CESC Limited has announced a proposal for issuing Redeemable, Senior, Secured, Unlisted, Rated Non-Convertible Debentures. This proposal will be reviewed by the Board of Directors’ Committee at a meeting scheduled for September 24, 2025. The announcement was made on September 19, 2025.

Debt Securities Proposal

CESC Limited is considering a proposal for the issuance of debt securities. The announcement, dated September 19, 2025, details the potential issue of Redeemable, Senior, Secured, Unlisted, and Rated Non-Convertible Debentures.

Board Committee Meeting

The proposal will be put forth before a Committee of the Board of Directors. This committee meeting is scheduled to take place on Wednesday, September 24, 2025. During this meeting, the committee will deliberate on the specifics of the proposed debt securities issue.

Source: BSE

Brigade Group will host its first-ever ‘Brigade Showcase Chennai 2025’ on September 20 and 21, 2025, at the Leela Palace, Chennai. The event will feature residential and commercial real estate projects from Chennai, Bengaluru, Hyderabad, and Mysuru, including new launches and exclusive offers. Brigade plans to invest ₹8,000 crores in Chennai over the next six to seven years.

Brigade Showcase Chennai 2025

Brigade Group is expanding its property exhibition with the launch of ‘Brigade Showcase Chennai 2025’ at hotel Leela Palace. It will take place on September 20 and 21, 2025 and will feature a portfolio of real estate developments. The exhibition is expected to attract buyers and investors with direct access to Brigade’s properties.

Investment and Expansion in Chennai

The group intends to continue expanding its portfolio in Chennai, with a planned investment of ₹8,000 crores over the next six to seven years. This expansion reflects Brigade’s long-term commitment to the city and its evolving urban landscape.

Showcase Features

Brigade Showcase Chennai 2025 will exhibit residential and commercial real estate segments from Chennai, Bengaluru, Hyderabad, and Mysuru under one roof. Attendees can explore completed projects, new launches, and rental, resale, and interior offerings. Limited-time offers, including additional booking benefits, will also be available.

Marketing Initiatives

To promote the event, a 360-degree integrated marketing campaign is underway, utilizing print media, hoardings, radio, digital platforms, quick commerce channels, influencer partnerships, and corporate and mall activations to connect with the Chennai audience.

Source: BSE

Grasim Industries has released an investor presentation highlighting its leadership across diverse sectors of the Indian economy. The presentation emphasizes key components of growth, including infrastructure, housing demand, financial inclusion and manufacturing. Consolidated market cap is at US$ 112 Billion. The company underlines its strategic focus areas, including innovation, sustainability, and cost leadership. Revenue as on 31st March 2025 is at US$ 67 billion.

Grasim’s Key Strengths

Grasim highlights its strengths as a diversified conglomerate with a legacy of 77+ years, demonstrating a track record of creating large businesses and brands. The company emphasizes sustainable manufacturing practices and a strong balance sheet.

Value Creation Strategy

Grasim’s strategy is built on five pillars:

• Business Leadership
• Innovation
• Sustainability
• Capital Allocation
• Cost Leadership

Financial Highlights (Consolidated)

• TTM Revenue: ₹1,53,986 Cr.
• TTM EBITDA: ₹21,713 Cr.
• TTM PAT: ₹4,050 Cr.

Segmental Performance and Growth

Cellulosic Fibres

Grasim is the leading producer of cellulosic fibres, emphasizing sustainable fibre production. Key highlights include focusing on innovation and improving chlorine integration.

Chemicals

Grasim focuses on diversified chemicals portfolio and highlights its focus areas as chlorine integration.

Building Materials

India’s largest selling cement brand. Grasim is expanding in decorative paints.

Financial Services

Grasim emphasizes a diversified financial services platform and its omni channel architecture.

Capital Allocation

The company’s consolidated Capex from FY21 to FY25 amounted to ₹62,246 Cr, indicating a strong focus on growth investments.

Consistent Financial Growth

• Revenue: Increased from ₹1,17,627 Cr in FY23 to ₹1,53,986 Cr in TTM.
• EBITDA: Increased from ₹17,723 Cr in FY23 to ₹21,713 Cr in TTM.

Strong Financial Position

• Net worth: ₹99,117 Cr as of June 30, 2025.
• Debt-Equity Ratio: 1.18x as of June 30, 2025.

Source: BSE

Automotive Stampings and Assemblies Limited (ASAL) announced the resignation of Mr. Saurabh Surendra Erande, Company Secretary and Compliance Officer, effective September 19, 2025. He is leaving to explore new opportunities. The company has accepted his resignation and relieved him from his duties after business hours on the aforementioned date.

Key Managerial Personnel Change

Automotive Stampings and Assemblies Limited has announced that Mr. Saurabh Surendra Erande (M. No: A25908), the Company Secretary and Compliance Officer, has resigned from his position. The resignation is effective from September 19, 2025, after the close of business hours.

Reason for Departure

Mr. Erande has decided to resign in order to pursue new career opportunities outside of the company. The company states that there are no other material reasons for his resignation.

Effective Date

The company formally accepted Mr. Erande’s resignation on August 13, 2025. He will be relieved from his responsibilities effective September 19, 2025, after business hours.

Source: BSE

Punjab National Bank (PNB) has announced the rescheduling of its investor meeting. The meeting, originally slated for September 22, 2025, has been moved to September 23, 2025. The virtual meeting will still commence at 1:00 PM. This rescheduling is due to unforeseen circumstances and the bank has notified the exchange accordingly.

Investor/Analyst Meet Rescheduled

Punjab National Bank (PNB) has announced a change in schedule for its upcoming investor meet. According to the official notification, the virtual investor conference, initially scheduled for September 22, 2025 at 1:00 PM, has been rescheduled.

New Meeting Date

The investor meeting will now take place on September 23, 2025, commencing at 1:00 PM. All participants who had previously registered for the earlier date are requested to take note of this change. The bank has informed the exchange about the rescheduling. The reference date for the initial intimation was September 16, 2025.

Source: BSE

Godawari Power & Ispat has issued a corrigendum to its board meeting outcome related to the preferential issue of convertible warrants. The correction involves replacing Mr. Sanjay Gupta with Mrs. Meena Gupta as the proposed allottee in Annexure A, leading to changes in pre and post shareholding details. The total number of warrants to be issued remains unchanged at 2,04,08,220, amounting to ₹500,00,13,900.

Correction to Allottee Information

Godawari Power & Ispat has identified an error in the previously released outcome of the board meeting regarding the fund raising via preferential issue of convertible warrants. The name of Mr. Sanjay Gupta was incorrectly listed as the proposed allottee in Annexure A, specifically in sections Sl No. 4 (a) (5) and 4 (b).

Revised Allottee: Mrs. Meena Gupta

The correct proposed allottee is Mrs. Meena Gupta, wife of Mr. Sanjay Gupta. This change consequently affects the pre and post shareholding and total shareholding figures as outlined in the annexure.

Details of Warrant Issuance

The company is proceeding with the issuance of up to 2,04,08,220 convertible warrants, aiming to raise an aggregate amount of ₹500,00,13,900. Each warrant is convertible into one fully paid-up equity share, exercisable within 18 months from the date of allotment.

Key Investors in the Warrant Issue

The investors involved in the preferential issue include:

• Mrs. Sarita Devi Agrawal
• Mr. Dinesh Agrawal
• Mr. Kumar Agrawal
• Hanuman Prasad Agrawal (HUF)
• Mrs. Meena Gupta
• Shree Nakoda Pipe Impex Private Limited
• Meridien Realtech Private Limited

Shareholding Pattern Post Conversion

Assuming full conversion of all warrants, the shareholding pattern will be adjusted. The promoter and promoter group will hold 63.05% of the company, while the public will hold 36.95%.

Warrant Issue Details

The issue price per warrant is ₹245. The total number of investors participating in this issue is 7.

Warrant Conversion Terms

Each warrant is convertible into one fully paid-up equity share. If the warrant holder does not convert the warrants within the 18-month period, the unconverted warrants will lapse, and the amount paid will be forfeited.

Source: BSE

Moody’s Ratings has affirmed UltraTech Cement’s Baa3 issuer rating and Baa3 senior unsecured rating, citing the company’s leading market position in India and strong balance sheet. With ongoing expansions and acquisitions, UltraTech aims to increase its production capacity to 218 million tons per annum by March 2027. Moody’s maintains a stable outlook on all ratings, reflecting expectations of continued growth and profitability.

Ratings Affirmation Overview

Moody’s Ratings affirmed UltraTech Cement Limited’s Baa3 issuer rating and its Baa3 senior unsecured rating. The stable outlook reflects UltraTech’s strong position as India’s largest cement producer, supported by a strong balance sheet and favorable industry conditions driving cement demand and earnings growth.

Expansion and Production Capacity

UltraTech added 16 million tons of cement capacity through greenfield expansions and another 26 million tons via the acquisition of India Cements Limited (ICL) and Kesoram Industries during the fiscal year ended March 31, 2025 (FY24-25). The company aims to expand its production capacity to 218 million tons per annum (mtpa) by March 2027, reinforcing its market leadership.

Financial Expectations

UltraTech’s revenues are expected to grow by 13% to INR850 billion ($9.8 billion) in FY25-26, with subsequent annual growth rates of 7%-8% over the next two years. This revenue increase is supported by contributions from ICL and sustained demand for cement within India. EBITDA margins are projected to improve to around 18%-19% over the next 1-2 years. UltraTech targets an EBITDA increase of INR300/ton through cost reductions.

Capital Spending and Leverage

Annual capital spending will remain around INR105 billion, with shareholder payments at INR22-25 billion. Borrowings are expected to increase to around INR260 billion by March 2027. UltraTech’s leverage, measured by Moody’s adjusted gross debt/EBITDA, will remain around 1.6x over the next 1-2 years.

Liquidity Considerations

Moody’s assesses UltraTech’s liquidity as adequate over the next 12-18 months, influenced by higher capital spending. The company can adjust its capital spending if growth slows or profitability weakens.

Source: BSE

Hindustan Copper Limited (HCL) has announced that the Rakha Mining Lease Deed has been extended. An agreement was executed with the District Commissioner (DC), Jamshedpur, on September 19, 2025, to extend the lease for a period of 20 years. The Rakha Copper Mine is strategically important for the growth of copper production in the region.

Rakha Mining Lease Extension

Hindustan Copper Limited (HCL) has successfully extended its Rakha Mining Lease. The agreement was officially executed on September 19, 2025 with the District Commissioner (DC) in Jamshedpur, securing an extension of the Rakha Mining Lease Deed for an additional 20-year term.

Strategic Importance

This lease extension is considered a crucial step for the reopening and expansion of the Rakha Copper Mine. The mine holds significant strategic importance for boosting copper production in the region. The extension ensures continued operations and development of this key asset for Hindustan Copper Limited.

Source: BSE

Piramal Enterprises has announced the departure of its Chief Financial Officer, Mrs. Upma Goel, effective September 30, 2025. This follows her resignation tendered on July 29, 2025. The company has formally acknowledged her contributions and is ensuring a smooth transition. The announcement was made on September 19, 2025.

CFO Transition at Piramal

Piramal Enterprises has announced that Mrs. Upma Goel, Chief Financial Officer, will be leaving the company on September 30, 2025. This follows the acceptance of her resignation, initially submitted on July 29, 2025.

Effective Date of Departure

Mrs. Goel’s last working day will be September 30, 2025, marking the end of her tenure in the company. Piramal Enterprises acknowledges her service and is working to ensure a seamless transition of responsibilities.

Resignation Letter Details

The initial disclosure regarding Mrs. Goel’s resignation was communicated on July 29, 2025. The company has now confirmed the effective date of her departure following the completion of her notice period, as outlined in her original resignation letter.

Merger Update

As previously announced on September 16, 2025, Piramal Enterprises merged with Piramal Finance Limited following approval from the National Company Law Tribunal (Mumbai Bench).

Source: BSE

Kalpataru Projects International Limited announced that the Deputy Commissioner of Income Tax (DCIT) has issued an order giving effect to the order passed by the Commissioner of Income Tax (Appeals). The order pertains to the Assessment Year (AY) 2019-20. As a result, the tax demand of ₹81.53 crores has been set aside, and the company is now eligible for a refund of ₹7.35 crores.

Income Tax Resolution

Kalpataru Projects International Limited has received a favorable order regarding its income tax assessment for the Assessment Year 2019-20. The Deputy Commissioner of Income Tax (DCIT) has acted on the order from the Commissioner of Income Tax (Appeals) resulting in a significant positive outcome for the company.

Key Outcomes

According to the official announcement, the key outcomes of the order are:

The original tax demand of ₹81.53 crores for AY 2019-20 has been completely set aside.

Kalpataru Projects is now eligible for a tax refund amounting to ₹7.35 crores.

Past Disclosures

This update follows prior disclosures made on April 1, 2025, April 3, 2025, July 31, 2025, August 1, 2025, and September 11, 2025. This latest development represents a positive resolution regarding the company’s tax liabilities for the specified assessment year.

Rectification Order for AY 2020-21

In an earlier announcement (September 11, 2025), the company stated that it had received a rectification order under Section 154 of the Income Tax Act, 1961 for the Assessment Year (AY) 2020-21. The initial demand of ₹38.51 Crores for AY 2020-21 was rectified and reduced to ₹25.38 Crores. The company also received an order passed by Hon’ble CIT(A) against the order of Hon’ble DCIT raising original demand of Rs. 38.51 Crores, the effect thereof is still pending and the revised demand of Rs. 25.38 Crores is expected to be reduced significantly.

Orders for AY 2013-14 to AY 2015-16 & AY 2017-18

The Hon’ble Commissioner of Income Tax (Appeals) has passed orders u/s 250 of the Income Tax Act, 1961 (“Act”) for AY 2013-14 to AY 2015-16 and AY 2017-18. The demand of tax is expected to be reduced by INR 1.57 Crore and Company will be eligible for refund of INR 0.19 Crore for AY 2013-14 to AY 2015-16 and AY 2017-18.

Rectification order for AY 2016-17

The Deputy Commissioner of Income Tax, Central Circle-3(3), Mumbai (DCIT), has issued a rectification order under Section 154 of the Income Tax Act, 1961 for the Assessment Year (AY) 2016-17 on April 03, 2025. Pursuant to the rectification order, the demand of Rs. 95.83 Crores for the AY 2016-17 has been rectified and reduced to Nil.

Source: BSE