Welspun Corp has received reaffirmations of its credit ratings from both CARE Ratings and CRISIL Ratings. The ratings for commercial paper have been maintained at CARE A1+ and CRISIL A1+, respectively. The company’s commercial paper program has also been enhanced from ₹500 crore to ₹600 crore. These ratings reflect Welspun Corp’s strong market position, healthy financial metrics, and prudent risk management practices, and is for the period ending December 2, 2025.

Ratings Reaffirmed

CARE Ratings Limited and CRISIL Ratings Limited have reaffirmed their ratings for Welspun Corp. Limited’s commercial paper. The CARE A1+ and CRISIL A1+ ratings indicate a high degree of safety regarding the timely payment of financial obligations.

Commercial Paper Enhancement

The amount for Welspun Corp Limited’s commercial paper has been enhanced from ₹500 crore to ₹600 crore. This enhancement allows the company greater flexibility in managing its short-term financing needs.

CARE Ratings Rationale

CARE Ratings’ reaffirmation factors in Welspun Corp’s experienced promoters, management team, and established track record in the steel pipes business. Healthy capital structure, improved operating cash flows, and a strong liquidity position also contribute to the rating. The company’s success in commissioning greenfield and brownfield projects, including DI Pipes and TMT bars, has also been positively factored into the analysis. The ratings also consider the substantial order book, which stood at ₹23,500 crore in October 2025.

CRISIL Ratings Rationale

CRISIL Ratings’ decision to reaffirm the ratings reflects Welspun Corp’s improved business risk profile due to optimized and enhanced capacities. Diversification into DI pipes, TMT bars, and acquisition of Sintex, along with healthy performance in the large diameter line pipe segment, supports the rating. Strong order book and a healthy financial risk profile, with a robust net worth of ₹7356 crores as of March 31, 2025, also factor into the rating.

Source: BSE

Hindustan Copper Ltd (HCL) has signed a Memorandum of Understanding (MoU) with NTPC Mining Ltd (NML) on December 2, 2025. The MoU aims to jointly explore opportunities in copper and critical mineral block auctions, develop and operationalize mining blocks, and process minerals. The collaboration focuses on leveraging existing assets and exploring both domestic and overseas projects, supporting the development of the copper and critical minerals sector.

Strategic Collaboration for Mineral Development

Hindustan Copper Ltd (HCL) and NTPC Mining Ltd (NML) have entered into a Memorandum of Understanding (MoU) as of December 2, 2025, signaling a significant step towards collaborative mineral exploration and development.

Key Objectives of the MoU

The primary goal of this partnership is to jointly participate in auctions for copper and critical mineral blocks. Both companies will work together to develop and operationalize these blocks, focusing on exploration, mining, and processing activities.

Focus on Exploration and Processing

The partnership will facilitate the exploration of joint investment possibilities related to the development, mining, and processing of assets under HCL. The companies also plan to collaborate on existing and future copper and critical mineral projects both in India and abroad. This initiative is designed to enhance the mineral resource base and processing capabilities of both organizations.

Source: BSE

Ms. Ameera Shah has completed her tenure as an Independent Director of ACC. Her term concluded at the close of business hours on December 2, 2025. The Board of Directors expressed their appreciation for her valuable contributions and guidance during her association with the company.

Independent Director Transition

Ms. Ameera Shah (DIN: 00208095) has concluded her term as an Independent Director at ACC, effective at the end of business hours on December 2, 2025. This announcement confirms the conclusion of her service to the company.

Board’s Acknowledgment

ACC’s Board of Directors and Management have formally acknowledged and appreciated Ms. Shah’s significant contributions. The company recognized the value of her guidance and support during her time as an Independent Director.

Source: BSE

Canara Bank has successfully raised Rs. 3,500 Crore through the issuance of Basel III Compliant Tier I Bonds. These bonds are unsecured, subordinated, listed, rated, and non-convertible with a coupon rate of 7.55%. The bonds, issued on December 2, 2025, are fully paid-up, taxable, and in the nature of debentures with a face value of Rs 1 Crore each.

Basel III Bonds Issuance

Canara Bank announced the issuance of Basel III Compliant Tier I Bonds, Series I, for Rs. 3,500 Crore on December 2, 2025. This move is aimed at bolstering the bank’s capital base and supporting its growth plans.

Key Bond Details

The issued bonds have the following key characteristics:

• ISIN: INE476A08266
• Type: Unsecured, Subordinated, Listed, Rated, Non-Convertible, Perpetual, Fully-Paid-up, Taxable, Basel III Compliant Additional Tier I Bonds.
• Coupon Rate: 7.55%
• Size: Rs. 3,500 Crore (Base: Rs. 1000 Crore + Green Shoe: Rs. 2,500 Crore)
• Face Value: Rs 1 Crore each

Allotment and Payment

The date of allotment for these bonds is December 2, 2025. Interest will be paid annually on the 02nd of December each year. A total of 37 allottees were involved in this issuance.

Bond Status

These bonds are proposed to be listed on the NSE and are unsecured. The issue opened and closed on November 28, 2025.

Source: BSE

India Ratings and Research has announced updates to Jubilant Ingrevia’s credit ratings. Bank loan facilities have been affirmed with an IND AA+/Stable/IND A1+ rating. However, the rating for proposed commercial paper has been withdrawn. This update provides investors with the latest assessment of the company’s creditworthiness, influencing borrowing costs and investor confidence in Jubilant Ingrevia.

Credit Rating Action

Jubilant Ingrevia has received an updated credit rating from India Ratings and Research, which impacts its debt instruments. The rating action was officially published on December 2, 2025, giving stakeholders insight into the company’s financial standing.

Bank Loan Facilities

The credit rating for the company’s bank loan facilities, amounting to ₹23,883.8 million (reduced from ₹24,200 million), has been affirmed. The assigned rating is IND AA+/Stable/IND A1+. This rating indicates a stable outlook for these credit facilities.

Proposed Commercial Paper

Conversely, the rating for the proposed commercial paper, valued at ₹4,000 million, has been withdrawn. The previous rating was WD.

Source: BSE

Moody’s Ratings has affirmed ICICI Bank’s Baa3 long-term deposit ratings and baa3 Baseline Credit Assessment (BCA). The rating affirmation, announced on December 2, 2025, reflects expectations that the bank’s diversified loan portfolio and strong solvency will support internal capital generation. ICICI’s funding and liquidity continue to be credit strengths, with funding sourced from retail deposits. The outlook remains stable.

Ratings Rationale

The ratings affirmation with a stable outlook reflects the expectation that ICICI’s diversified loan portfolio and above-industry-average profitability will support internal capital generation and its strong solvency. ICICI’s access to low-cost deposits and holdings of liquid government securities are key supports for funding and liquidity.

Key Strengths

ICICI’s healthy net interest margin (NIM), diversified non-interest income, and operational efficiencies support profitability. Return on assets for the six months ended September 2025 (Q2) was 2%, compared with the industry average of 1.4% for fiscal year 2025.

Asset Quality

ICICI’s gross nonperforming loan (NPL) ratio as of the end of September 2025 was 1.6%, compared with the industry average of 2.3% as of the end of March 2025. Stable employment conditions support the quality of secured retail loans.

Capitalization and Funding

ICICI’s consolidated Common Equity Tier 1 ratio as of the end of September 2025 was 16.1%. Most of the bank’s funding is sourced from retail deposits.

Factors That Could Affect Ratings

An upgrade to ICICI’s deposit ratings and BCA is unlikely because they are at the same level as India’s sovereign rating.

A downgrade of ICICI’s deposit ratings could occur if the BCA is lowered by more than one notch. This could be triggered if tangible common equity/risk-weighted assets ratio decreases to below 12%, problem loans/gross loans (NPL ratio) exceed 6%, and net income/tangible assets falls below 0.4%.

Source: BSE

Central Bank of India has announced changes in its senior management team, effective December 1, 2025. The announcement includes the promotion of Shri Vasti Venkatesh to Chief General Manager, International Division, Treasury Department, the promotion of Shri P Mahadevan as General Manager – Retail Assets, the appointment of Shri Vivek Kumar as General Manager – Finance & Accounts, and the appointment of Ms. Kavita Thakur as General Manager – Compliance.

Senior Leadership Transitions

Shri Vasti Venkatesh has been promoted to the position of Chief General Manager, overseeing the International Division and Treasury Department. He brings over 30 years of banking experience and holds a Master’s degree in Business Administration (Banking and Finance). He is also a Certified Associate of the Indian Institute of Banking and Finance (IIB&F).

Retail Assets Division Leadership

Shri P Mahadevan has been promoted to General Manager – Retail Assets. With approximately 30 years of banking experience, he joined the bank in 1995. He holds a Bachelor of Commerce and a Master of Arts and is also a Certified Associate of IIB&F.

Finance and Accounts Appointment

Shri Vivek Kumar has been appointed as the General Manager of Finance & Accounts. He joined the Bank in 1999 and brings over 26 years of overall experience. He holds a Bachelor’s degree in Science, a Bachelor’s in Education, and a Master’s in Management Studies (Finance). He is also a Certified Associate of IIB&F. Previously, he led the Retail Asset Department.

Compliance Leadership Change

Ms. Kavita Thakur has been appointed as General Manager – Compliance. She has been with the bank since 1990 and has over 35 years of banking experience. She holds a Master of Arts (Economics) and a Master’s in Business Administration and is a Certified Associate of IIB&F. She previously served as the Zonal Manager of the Ahmedabad Zonal Office.

Source: BSE

CARE Ratings has reaffirmed the AA; Positive rating for CEAT’s Non-Convertible Debentures (NCDs). The rating applies to NCDs totaling ₹500.00 Crores. This reaffirmation indicates CARE’s continued confidence in CEAT’s financial stability and performance outlook.

Rating Reaffirmation

CARE Ratings has reaffirmed its rating of CARE AA; Positive for CEAT’s proposed Non-Convertible Debentures (NCDs). This rating applies to NCDs amounting to ₹500.00 Crores.

Details of the Rated Instrument

The reaffirmed rating pertains to the following:

Instrument Type: Proposed Non-Convertible Debentures (NCDs)
Amount: ₹500.00 Crores
Rating/Outlook: CARE AA; Positive
Rating Action: Reaffirmed

Source: BSE

Gujarat State Petronet Limited (GSPL) has announced the appointment of Shri Lokesh Agarwal as the new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective December 2, 2025. Shri Amit Shah, who served as Interim CFO, ceased to hold the position on the same date. The company has formally updated its key leadership roles.

Leadership Change at GSPL

Effective December 2, 2025, Shri Lokesh Agarwal has been appointed as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of Gujarat State Petronet Limited (GSPL). This appointment marks a key transition in the company’s financial leadership.

Interim CFO Transition

With the appointment of Shri Lokesh Agarwal, Shri Amit Shah, who previously held the position of Interim CFO and KMP, has ceased to hold these positions, effective December 2, 2025. Shri Shah‘s service as Interim CFO ensured continuity during the transition period.

Background of Shri Lokesh Agarwal

Shri Lokesh Agarwal brings a wealth of experience to GSPL. He is 51 years old and holds qualifications including B.Com, LL.B, CA, CS, and CMA. He has over 28 years of experience, most recently as Director – Finance at Westrock India Pvt. Ltd. in Mumbai.

Source: BSE