Syrma SGS Technology Limited has announced the acquisition of Elcome Integrated Systems Private Limited and Navicom Technology International Private Limited. The acquisition of Elcome will occur in four tranches, with Syrma SGS initially acquiring 60% for approximately INR 235 Crore via primary and secondary investment. Post-acquisition, Navicom will become a wholly-owned subsidiary of Elcome, enhancing Syrma SGS’s presence in the defense and maritime sectors.

Strategic Acquisitions Announced

Syrma SGS Technology Limited has officially announced the acquisition of Elcome Integrated Systems Private Limited (Elcome) and Navicom Technology International Private Limited (Navicom). The Board of Directors approved the execution of agreements to facilitate these acquisitions on November 10, 2025.

Deal Structure and Details

The acquisition of Elcome will be completed in four tranches. Initially, Syrma SGS will acquire 60% of Elcome’s paid-up share capital for approximately INR 235 Crore. This investment will be a mix of primary and secondary investments. The first tranche is expected to close by January 31, 2026, with a possible extension to March 15, 2026, if necessary. The remaining tranches are scheduled to be completed tentatively by December 31, 2028.

Elcome will acquire 100% of Navicom, making Navicom a wholly-owned subsidiary of Elcome. The funds invested by Syrma SGS in Elcome’s first tranche will partially fund the acquisition of Navicom.

Elcome and Navicom Overview

Elcome, established on August 11, 1978, specializes in manufacturing defense and maritime equipment. For the fiscal year 2024-25, Elcome reported a turnover of INR 155 Crore.

Navicom, incorporated on March 22, 2002, also focuses on manufacturing defense and maritime equipment. The company reported a turnover of INR 52 Crore for the fiscal year 2024-25.

Strategic Rationale

These acquisitions are aligned with Syrma SGS’s strategic vision to expand into the defense and maritime sectors, capitalizing on emerging opportunities within these industries.

Source: BSE

Vodafone Idea Limited has released its Monitoring Agency Report for the quarter ended September 30, 2025. The report, issued by CARE Ratings Limited, pertains to the utilization of proceeds raised through the Further Public Offer (FPO). It confirms that FPO proceeds have been utilized as per the objectives outlined in the offer document, with reallocations approved by the Board.

FPO Proceeds Utilization

The Monitoring Agency Report for the quarter ended September 30, 2025, confirms that Vodafone Idea has utilized the proceeds from its Further Public Offer (FPO) in line with the objectives outlined in the offer document. CARE Ratings Limited issued the report.

Key Highlights from the Report

All proceeds from the FPO have been utilized appropriately for the objectives mentioned in the offer document. A reallocation of proceeds was implemented via a resolution passed by the Board of Directors on May 30, 2025.

Detailed Financial Breakdown

Of the ₹17,614.20 crore net proceeds, ₹10,492.00 crore was allocated to purchase equipment for network expansion. A further ₹4,433.32 crore was for deferred payments to the DoT and GST. General corporate purposes accounted for ₹2,688.88 crore. Revisions from the original allocation, amounting to approximately ₹2,258 crore, were approved by the Board. The monitoring agency has made note of no material deviations from expenditures disclosed in the offer document.

Deployment of Unutilized Proceeds

As of September 30, 2025, the unutilized proceeds, totaling ₹2,715.76 crore, were largely deployed in fixed deposits with various financial institutions like IDBI, SBI and ICICI with maturity dates ranging from October 2025 to February 2026 and average returns ranging from 3.00% to 7.56%. A portion was allocated to cash balance.

Source: BSE

Syrma SGS Technology has announced the acquisition of Elcome Integrated Systems Private Limited and Navicom Technology International Private Limited. The acquisition of Elcome will occur in four tranches, with Syrma SGS initially acquiring 60% of Elcome for approximately INR 235 Crore. Post-acquisition, Navicom will become a wholly-owned subsidiary of Elcome, expanding Syrma’s presence in the defense and maritime sectors.

Strategic Acquisition Overview

Syrma SGS Technology is set to broaden its operational footprint through the acquisition of Elcome Integrated Systems and Navicom Technology. The board approved the deal on November 10, 2025. This move is aimed at enhancing Syrma SGS’s capabilities and market presence.

Elcome Acquisition Details

The acquisition of Elcome will be executed in four phases. Initially, Syrma SGS will acquire 60% stake in Elcome for around INR 235 Crore. This investment will be a mix of primary and secondary investments. The first tranche is expected to be completed by January 31, 2026, with a possible extension to March 15, 2026. All remaining tranches should be completed by December 31, 2028.

Navicom Acquisition Details

Following Syrma SGS’s initial investment in Elcome, Elcome will use part of the investment to acquire 100% of Navicom, which will become a wholly-owned subsidiary of Elcome.

Elcome Company Details

Elcome Integrated Systems, established on August 11, 1978, specializes in manufacturing defense and maritime equipment. Key financials include:

• FY 2022-23: INR 109 Crore
• FY 2023-24: INR 110 Crore
• FY 2024-25: INR 155 Crore

Navicom Company Details

Navicom Technology, established on March 22, 2002, also specializes in manufacturing defense and maritime equipment. Key financials include:

• FY 2022-23: INR 26 Crore
• FY 2023-24: INR 37 Crore
• FY 2024-25: INR 52 Crore

Rationale Behind the Acquisition

Syrma SGS aims to leverage the acquisition to expand into the defense and maritime sectors, capitalizing on emerging industry opportunities. The cost per share for the initial 60% acquisition of Elcome is approximately INR 3,155.6036. For Navicom, the acquisition price is approximately INR 166.67 per share.

Source: BSE

Vodafone Idea (Vi) has released its Q2 2025 results, showing revenue of Rs. 111.9 billion, a 2.4% YoY growth. EBITDA reached Rs. 46.9 billion. The company is expanding 5G services to 29 cities and 4G coverage to over 84% of the population. Vi is also focusing on enterprise solutions and enhancing the Vi App with new digital offerings and partnerships to drive growth and customer engagement.

Financial Performance in Q2 2025

Vodafone Idea reported a revenue of Rs. 111.9 billion for the quarter, representing a year-on-year (YoY) growth of 2.4%. The reported EBITDA for the quarter stood at Rs. 46.9 billion. Cash EBITDA, excluding Ind AS 116 impact, was Rs. 22.5 billion. Depreciation & Amortisation expenses and Net Finance costs for the quarter were Rs. 55.7 billion and Rs. 46.8 billion respectively. Capex for the quarter stood at Rs. 17.5 billion.

Operational Highlights and Expansion

Vi launched 5G services in March and expanded to all 17 priority circles, now available in 29 cities. The company continues to expand its high-speed broadband network, increasing 4G population coverage to over 84% and data capacity by over 38%. The company added over 1,500 new unique 4G towers and deployed around 3,200 new sites on the sub-GHz 900 MHz spectrum.

Strategic Initiatives and Enterprise Solutions

Vi launched Vi Protect, a suite of initiatives to enhance network security, including AI-powered spam voice call protection and a Cyber Defence and Incident Response System. For Postpaid Customers, the company launched REDX Family Plan. Vi Business showcased cutting-edge enterprise solutions at the India Mobile Congress (IMC) 2025 and plans to deploy 12 million smart metering solutions in the next 3 years.

Vi App Enhancements and Digital Offerings

The Vi App experience was enhanced with the launch of ‘Vi Finance’, enabling users to access personal loans, fixed deposits, and credit cards directly. Strategic partnerships were forged with Aditya Birla Capital and InstaMoney. The app now offers Vi Games, Vi Shop, LIVE News & other TV channels, Utility Bill Payment, and Metro Ticket Booking services.

AGR Update

Vodafone Idea welcomes the Hon’ble Supreme Court’s judgement dated October 27, 2025, and November 3, 2025, regarding the reconsideration of the additional AGR demand up to the Financial Year 2016-2017. The company is in discussion with the DoT for next steps on this matter.

Source: BSE

City Union Bank has announced the opening of two new branches on November 10, 2025. The new branches are located in Shalimar Bagh, New Delhi, and Vattathikkottai Kollukkadu, Tamil Nadu, increasing the bank’s total branch count to 892. This expansion reflects the bank’s commitment to broadening its reach and serving more customers across India.

Branch Expansion Initiative

City Union Bank has expanded its network with the inauguration of two new branches on November 10, 2025.

New Branch Locations

The two new branches are located at:

Source: BSE

HUDCO presented its financial results for the quarter and half-year ended September 30, 2025, showcasing a robust operational and financial performance. The presentation highlighted key strengths, strategic initiatives, and a promising outlook, underlining the company’s commitment to sustainable asset creation and contribution to Viksit Bharat. Key financials indicated growth in loan sanctions, disbursements and profitability.

Financial and Operational Highlights

HUDCO’s investor presentation for H1FY26 showcased strong growth across key metrics:

• Loan Sanctions: Increased to ₹92,985 Crore in H1FY26 from ₹76,472 Crore in H1FY25, a 21.59% increase.
• Loan Disbursements: Rose to ₹25,838 Crore in H1FY26.
• Loan Book: Reached ₹1,44,554 Crore, a 30% increase.
• Net Profit: ₹1,340.06 Crore, up from ₹1,246.37 Crore (7.51% increase).

Key Strengths and Ratings

HUDCO highlighted its key strengths, including:

• Strong Asset Quality: Maintained a low NPA ratio.
• Highest Credit Ratings: Domestic AAA rating and International-Sovereign ratings.
• One-Stop Solution: Offering financing, consultancy, and capacity building services.

Strategic Initiatives

HUDCO is undertaking several strategic initiatives to drive future growth and efficiency:

• Urban Invest Window: Launching a dedicated platform to support Urban Local Bodies (ULBs).
• Urban Challenge Fund: Playing a role in the Urban Challenge Fund.
• Credit Enhancement Initiative: Participating in AMRUT 2.0.
• Private Sector Project Finance Division: Launching a division for private sector project financing.

Commitment to Sustainability

HUDCO emphasized its commitment to Environmental, Social, and Governance (ESG) principles:

• Sustainable Lending: ₹15,000 Cr towards RE & Net ZERO.
• Impactful CSR: ₹52.72 Cr spent in FY25.

Future Outlook

HUDCO is positioned to capitalize on the infrastructure spending surge in India and contribute to the Viksit Bharat vision, leveraging its financial strength and strategic initiatives. The company aims to support the $10 Trillion economy goal by 2030 and the Viksit Bharat vision by 2047 by focusing on critical infrastructure sectors.

Source: BSE