Schaeffler India discussed its future investment plans, including a total investment of INR 4,500 crores by 2030. The company aims to increase localization, particularly in the bearing space, and expand its presence in the EV market, leveraging its capabilities in e-axles and e-drives. It anticipates a growing demand for higher-speed, better-performance products and is gearing up for expansion.

Localization and Capacity Expansion

Schaeffler India has significantly increased its localization efforts, reaching a localization ratio of nearly 79%. Investments in backward integration and margin improvement projects have contributed to top-line growth and operating margin improvements. The company intends to continue investing in localization, particularly in the bearing space, and is monitoring volumes to ensure economy of scale. Planned capital expenditures (capex) are expected to be about INR 400 crores in each of the next few years.

EV Market Strategy

The company is actively pursuing opportunities in the EV market, including e-axles and e-drives. A key win is supplying e-axles for Tata Harrier. Schaeffler is localizing the production process in phases, starting with integrating parts in India and then assembling the e-axle. Future investments will focus on e-axles, automotive technology products, and other technology pieces. The company is working to supply credible supply partners in India.

Market Dynamics and Growth Drivers

The company sees strong growth potential in the Indian market, driven by regulatory changes, increasing EV adoption, and a focus on safety, reliability, and comfort in the railway sector. The company aims to be competitive in terms of design and manufacturing capacities and increase presence in passenger and commercial vehicles, wind turbine, and railway markets. They are starting to see an increasing number of BS VI products in the aftermarket.

Vitesco Integration

Vitesco is already integrated into Schaeffler India’s operations and has started generating business. It has helped the company win new businesses, especially in e-mobility and the collaboration has increased the bandwidth of the offerings. Vitesco already has a manufacturing plant in Pune. They have recently secured businesses, particularly in e-mobility that have come from the Vitesco side.

Financial Outlook and Debt Management

Schaeffler India emphasizes internal funding for its investments and has not taken external funding. The company focuses on generating value and ensuring financial stability. The group is bearing the debt from the Vitesco acquisition and the company has ensured e-axle sales don’t lead to negative impacts in operation. Schaeffler’s strategy focuses on high-power density motors for the e-mobility sector and the company is continuing to supply to Japanese and Korean markets.

Source: BSE

Motilal Oswal Financial Services Limited has settled an investigation by the Securities and Exchange Board of India (SEBI) regarding potential front-running activities by a client during January 1, 2022 to December 8, 2023. The company resolved the matter by paying a settlement amount of ₹34.85 Lakh. The issue pertained to record maintenance lapses by an authorized person.

SEBI Investigation Settlement

Motilal Oswal Financial Services Limited has settled an investigation initiated by SEBI concerning potential front-running of trades executed by a significant client (referred to as “Big Client”) by certain entities, specifically the Chaturvedi Group. The investigation period spanned from January 1, 2022, to December 8, 2023.

Settlement Details

To resolve the proceedings, Motilal Oswal opted for a settlement mechanism, resulting in a payment of ₹34.85 Lakh. The settlement was formalized through an order dated September 18, 2025.

Underlying Issue and Corrective Actions

The SEBI investigation uncovered certain lapses in record maintenance by one of Motilal Oswal’s Authorised Persons (AP), namely Om Securities, while executing trades related to the Chaturvedi Group entities. While opting for the settlement, the company has not admitted any guilt.

Motilal Oswal has implemented necessary corrective measures to address the identified issues and has reinforced compliance protocols among its Authorised Persons to ensure strict adherence to all applicable rules and regulations.

Impact Assessment

The company has stated that this settlement order does not have a material impact on its financial operations or other activities. The SEBI has also confirmed that it will not initiate any further enforcement action against Motilal Oswal concerning the alleged violations that prompted the investigation.

Source: BSE

Adani Renewable Energy Holding Eleven Limited (“AREH11L”), a wholly-owned subsidiary of Adani Green, has incorporated two new wholly-owned subsidiaries: Adani Ecogen One Limited (“AE1L”) and Adani Ecogen Two Limited (“AE2L”). Both subsidiaries were incorporated on September 19, 2025. These entities are yet to commence business operations.

New Subsidiary Incorporation

Adani Green Energy Limited has announced the incorporation of two new step-down subsidiary companies. The parent company for these new entities is Adani Renewable Energy Holding Eleven Limited (“AREH11L”), which is itself a wholly-owned subsidiary of Adani Green. The newly incorporated entities are named Adani Ecogen One Limited (“AE1L”) and Adani Ecogen Two Limited (“AE2L”).

Details of the New Entities

Both AE1L and AE2L were officially incorporated on September 19, 2025. As of the announcement, both companies are yet to commence business operations. Each entity has an authorized capital of Rs. 1,00,000 and a paid-up capital of Rs. 1,00,000.

Purpose and Business Focus

The main objective of AE1L and AE2L is to generate, develop, transform, distribute, transmit, sell, and supply any kind of power or electrical energy using wind energy, solar energy, or other renewable sources of energy.

Source: BSE

The Securities and Exchange Board of India (SEBI) has concluded its investigation into Adani Enterprises and related entities regarding alleged Hindenburg allegations related to transactions with Milestone Tradelinks and Rehvar Infrastructure. The investigation, spanning from 2018-19 to 2022-23, found that allegations concerning related party transactions could not be established and consequently recommends no further action.

SEBI Investigation Outcome

After a thorough investigation, the Securities and Exchange Board of India (SEBI) has determined that allegations against Adani Enterprises (AEL) and associated entities related to dealings with Milestone Tradelinks Pvt. Ltd. and Rehvar Infrastructure Pvt. Ltd. could not be substantiated. The investigation period encompassed financial years 2018-19 to 2022-23.

Key Findings

The central issue investigated was whether loan transactions involving Adani Enterprises, Adani Power, and Adani Ports & Special Economic Zone (APSEZ) through Milestone Tradelinks and Rehvar Infrastructure could be classified as related party transactions under the LODR Regulations. SEBI’s analysis concluded that these transactions did not meet the criteria for related party transactions under the regulations applicable during the investigation period. Consequently, allegations regarding non-compliance and a scheme to conceal related party transactions were not substantiated.

Implications

As the investigation did not find evidence to support the allegations, no penalties or further directions will be imposed on Adani Enterprises or the other entities involved. The order emphasizes that the transactions in question were conducted at arm’s length and that all loans were repaid with interest before the start of the investigation, ensuring no loss or detriment to the company or its investors.

Source: BSE

Shree Renuka Sugars has revised its disclosure regarding a penalty order received from the Commissioner of Central Goods and Service Tax, Kutch. The penalty, amounting to Rs. 49,53,224, stems from alleged irregularities in availing and utilizing Cenvat Credit. The company maintains it has strong grounds for appeal and is pursuing legal recourse. There is no significant impact on the company’s financials is anticipated.

Revised Disclosure of Penalty Order

Shree Renuka Sugars has updated its disclosure concerning a penalty order originally dated September 4, 2025. This revision comes after an initial intimation made on September 18, 2025. The actual receipt date of the order by the company was September 17, 2025.

Details of the Penalty

The penalty order was issued by the Office of the Commissioner of Central Goods and Service Tax, Kutch (Gandhidham). The action taken was an order passed under provisions of the Cenvat Credit Rules, 2004, read with the Central Excise Act, 1944, demanding a penalty of Rs. 49,53,224/-.

Grounds for the Penalty

The penalty was imposed based on audit observations, alleging wrongful availing and utilizing Cenvat Credit, in contravention of the relevant laws. The adjudicating authority confirmed these findings.

Company’s Stance and Next Steps

Shree Renuka Sugars holds a strong belief in its case and is in the process of filing an appeal. The company considers the appeal well-founded and sees strong merit for a favorable outcome.

Anticipated Impact

The company currently does not foresee any significant repercussions on its financial standing or operational activities due to this matter. The company emphasizes that it does not anticipate any serious financial implications.

Source: BSE

The Securities and Exchange Board of India (SEBI) has issued orders regarding Hindenburg allegations against Adani Power. The orders pertain to transactions involving Adicorp Enterprises Private Limited and Milestone Tradelinks Private Limited. The investigation period spans from 2012-13 to 2020-21 and 2018-19 to 2022-23 respectively. After reviewing the matter holistically, it was found that the allegations are not established.

Orders Regarding Hindenburg Allegations

The Securities and Exchange Board of India (SEBI) has issued final orders related to Hindenburg allegations against Adani Group, concerning transactions with Adicorp Enterprises Private Limited and Milestone Tradelinks Private Limited. These orders, reference numbers WTM/KV/CFID/CFID-TPD/31671/2025-26 and WTM/KV/CFID/CFID-SEC1/31672/2025-26, were both dated September 18, 2025.

Key Findings

After a comprehensive review, SEBI concluded that the allegations made against the Noticees in the Show Cause Notice (SCN) are not established. The investigation period for the transactions with Adicorp Enterprises Private Limited was from 2012-13 to 2020-21. The investigation period for the transactions with Milestone Tradelinks Private Limited and Rehvar Infrastructure Pvt. Ltd. spanned from 2018-19 to 2022-23.

Allegations and Scope of Investigation

The allegations involved potential material misrepresentation or misstatement in financial statements and attempts to circumvent regulations. Allegations also concerned related party transactions, failure to comply with LODR Regulations, and potential unfair trade practices. The investigation examined financial transactions between Adani Group companies and the entities in question, as well as compliance with disclosure requirements and corporate governance standards. However, the final order states that these allegations were not established.

Conclusion and Directions

The final order indicated that, as the allegations were not established, no liability was imposed on the Noticees. Exercising its powers under the SEBI Act, 1992 and the Securities Contracts (Regulation) Act, 1956, SEBI disposed of the proceedings without any specific directions. The order was issued by Kamlesh C. Varshney, Whole Time Member, Securities and Exchange Board of India, on September 18, 2025.

Source: BSE

The Securities and Exchange Board of India (SEBI) has concluded its investigation into alleged regulatory violations by Adani Ports and Special Economic Zone Limited. The investigation, stemming from allegations in the Hindenburg report, found no evidence to support the claims, and no penalties or directions will be issued against the company. The probe specifically examined loan transactions with Adicorp Enterprises and Milestone Tradelinks, affirming Adani Ports’ adherence to regulatory norms.

SEBI Investigation Outcome

The Securities and Exchange Board of India (SEBI) has concluded its investigation regarding alleged regulatory violations by Adani Ports and Special Economic Zone Limited (APSEZ). The investigation was initiated following allegations raised in the Hindenburg report.

Key Findings

The investigation did not establish any regulatory violations. It was determined that there was no basis to proceed with penalties or directions against Adani Ports. The inquiry specifically focused on transactions involving:

• Adicorp Enterprises
• Milestone Tradelinks

Details of Transactions Examined

The investigation examined loan transactions between Adani Ports and Adicorp Enterprises, finding that they did not qualify as related party transactions under the earlier Listing Agreement or subsequent LODR Regulations. Further, there was no scheme or artifice to conceal related party transactions.

Similarly, the probe into transactions with Milestone Tradelinks also found no regulatory violations. Allegations of structuring transactions to conceal related party dealings were not substantiated.

Impact on Adani Ports

With the SEBI investigation now closed and no actions pending, Adani Ports has affirmed its commitment to maintaining the highest standards of corporate governance and regulatory compliance. The resolution of this matter allows the company to focus on its operational and strategic priorities.

Orders Issued

The final orders, both dated September 18, 2025, with reference numbers WTM/KV/CFID/CFID-SEC1/31672/2025-26 and WTM/KV/CFID/CFID-TPD/31671/2025-26, officially close the proceedings against Adani Ports and related entities, without any directions or penalties.

Source: BSE

ELGI Equipments has launched its Demand=Match compressor technology, an innovation designed to optimize fixed-speed compressor performance under fluctuating demand. This system automatically adjusts compressor delivery to meet real-time plant needs. The technology provides energy savings comparable to Variable Frequency Drives, ensuring stable pressure and eliminating unnecessary machine cycling. The Demand=Match system is initially available in India on ELGi’s EG and EQ series compressors.

Introducing Demand=Match

ELGI Equipments has announced the launch of its Demand=Match technology, an innovative solution for fixed-speed compressors operating in environments with variable demand. The Demand=Match system intelligently adjusts compressor delivery to match real-time plant requirements, ensuring optimal efficiency.

Technology and Benefits

The Demand=Match system works by recirculating airflow within the compressor, ensuring that delivery consistently equals demand. This approach offers benefits similar to Variable Frequency Drives (VFDs) but with the simplicity and robustness of fixed-speed machines. Key advantages include:

• Energy Savings
• Improved Reliability
• Cost Efficiency
• Sustainability
• Extended Warranty (on select models)

Availability and Market Launch

The Demand=Match technology was launched in India on September 19, 2025, and will be progressively rolled out across global markets. Currently, it is available as a factory-fit option on ELGi’s EG and EQ series compressors. This launch marks a significant advancement in compressor technology and underscores ELGI’s commitment to innovation and sustainability.

Source: BSE