME, and Corporate segments. He has held leadership roles in Retail Assets, Wholesale Banking, Retail Branch Banking, and Commercial and Rural Banking. Bhavnani joined HDFC Bank in 2003 and most recently served as Head of Transportation and Infrastructure Finance Group.

Ravi SSN

Ravi SSN has been with HDFC Bank since 2010, demonstrating strategic insight and strong credit skills. He has been instrumental in growing the Corporate Banking business and fostering client relationships. In 2023, he took over the PSU Business vertical.

Sameer Ratolikar

Sameer Ratolikar is the Chief Information Security Officer, responsible for developing and implementing the bank’s information security strategy. He has effectively built a cyber-aware culture across the bank and delivered an impeccable network defense system.

Source: BSE

KFin Technologies will participate in investor non-deal roadshows organized by Investec, with meetings scheduled from December 15 to December 19, 2025. The meetings will be held in the United States of America and will involve one-on-one in-person interactions with various funds and institutional investors, including Fact Capital, Van Eck Global, and others.

Upcoming Investor Interactions

KFin Technologies is set to engage with analysts and institutional investors through a series of non-deal roadshow meetings. These meetings, facilitated by Investec, are scheduled to take place between December 15 and December 19, 2025. All interactions will be conducted in-person on a one-on-one basis.

Meeting Schedule and Participants

Below is the schedule of meetings:

• December 15, 2025: Meetings with Fact Capital, Van Eck Global, Jain Global, Neuberger Berman, and Sands Capital.
• December 16, 2025: Meetings with Harding Loevner, Shikhara Investments, Millennium, Discovery Capital and Axiom Capital.
• December 17, 2025: Meetings with William Blair and Driehaus.
• December 18, 2025: Meetings with Wasatch Global and Grandeur Peak and Thornburg Investments, Ethos Investments.
• December 19, 2025: Meetings with Indus Capital and East Bridge Capital.

Location

All the meetings are scheduled to be held in the United States of America.

Note: The schedule is subject to change due to unforeseen circumstances. The company will use the presentation made available on October 27, 2025, on the websites of the Stock Exchanges and the Company.

Source: BSE

Honasa Consumer, parent company to brands such as Mamaearth and The Derma Co., has announced the acquisition of Reginald Men, a premium personal care brand for men. This strategic move allows Honasa to enter the rapidly growing men’s personal care segment. Reginald Men currently generates ₹18 Cr in EBITDA with revenue of ₹74 Cr. Honasa will acquire 95% of the company for ₹195 Cr.

Strategic Acquisition

Honasa Consumer Limited has officially announced its acquisition of Reginald Men, a prominent player in the men’s personal care market. This acquisition, announced on December 11, 2025, marks Honasa’s strategic entry into the rapidly expanding men’s grooming sector.

Reginald Men: Brand Overview

Reginald Men, launched in August 2022, offers a curated range of men’s personal care products, primarily focusing on sunscreens. The brand has gained traction, especially in South India, with 80%+ of its sales originating from the region. It has an EBITDA of ₹18 Cr and revenue of ₹74 Cr.

Deal Terms

Honasa will acquire a 95% stake in Reginald Men through a secondary purchase at an enterprise value of ₹195 Cr. The remaining 5% will be acquired after 12 months, based on pre-agreed valuation criteria. The implied EV/Revenue multiple is 2.6x, and the implied EV/EBITDA multiple is 10.9x, based on trailing twelve-month figures ending October 2025.

Rationale Behind the Acquisition

The acquisition aligns with Honasa’s strategy to strengthen its presence in the large and growing men’s personal care market, which is projected to reach INR 40K Cr+ by 2032. By adding Reginald Men to its portfolio, Honasa aims to leverage the brand’s strong South Indian market presence and expand its product offerings. This acquisition will allow Honasa to scale Reginald Men into multiple personal care categories, using existing product equity, and expand across online and offline channels.

Key Benefits

This acquisition presents several key benefits for Honasa:

• Entry into the fast-growing men’s personal care segment.
• Strengthening market share in southern states.
• Opportunity to scale Reginald Men across multiple categories and channels.

Source: BSE

Jindal Steel has received a GST Demand Order from the Additional Commissioner, GST South Commissionerate, Delhi, pertaining to alleged excess availment of GST Input Tax Credit for FY 2018-19 to FY 2022-23. The company disputes the demand and will file an appeal. Jindal Steel does not anticipate a material impact on its financials or operations due to this order.

GST Demand Details

Jindal Steel has been issued a GST Demand Order following a GST audit conducted for the financial years 2018-19 to 2022-23. The order, received from the Additional Commissioner, GST South Commissionerate, Delhi, alleges excess availment of GST Input Tax Credit in the state of Delhi.

Company’s Response

The company does not accept the demand raised and plans to file an appeal before the concerned Appellate Authority. The company will also make a pre-deposit to stay the demand. Further, Jindal Steel has observed certain arithmetical errors in the Demand Order and is in the process of filing a rectification request with the issuing authority.

Financial Impact Assessment

Jindal Steel anticipates that this GST demand will not have a significant impact on its financials, operations, or other activities.

Amount Under Dispute

The GST demand amounts to ₹3,40,19,671/-, along with applicable interest. A penalty of ₹3,17,53,114/- has also been imposed.

Source: BSE

Adani Enterprises Limited has approved the allotment of 13,85,01,687 partly paid-up equity shares to eligible shareholders. This allotment follows the rights issue approved in November. The paid-up value is ₹0.50 per share. The total amount realized from this allotment is ₹6,92,50,843.50. The remaining amount is payable in two separate calls.

Rights Issue Allotment Approved

Following board meetings in November 2025, Adani Enterprises has finalized the allotment of partly paid-up equity shares. The decision was made during a Rights Issue Committee meeting on December 11, 2025.

Details of the Allotment

The company has allotted 13,85,01,687 partly paid-up Equity Shares to eligible shareholders on a rights basis. A sum of ₹900.00 per Rights Equity Share (including a premium of ₹899.50) was paid on application for the allotment. The remaining balance is payable on two separate Calls.

Equity Share Capital After Allotment

Following the allotment, the paid-up equity share capital of the Company is as follows:

• Equity Shares of ₹ 1/- each (fully paid-up): 1,15,41,80,729, amounting to ₹ 1,15,41,80,729.00
• Equity Shares of ₹ 1/- each (0.50 paid-up): 13,85,01,687, amounting to ₹ 6,92,50,843.50

Source: BSE

KEC International has been assigned an ESG rating of ’65’ by CFC Finlease Private Limited. This rating reflects the company’s environmental, social, and governance performance and commitment to sustainability. The announcement was made on December 11, 2025. The ESG rating will help stakeholders assess KEC International’s performance in these critical areas.

ESG Rating Details

KEC International announced that it has received an ESG rating of ’65’. The rating was assigned by CFC Finlease Private Limited, an independent rating agency. This assessment provides investors and other stakeholders with insights into KEC International’s performance and practices related to environmental stewardship, social responsibility, and corporate governance.

Impact of the ESG Rating

An ESG rating of ’65’ can influence investor decisions and improve the company’s reputation. It signals to investors that KEC International is committed to sustainable business practices. Higher ESG ratings can attract investors who prioritize socially responsible investments, which can positively impact the company’s long-term financial performance and shareholder value. The rating was formally assigned on December 11, 2025.

Source: BSE