Vedanta Limited has announced that CRISIL has issued a credit bulletin providing an update on the company and its subsidiaries. The bulletin acknowledges the National Company Law Tribunal’s (NCLT) order regarding the scheme of demerger for Vedanta. The company’s ratings remain unchanged and have been reaffirmed. The release date for the bulletin was December 24, 2025, at 4:00 PM IST.

Credit Ratings Reaffirmed

Vedanta Limited has received a credit bulletin from CRISIL confirming the latest ratings. The announcement, dated December 24, 2025, reaffirms the company’s current standing in light of recent corporate actions, including the demerger scheme.

Current Ratings Details

The credit ratings for Vedanta Limited are as follows:

CRISIL AA / Watch Developing / CRISIL A1+ (Previously CRISIL AA / Watch Developing / CRISIL A1+). These ratings reflect CRISIL’s assessment of the company’s creditworthiness and short-term financial obligations.

Demerger Scheme Update

The credit bulletin notes the order issued by the National Company Law Tribunal (NCLT) pertaining to the demerger scheme of Vedanta. The full details of the bulletin can be accessed through the link provided by the company: CRISIL Ratings Bulletin.

Source: BSE

NTPC Green Energy Limited (NGEL), a subsidiary of NTPC, has declared the commercial operation (COD) of a 69.04 MW capacity part of the 1255 MW Khavda-I Solar PV Project in Gujarat, effective December 25, 2025. This addition increases the total installed capacity of the NTPC Group to 85,610 MW. The project falls under the CPSU scheme Phase-II Tranche-III.

NTPC Green Energy Boosts Capacity

NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, has announced the commencement of commercial operations for a portion of its Khavda-I Solar PV Project.

Project Details and Capacity Addition

The commercial operation date (COD) for 69.04 MW capacity of the 1255 MW Khavda-I Solar PV Project has been declared effective December 25, 2025. The project is located in Gujarat and falls under the CPSU scheme Phase-II Tranche-III.

Impact on NTPC Group

With this addition, the total installed and commercial capacity of the NTPC group now stands at 85,610 MW. This project reinforces NTPC’s commitment to expanding its renewable energy portfolio through its subsidiary, NGEL.

Source: BSE

360 ONE WAM has announced the grant of Employee Stock Options (ESOPs) to its eligible employees. The Nomination and Remuneration Committee approved the grant on December 24, 2025. A total of 35,27,736 options have been granted under two schemes, with an exercise price of Re. 1/- per option.

ESOP Grant Details

360 ONE WAM has granted Employee Stock Options to its employees, effective December 24, 2025. The decision was made by the Nomination and Remuneration Committee.

Scheme Breakdown

The ESOPs are granted under two schemes:

360 ONE Employee Stock Option Scheme 2025 – Series 1:

• Total Options: 27,23,289
• Exercise Price: Re. 1/- per option
• Vesting Schedule: Over 6 years post-performance, based on vesting criteria (0/0/0/33/33/34).

360 ONE Employee Stock Option Scheme 2025 – Series 2:

• Total Options: 8,04,447
• Exercise Price: Re. 1/- per option
• Vesting Schedule: Over 2 years post-performance, based on vesting criteria (50% on December 2026 and 50% on September 2027).

Total Grant

A total of 35,27,736 options have been granted across both schemes.

Source: BSE

Schaeffler India has received ESG scores from two entities. CFC Finlease Private Limited assigned an ESG score of 80/100, while NSE Sustainability Ratings and Analytics Limited assigned a score of 77/100. The company clarifies that it did not engage either firm for these ratings, and the reports were independently prepared based on publicly available data.

ESG Scores Received

Schaeffler India has been assigned Environmental, Social, and Governance (ESG) scores by two separate rating agencies, according to an announcement made on December 24, 2025.

Rating Details

CFC Finlease Private Limited assigned Schaeffler India an ESG score of 80 out of 100. Concurrently, NSE Sustainability Ratings and Analytics Limited provided an ESG score of 77 out of a possible 100.

Company Statement

Schaeffler India explicitly stated that it did not engage CFC Finlease Private Limited or NSE Sustainability Ratings and Analytics Limited for these ratings. The company further clarified that the reports were independently prepared and voluntarily issued, based solely on the company’s disclosures and other publicly accessible information.

Source: BSE

Castrol India has received a public announcement regarding an open offer from Motion JVCo Limited to acquire up to 26% of its equity shares. The offer, dated December 24, 2025, is for up to 25,71,71,820 shares at a price of ₹194.04 per share. This acquisition is connected to an indirect change in control via an agreement with BP p.l.c. Stonepeak Motion Holdco Limited and other entities are acting in concert with the acquirer.

Acquisition Offer Details

Motion JVCo Limited has announced an open offer to acquire up to 25,71,71,820 equity shares of Castrol India, representing 26.00% of the company’s equity share capital. The announcement was made on December 24, 2025. The offer price is set at ₹194.04 per equity share.

Parties Involved

The acquirer, Motion JVCo Limited, is acting in concert with Stonepeak Motion Holdco Limited, Stonepeak Infrastructure Fund V Cayman (AIV I) LP, Stonepeak Infrastructure Fund V (Lux) (AIV I) SCSp, and CPP Investment Board Private Holdings (6) Inc.

Transaction Background

The open offer is triggered by an agreement where the Acquirer entered into an agreement for sale and purchase with BP p.l.c. , dated December 23, 2025, to acquire 100% of Castrol Group Holdings Limited (CGHL). This results in an indirect acquisition of shares, voting rights, and control over Castrol India.

Impact and Next Steps

This offer is subject to certain approvals and conditions. The Acquirer intends to comply with all applicable regulations and will release a detailed public statement (DPS) with further information. The company has stated this Offer is subject to and contingent upon the completion of the Underlying Transaction.

Source: BSE

Concord Biotech announces the resignation of Company Secretary and Compliance Officer, Ms. Hina Patel, effective from the close of business hours on January 21, 2026. Ms. Patel is resigning to pursue opportunities outside of the organization. The company has initiated the process to ensure a smooth transition and is searching for a replacement.

Resignation Announcement

Concord Biotech today announced that Ms. Hina Patel has tendered her resignation from the position of Company Secretary and Compliance Officer. Her last day of employment with the company will be January 21, 2026. She has decided to leave to pursue new career opportunities.

Reason for Departure

Ms. Patel’s resignation stems from a desire to explore opportunities outside the company. Concord Biotech respects her decision and wishes her well in her future endeavors.

Effective Date

The resignation will be effective from the close of business hours on January 21, 2026. This marks the official end of Ms. Patel’s tenure with Concord Biotech.

Transition

Concord Biotech is taking the necessary steps to ensure a seamless transition period. The company has already begun searching for a qualified replacement to fill the position. Further announcements regarding the appointment of a new Company Secretary and Compliance Officer will be made in due course.

Source: BSE

Uno Minda Limited has announced the issuance of unlisted Commercial Paper amounting to ₹100 Crores. The allotment date for this issuance is December 24, 2025, with a maturity date set for February 10, 2026. This issuance is intended to support the company’s financial operations and investment strategies.

Commercial Paper Issuance

Uno Minda Limited has successfully issued unlisted Commercial Paper with a total value of ₹100 Crores. The issuance was officially announced on December 24, 2025.

Key Dates

The Commercial Paper was allotted on December 24, 2025. The maturity date for this paper is February 10, 2026.

Purpose of Issuance

This issuance is aimed at bolstering the company’s financial flexibility and supporting its ongoing business activities. This will allow for continued investment and strategic initiatives.

Source: BSE

S&P Global Ratings has affirmed Tata Steel’s issuer credit rating at ‘BBB’ with a Stable Outlook on December 24, 2025. The affirmation reflects the expectation that higher volumes and cost-reduction initiatives will balance the effects of announced growth projects. The Stable Outlook indicates an expectation of credit metric recovery over the next 12-18 months, driven by higher output in India and reduced losses in the U.K.

Credit Rating Maintained

On December 24, 2025, S&P Global Ratings affirmed the ‘BBB’ issuer credit ratings for both Tata Steel and ABJA Investment Co. Pte. Ltd., along with the issue-level rating for ABJA’s senior unsecured notes. The Stable Outlook indicates anticipated improvements in key financial metrics over the near term.

Factors Influencing the Rating

The ratings affirmation acknowledges Tata Steel’s ongoing growth projects, which may delay deleveraging but are expected to be counterbalanced by increased production volumes and cost efficiencies. S&P anticipates that capital expenditure will be primarily funded through operating cash flow.

Growth and Capital Expenditure

Planned expansions at Neelachal Ispat Nigam Ltd. (NINL) and new downstream capacity additions are projected to increase annual capital expenditure by INR100 billion-INR200 billion. This level of investment is expected to result in negative discretionary cash flow and a delay in reducing debt levels. Adjusted debt is projected to reach INR1,100 billion in fiscal 2028.

Projected Earnings and Efficiency

Tata Steel anticipates savings of INR30 billion-INR35 billion through decreased losses in its U.K. operations and optimized iron ore pellet sourcing, contributing an incremental EBITDA per ton of INR1,000 at the consolidated level. The company’s EBITDA is forecasted to increase by 30% to INR410 billion in fiscal 2027.

Sensitivity Factors

The company’s credit metrics are sensitive to EBITDA per ton levels, with the ratio of funds from operations (FFO) to debt potentially approaching 20% if there are delays in the Kalinganagar facility ramp-up or U.K. turnaround. The FFO to debt ratio could increase to 26%-27% with improved earnings.

NINL Expansion

The proposed expansion at NINL is aimed at doubling Tata Steel’s long product output to 10 mt by fiscal year 2030. This expansion will also include NINL’s iron ore mines, which would improve production costs and EBITDA per ton.

Outlook Considerations

The stable outlook reflects expectations that Tata Steel’s credit metrics will improve over the coming 12-18 months. The ratio of FFO to debt is expected to improve to comfortably above 20%, primarily through operating cash flow.

Source: BSE