Transformers and Rectifiers (India) Limited received a November 4, 2025, World Bank notice regarding sanctions proceedings related to a Nigeria Electricity Transmission Project. The debarment stems from alleged irregularities in a past supply order. The company is contesting the matter and believes the findings are not conclusive and has acted in good faith. The debarment is limited to World Bank-funded projects and has no material impact.

World Bank Notice

Transformers and Rectifiers (India) Limited received a Notice of Uncontested Sanctions Proceedings dated November 4, 2025, from the World Bank concerning Sanctions Case No. 788, relating to the Nigeria Electricity Transmission Project (IDA Credit Nos. 6185-NG and 6186-NG). The company is taking steps to contest the matter.

Background and Company Response

The communication references a prior Notice of Sanctions Proceedings dated July 30, 2025, which the Company had not received. The company will submit a reply to the World Bank, seeking to review and address the allegations in detail. The company maintains that it has acted in good faith and in compliance with all applicable laws and contractual obligations.

Key Order Details

The debarment relates to a past supply order executed under a World Bank-funded project for Transmission Company of Nigeria Plc (TCN), Abuja. Key details include:

* A total order received in FY20 worth 24.74 Million Dollar for supplying 70 transformers to Nigeria.
* The order was executed in FY22, with 90% payment received under LC during FY22.
* During shipment, 3 transformers were damaged.
* An insurance claim was filed and paid in FY24 due to USD shortage in Nigeria.
* Replacement transformers were supplied by the end of FY25, and the remaining 10% payment was received during Q1FY26.

Impact and Company Stance

The company believes that the findings are not conclusive and don’t constitute proof of misconduct. The company will engage with the World Bank to resolve the situation. The debarment is limited to participation in World Bank-funded projects. The company currently has no ongoing or pending orders under such projects; therefore, this action has no material impact on its business operations, financial performance, or future outlook.

The company reaffirms its commitment to the highest standards of integrity, corporate governance, and regulatory compliance.

Source: BSE

Indegene has announced the acquisition of Cake Group for a sum not exceeding EUR 8.5 million. This acquisition aims to strengthen Indegene’s European presence and expand its capabilities in healthcare communications. Cake Group, headquartered in Vienna, Austria, operates across Austria, Germany, and Switzerland, and generated a revenue of EUR 3.78 million in FY 2024.

Strategic Acquisition of Cake Group

Indegene has finalized an agreement to acquire Cake Group. This move will significantly broaden Indegene’s capabilities within the European healthcare communications sector and reinforces its commitment to providing comprehensive solutions to its global clientele. The final acquisition remains subject to customary closing conditions and regulatory clearances.

Deal Terms and Rationale

The acquisition will see Indegene acquire 100% of the equity shares in Cake Group for an amount not exceeding EUR 8.5 million, subject to certain adjustments. Cake Group’s expertise in healthcare marketing and communications, combined with Indegene’s existing infrastructure, is expected to create substantial synergies.

Cake Group Overview

Cake Group specializes in healthcare marketing and communications, providing services such as brand strategy, campaign development, and digital marketing solutions. The company operates across Austria, Germany and Switzerland, with headquarters in Vienna, Austria. It has approximately 25 employees. The revenue for the past three financial years is as follows:

• FY 2022: EUR 3.18 Million
• FY 2023: EUR 3.10 Million
• FY 2024: EUR 3.78 Million

The acquisition is expected to complete in January 2026.

Source: BSE

Infosys has announced a buyback of its equity shares, according to an official release dated November 10, 2025. The public announcement was published in several leading Indian newspapers, including the Business Standard, Prajavani, and The Economic Times. The announcement was also published in The New York Times, USA on November 10, 2025.

Buyback Announcement Details

Infosys has made a public announcement regarding the buyback of its equity shares, as stated in a notification released on November 10, 2025. The information has been disseminated through publications in major newspapers across India and the USA.

Newspaper Publications

The public announcement appeared in the following newspapers:

Indian Newspapers:

• Business Standard (English & Hindi Editions)
• Prajavani (Kannada Edition covering all of Karnataka)
• The Economic Times (English Edition)

International Newspaper:

• The New York Times, USA (Published on Monday, November 10, 2025)

Important Information for U.S. Investors

The buyback of the outstanding equity shares referenced has not yet commenced. Any offers to purchase or solicitations of offers to sell will be made pursuant to a Tender Offer Statement on Schedule TO filed with the U.S. Securities and Exchange Commission (SEC). Security holders are advised to carefully read these documents and any amendments prior to making any decision. Copies of these documents can be obtained for free at the SEC’s website or from the Company’s Investor Relations department.

Source: BSE

Tata Motors Limited (formerly TML Commercial Vehicles Limited) has received approval for the listing and trading of its equity shares on the BSE Limited and National Stock Exchange of India Limited. This follows the Composite Scheme of Arrangement sanctioned by the Hon’ble National Company Law Tribunal. The listing of equity shares will be effective from November 12, 2025.

Equity Listing Approved

Tata Motors Limited (formerly TML Commercial Vehicles Limited), referred to as ‘TMCV’, announced it has received approval from both BSE Limited and the National Stock Exchange of India Limited for the listing and trading of its equity shares. The effective date for the listing is November 12, 2025.

Composite Scheme Arrangement

This listing is pursuant to the Composite Scheme of Arrangement. The Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”), sanctioned this arrangement via orders dated August 25, 2025, and September 10, 2025.

Earlier Intimation

The company had previously intimated the allotment of equity shares of Tata Motors Limited via letter reference no. 18799 dated October 15, 2025.

Source: BSE

Reliance Power has released its Monitoring Agency Report for the quarter ended September 30, 2025. The report, submitted by Infomerics Valuation and Rating Limited, confirms that the proceeds from the preferential issue of warrants are being utilized as intended. As of September 30, 2025, ₹26.49 crore remains unutilized and is held in fixed deposits with scheduled commercial banks.

Monitoring Agency Findings

Infomerics Valuation and Rating Limited, the monitoring agency, has submitted its report for Q2 2025 (July-September). The report pertains to the preferential issue of warrants by Reliance Power. The monitoring agency confirms adherence to regulations and proper utilization of funds.

Details of Proceeds and Utilization

The total proceeds proposed to be received under the preferential issue amounted to ₹1,524.60 crore. As of the end of Q2 2025, the actual proceeds received stood at ₹694.65 crore. There were no proceeds received during the quarter ended September 30, 2025.

Unutilized Funds

As of September 30, 2025, ₹26.49 crore remains unutilized. These funds are maintained in fixed deposits and current accounts with scheduled commercial banks, aligning with regulatory requirements. There have been no deviations observed in the utilization of funds.

Allocation of Issue Proceeds

The issue proceeds are primarily allocated towards:

• Expansion of Business Operations: ₹803.60 crore
• General Corporate Expenses: ₹381.00 crore
• Debt Reduction: ₹340.00 crore

Progress on Object(s)

As of the reporting period, the objects are ongoing, within the stipulated timeframe of 18 months from the receipt of issue proceeds.

Source: BSE

Adani Enterprises has announced the availability of the transcript from its earnings call pertaining to the unaudited financial results for the quarter and half year ended September 30, 2025. The transcript, now accessible online, covers discussions and insights from the company’s financial performance during this period. Interested parties can find the full details via the provided weblink.

Earnings Call Transcript Announced

Adani Enterprises has released the transcript of its earnings call, which discussed the unaudited financial results for the quarter and half-year ending September 30, 2025. This announcement, dated November 10, 2025, informs stakeholders that the transcript is now available for review.

Accessing the Transcript

The transcript provides a detailed account of the discussions during the earnings call. It includes insights into the company’s financial performance and strategic outlook. To access the full transcript, please use the following link:

Earnings Call Transcript

Source: BSE

Reliance Power has announced the grant of 99,92,103 employee stock options under the “Reliance Power Employee Stock Option Scheme, 2024”. The options were approved by the Nomination and Remuneration Committee. These options are available to eligible employees with exercise prices determined by the committee. The vesting period allows exercise within a maximum of 4 years. These grants are designed to incentivize and reward eligible employees.

Employee Stock Option Grant

Reliance Power has approved the grant of 99,92,103 stock options to its eligible employees under the “Reliance Power Employee Stock Option Scheme, 2024”. The decision was made by the Nomination and Remuneration Committee on November 10, 2025.

Key Details of the Option Scheme

The details of the scheme include:

• Options Granted: 99,92,103 options.
• Eligibility: Granted to eligible employees as determined by the Committee.
• Face Value: Each option covers fully paid-up equity shares with a face value of ₹10.

Pricing and Exercising

The exercise price will be determined by the Committee, and it will either be the face value of ₹10 or a price based on the closing market price.

• Some options are granted at face value of ₹10.
• Other options are granted at a 20% discount on the Closing Market Price on the National Stock Exchange of India Limited as on November 07, 2025, i.e., ₹31.35.

The vested options can be exercised within a maximum period of 4 years from the date of vesting, according to the Reliance Power Employee Stock Option Scheme, 2024.

Source: BSE

Indian Renewable Energy Development Agency (IREDA) has announced key personnel changes, including the extension of Shri Pallav Kapoor’s tenure as Chief Risk Officer until October 31, 2028. Shri A. Chandrashekar and Shri Sanjay Kumar have been promoted to General Manager and Additional General Manager (IT) respectively. Shri KP Philip has also been promoted to General Manager and appointed as Senior Management Personnel.

CRO Tenure Extended

Shri Pallav Kapoor will continue as the Chief Risk Officer (CRO) of the Company. His tenure has been extended for a further period of three years, now set to expire on October 31, 2028.

Promotions Announced

Several key personnel have received promotions within the organization:

• Shri A. Chandrashekar: Promoted to General Manager (Projects). Will also continue as Head of Internal Audit.
• Shri Sanjay Kumar: Promoted to Additional General Manager (IT). He will continue as Chief Information Security Officer (CISO).
• Shri K P Philip: Promoted to General Manager (Projects) and appointed as a Senior Management Personnel.

Executive Profiles

Shri A. Chandrashekar holds a bachelor’s degree in Mechanical Engineering and a postgraduate degree. He has over 34 years of experience.

Shri Sanjay Kumar holds a bachelor’s degree in Science and a Master’s degree in Computer Application. He has more than 26 years of experience.

Shri K P Philip holds a bachelor’s degree in Technology in Civil Engineering. He has more than 31 years of experience.

Shri Pallav Kapoor holds a bachelor’s degree in Commerce and a post-graduate degree in finance. He has over 18 years of experience in risk management.

Source: BSE