CRISIL has reaffirmed the credit ratings for Shree Cement’s bank facilities and debt instruments. Long-term and short-term ratings for bank facilities remain at CRISIL AAA/Stable and CRISIL A1+, respectively. The rating for the commercial paper is reaffirmed at CRISIL A1+, and the non-convertible debenture rating remains at CRISIL AAA/Stable. These reaffirmations reflect CRISIL’s continued confidence in Shree Cement’s financial stability.

Bank Facilities Ratings Reaffirmed

Shree Cement’s long-term bank facilities, enhanced from ₹1,100.00 Crores, maintain a CRISIL AAA/ Stable rating, reaffirming the company’s financial strength and stability. The total amount of long term ratings is ₹2,000.00 Crores. This demonstrates continued confidence in Shree Cement’s ability to meet its long-term obligations.

Short Term Ratings Confirmed

The short-term ratings for Shree Cement’s bank facilities also received a positive reaffirmation. The rating has remained at CRISIL A1+ for total ₹2,500.00 Crores with enhancements from ₹1,200.00 Crores.

Overall Bank Loan Facilities

The total bank loan facilities rated amount to ₹4,500.00 Crores, enhanced from ₹2,300.00 Crores, with the reaffirmation of ratings across both long-term and short-term facilities.

Commercial Paper Rating Stays Strong

CRISIL also reaffirmed its CRISIL A1+ rating for Shree Cement’s commercial paper, valued at ₹1,000.00 Crores enhanced from ₹500.00 Crores. This rating indicates a high degree of certainty regarding the timely payment of short-term debt obligations.

Non-Convertible Debenture Rating Confirmed

The rating for Shree Cement’s non-convertible debenture, with an amount of ₹700.00 Crores, has been reaffirmed at CRISIL AAA/ Stable. This rating reflects the high level of safety associated with this debt instrument.

Source: BSE

ICICI Lombard has received a communication regarding a Combined Order passed by the Income Tax Appellate Tribunal (ITAT) Mumbai. The ITAT partly allowed an appeal related to Assessment Years 2012-13, 2015-16, 2016-17, and 2017-18. The total tax in dispute from the ITAT order amounts to ₹14,87,12,894. The company is evaluating further actions, including a potential appeal.

ITAT Order Received

ICICI Lombard has announced the receipt of an order concerning appeals related to income tax for multiple assessment years. The Income Tax Appellate Tribunal (ITAT) in Mumbai issued a Combined Order partly allowing the appeal. The communication from their tax advisors was received on October 8, 2025, at 11:11 a.m.

Assessment Years Impacted

The ITAT order impacts the following Assessment Years: 2012-13, 2015-16, 2016-17, and 2017-18. The original dispute centered around the Combined Order passed by the Commissioner of Income Tax (Appeals) [CIT(A)]-54, Mumbai.

Key Details of the Order

The ITAT order has implications regarding exemptions claimed under Section 10 of the Income Tax Act, 1961. Specifically, the ITAT has allowed exemptions subject to disallowance under Section 14A of the Act.

Exemptions Allowed

The exemptions allowed pertain to Assessment Year 2015-16 and include:

• Interest income claimed under Section 10(15) of the Act.
• Dividend income claimed under Section 10(34/35) of the Act.
• Profit on sale of investment claimed exempt under Section 10(38) of the Act.

The total tax relief due to these exemptions is ₹89,66,12,687.

Disallowance Upheld

The ITAT order has upheld the disallowance on account of the provisions of Section 14A of the Act for Assessment Years 2012-13, 2015-16, 2016-17, and 2017-18. This disallowance amounts to ₹14,87,12,894.

Financial Impact & Next Steps

The total tax in dispute from the ITAT order comes to ₹14,87,12,894. ICICI Lombard is currently evaluating its options, including the possibility of pursuing an appeal or other appropriate actions against the ITAT order. This may include filing a writ petition.

Source: BSE

Larsen & Toubro (L&T) has secured an ultra-mega order for its Hydrocarbon Onshore business to set up a Natural Gas Liquids plant and associated facilities in the Middle East. The project will be executed in consortium with Consolidated Contractors Group S.A.L. (Offshore) (CCC). This significant win underscores L&T’s global footprint and capabilities in delivering large-scale energy infrastructure. The order is classified as >₹15,000 crore.

Hydrocarbon Business Expansion

L&T’s Hydrocarbon Onshore business (L&T Energy Hydrocarbon Onshore) has been awarded an ultra-mega contract. This involves setting up a Natural Gas Liquids plant with allied facilities located in the Middle East. The announcement was made on October 9, 2025.

Consortium and Scope

L&T secured this order in partnership with Consolidated Contractors Group S.A.L. (Offshore) (CCC), a company headquartered in Greece. L&T, as the lead partner, will handle the engineering and procurement aspects of the project. CCC will manage the construction activities.

Project Details

The project scope includes the engineering, procurement, construction, installation, and commissioning of a Natural Gas Liquids plant and related facilities for processing Rich Associated Gas (RAG). This also includes integrating utilities and offsite facilities with existing infrastructure. The RAG, sourced from offshore and onshore oil fields, will undergo treatment to remove impurities such as H2S, CO2, and H2O. This process will yield valuable products, including lean sales gas, ethane, propane, butane, and hydrocarbon condensate.

Order Significance

According to Mr S N Subrahmanyan, Chairman & Managing Director of L&T, this ultra-mega order highlights L&T’s position as a trusted partner in delivering significant energy infrastructure and reinforces the company’s expanding global presence. Mr Subramanian Sarma, Deputy Managing Director & President – L&T, emphasized the project’s focus on advanced engineering, long-term reliability, and complex brownfield interfaces. This order enhances L&T’s role in shaping energy security.

Ultra-Mega Classification

This order falls under the ‘Ultra-Mega’ category, defined as projects valued at over ₹15,000 crore.

Source: BSE

Infosys has addressed media reports concerning a show cause notice from the Directorate General of GST Intelligence (DGGI) regarding alleged ineligible ITC refunds of Rs 415 crore. Infosys clarifies that they have been cooperating with the DGGI, providing relevant information and engaging in discussions. While a show cause notice was issued on August 12, 2025, the company has challenged its legitimacy by filing a Writ Petition in the Karnataka High Court. Infosys maintains compliance with all laws.

Response to GST Notice

Infosys has issued a statement addressing recent media reports concerning a show cause notice from the Directorate General of GST Intelligence (DGGI). The notice alleges ineligible ITC refunds amounting to Rs 415 crore. Infosys aims to clarify its position on this matter.

Cooperation and Information Provided

Infosys states that in May 2025, the DGGI requested information regarding GST refunds claimed by the company. Infosys confirms that it provided the necessary information and held meetings with DGGI officials to address their queries.

Show Cause Notice and Legal Action

While Infosys sought additional time to respond to a pre-show cause notice issued on July 30, 2025, the DGGI instead issued a show cause notice on August 12, 2025, for Rs 414.88 Crores, excluding interest and penalties. The company has assessed the merits of the notice and, following external tax consultations, filed a Writ Petition in the Hon’ble High Court of Karnataka on September 19, 2025, challenging its legitimacy.

Nature of the Dispute

The show cause notice alleges that services provided by Infosys’ overseas branches are not exports, thus rendering the refund claim erroneous. Infosys disagrees with this assessment. The company reiterated that there is no tax demand as of October 9, 2025, the date of this statement.

Commitment to Compliance

Infosys emphasizes its commitment to full compliance with all central and state laws and regulations regarding GST refunds.

Source: BSE

Garden Reach Shipbuilders & Engineers has received a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, from Alankit Assignments Limited, the Registrar and Share Transfer Agent. This certificate covers the period from July 1, 2025, to September 30, 2025, and confirms compliance with depository regulations.

Compliance Confirmation

Garden Reach Shipbuilders & Engineers (GRSE) has announced the receipt of a compliance certificate related to depository regulations. The certificate, issued by Alankit Assignments Limited, confirms adherence to specific SEBI guidelines concerning depositories and participants. This announcement was made on October 9, 2025.

Certificate Details

The compliance certificate pertains to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. It covers the period from July 1, 2025, to September 30, 2025, representing the second quarter (Q2) of the financial year. The company has submitted the certificate to both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) for their records.

Source: BSE

Netweb Technologies partners with Bud Ecosystem to develop affordable, localized AI infrastructure solutions for India. The collaboration aims to provide accessible AI solutions for diverse sectors, including education, healthcare, retail, and agriculture. The partnership will create pre-configured AI systems integrating optimized hardware and software, designed to be modular and scalable. This initiative addresses challenges like high costs and connectivity limitations, promoting AI adoption across India.

Netweb and Bud Ecosystem Collaboration

Netweb Technologies India Limited has announced a partnership with Bud Ecosystem to develop affordable AI infrastructure solutions tailored for the Indian market. This collaboration aims to democratize AI access across various sectors.

Affordable AI Solutions for India

The partnership will focus on creating localized AI infrastructure solutions, addressing challenges such as high infrastructure costs and connectivity limitations. These solutions will be designed for diverse sectors, including education, healthcare, retail, agriculture, and small businesses. The offering is scheduled for rollout starting October 9, 2025.

Key Components of the Partnership

The collaboration will produce AI-in-a-Box pre-configured systems, integrating optimized hardware and software. These systems will be modular and scalable, allowing customers to start with CPU-based systems and seamlessly upgrade to advanced GPU or accelerator-based configurations.

Localized Deployment and Data Sovereignty

The joint offering will enable localized deployment and offline functionality, while addressing data privacy concerns. This empowers organizations to adopt AI cost-effectively. The solutions will include plug-and-play edge AI systems pre-built with custom-developed LLMs and SLMs, multilingual AI models, and a comprehensive end-to-end AI foundry layer. This will simplify and scale AI adoption across sectors in India.

Executive Perspectives

Swastik Chakraborty from Netweb Technologies stated that the collaboration reinforces their vision of building trusted, scalable, and inclusive compute infrastructure for India’s digital growth.

Linson Joseph from Bud Ecosystem added that the partnership brings together Bud Ecosystem’s AI software expertise with Netweb’s hardware and middleware engineering strengths, with a mission to make advanced AI deployable anywhere.

Source: BSE

Info Edge has released its standalone billing figures for the quarter and half-year ended September 30, 2025. Standalone billings reached ₹729.0 Crore for the quarter and ₹1373.2 Crore for the half-year. Recruitment Solutions continue to be a major contributor with ₹545.0 Crore in billings for the quarter. These figures are unaudited and subject to review by the company’s audit committee.

Standalone Billings Update

Info Edge has announced its unaudited standalone billing figures for the quarter and half year ended September 30, 2025. The figures are being released ahead of the official financial results announcement and remain subject to review by the Audit Committee and Board of Directors.

Key Billing Figures

The standalone billings for the periods are as follows:

3 months ended
September 30, 2025
3 months ended
September 30, 2024
6 months ended
September 30, 2025
6 months ended
September 30, 2024

₹729.0
₹650.3
₹1373.2
₹1229.7

Segment-Wise Breakup

Here’s a breakdown of the billings across different segments:

Business Segment
3 months ended
September 30, 2025
3 months ended
September 30, 2024
6 months ended
September 30, 2025
6 months ended
September 30, 2024

Recruitment Solutions
₹545.0
₹492.0
₹1015.3
₹923.4

99acres for Real estate
₹122.4
₹107.4
₹216.8
₹188.4

Others
₹61.6
₹50.9
₹141.1
₹117.9

Recruitment Solutions remains the primary revenue driver, contributing significantly to the overall billings.

Important Note

The announced figures are unaudited and are pending review by the Audit Committee, Board of Directors, and Statutory Auditors of the Company.

Source: BSE

VE Commercial Vehicles (VECV), a joint venture between Volvo Group and Eicher Motors, will manufacture Volvo Group’s automated manual transmissions (AMT) in India. The company is investing ₹544 crore in a new greenfield facility at Vikram Udyogpuri Integrated Industrial Township. This initiative will serve both the Indian market and select Asia-Oceania markets, boosting VECV’s position in commercial vehicle manufacturing. About 90% of produced transmissions will be exported or sold to Volvo.

AMT Production in India

VE Commercial Vehicles (VECV) announced plans to manufacture Volvo Group’s industry-leading 12-speed automated manual transmissions (AMT) for the Indian and select Asia-Oceania markets. This marks a significant step in the company’s strategy to modernize commercial transportation.

Investment and Facility

VECV is investing ₹544 crore (576 million Swedish Krona) in a greenfield factory located at Vikram Udyogpuri Integrated Industrial Township, Madhya Pradesh. This facility will handle the production and assembly of Volvo Group’s state-of-the-art 12-speed AMT.

Strategic Alignment and Capacity

The manufacturing initiative aligns with the Government of India’s ‘Make in India’ vision and aims to enhance fuel efficiency and productivity. The new AMT facility will have an initial capacity to produce up to 40,000 units per year, with production and local content to be gradually increased.

Market Focus

The Volvo Group’s 12-speed AMT is globally proven to reduce driver fatigue and improve fuel economy. Approximately 90% of the AMT produced by VECV will be exported or sold to Volvo, with the remainder being used in Eicher Heavy Duty trucks manufactured by VECV.

Executive Commentary

Jens Holtinger, Executive Vice President Group Trucks Technology and Volvo Group Chief Technology Officer, stated that this manufacturing hub at VECV exemplifies how the Volvo Group leverages partnerships to enhance manufacturing efficiency.

Agreement Details

The agreement, effective October 8, 2025, involves a technology license arrangement between VE Commercial Vehicles Limited and Volvo Trucks Corporation, Sweden.

Source: BSE