TVS Motor Company has partnered with ALT Mobility to deploy up to 3,000 electric three-wheelers in FY 2025-26. ALT Mobility will procure, lease, and finance the vehicles. The vehicles will be deployed under ALT’s Drive-to-own leasing model for cargo and passenger transportation. This collaboration aims to promote sustainable urban mobility and create socio-economic value.
Partnership for Electric Mobility
TVS Motor Company and ALT Mobility have signed a Memorandum of Understanding (MoU) to deploy up to 3,000 TVS electric three-wheelers (Passenger & Cargo) in FY 2025-26. The announcement was made on September 15, 2025.
Details of the Collaboration
As part of the agreement, TVS Motor Company will provide the vehicles. ALT Mobility will handle the procurement, leasing, and financing through its ecosystem. The models, variants, and specifications will be jointly finalized to best serve customer needs. The vehicles will be rolled out through TVS Motor’s authorized dealer network and ALT’s point of sales across India.
Deployment and Leasing Model
The electric three-wheelers will be deployed under ALT’s Drive-to-own leasing model, targeting individual drivers and fleet operators for both cargo and passenger transportation services.
ALT’s Integrated Asset Management
ALT’s integrated asset management includes 24×7 vehicle monitoring and pre-emptive maintenance to minimize downtime, ensuring top-notch vehicle health and better asset utilization.
Statements from Leadership
Mr. Rajat Gupta, Business Head – Commercial Mobility, TVS Motor Company, stated, “This collaboration with ALT Mobility is a significant step towards enabling sustainable urban and last-mile mobility at scale… designed to empower businesses and drivers with reliable, clean, and cost-efficient solutions.”
Mr. Anuj Gupta, Co-founder & CBO, ALT Mobility, commented, “Partnering with TVS Motor Company gives us access to industry-leading vehicles and technology, which will help us scale our leasing and fleet operations effectively… ensuring uptime, assured earnings, and a sustainable livelihood.”
ALT’s Lease Plan
ALT’s all-inclusive lease plan covers key expense areas such as maintenance, insurance, roadside assistance, servicing, challan and fitness management, providing vehicle users a hassle-free ownership experience.
Tech Mahindra announces a special window for re-lodgement of physical share transfer requests, open from July 7, 2025, to January 6, 2026. This initiative allows shareholders who previously faced issues with their transfer requests to re-lodge them. The facility applies to deeds lodged before April 1, 2019, and shares re-lodged during this period will be issued in demat form only.
Re-lodgement Opportunity
Tech Mahindra is providing a special window to facilitate the re-lodgement of transfer requests for physical shares. This window is open for six months, from July 7, 2025 to January 6, 2026.
Eligibility and Conditions
This re-lodgement facility applies specifically to transfer deeds that were initially lodged before April 1, 2019, and were either rejected, returned, or not processed due to deficiencies or other reasons.
Demat Issuance
It is important to note that shares re-lodged and approved during this special window will be issued exclusively in dematerialized (demat) form. The standard process for transfer-cum-demat will be followed.
Guidance for Shareholders
Shareholders who missed the previous deadline of March 31, 2021, are encouraged to take advantage of this opportunity. To do so, they should submit the necessary documents to the Company’s Registrar and Share Transfer Agent, MUFG Intime India Private Limited, at [email protected] or at Block No. 202, 2nd Floor, Akshay Complex, Near Ganesh Temple, Off Dhole Patil Road, Pune – 411001. Alternatively, shareholders can contact the Company at [email protected] for assistance.
Important Deadline
Please note that any transfer requests submitted after January 6, 2026, will not be accepted by the Company or RTA, unless an extension is granted.
Larsen & Toubro (L&T) has secured a large order from the National High Speed Rail Corporation Ltd (NHSRCL) to construct 156 Route Km (RKM) of high-speed ballastless track for the Mumbai-Ahmedabad High Speed Rail (MAHSR) Corridor. This project marks L&T’s second track-work package in the MAHSR project, now responsible for over 50% of the track-works.
Bullet Train Project Awarded
Larsen & Toubro’s Transportation Infrastructure business vertical has been awarded a large order by the National High Speed Rail Corporation Ltd (NHSRCL) to construct 156 Route Km (RKM) of high-speed ballastless track (Package T1) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) Corridor, as announced on September 15, 2025.
Project Details and Scope
The project includes design, supply, construction, testing, and commissioning of track-works on a Design-Build Lump Sum Price basis. The section spans between Mumbai (Bandra-Kurla complex) and Zaroli village in Gujarat. The construction will involve over 21 km of track-works in underground sections and 135 km of track on elevated viaduct sections.
Technology and Expertise
The track-works will employ the Japanese Shinkansen J Slab Track Technology, enabling speeds up to 320 kmph. The adoption of this technology ensures better ride quality, increased service life and maintainability.
L&T’s Growing Involvement
This marks L&T’s second track-work package for the MAHSR project. In April 2022, the company was awarded Package T3 (116 km). With this latest order, L&T is now responsible for over 50% of the track-works within the MAHSR project.
Gujarat Gas is convening a meeting of its equity shareholders on October 17, 2025, to consider and approve a composite scheme of amalgamation and arrangement. This meeting follows directives from the Hon’ble Ministry of Corporate Affairs (MCA). The proposal involves Gujarat Gas and other entities, aiming to streamline and consolidate businesses. The meeting will be conducted via video conferencing, with e-voting options available for shareholders. The approval relies on obtaining requisite statutory majority.
Shareholder Meeting Details
A meeting for equity shareholders of Gujarat Gas Limited (GGL) is scheduled for Friday, October 17, 2025, at 3:00 P.M. (IST). Convened through Video Conferencing (VC) or Other Audio-Visual Means (OAVM), it addresses the Composite Scheme of Amalgamation and Arrangement.
Composite Scheme Overview
The scheme involves the amalgamation of Gujarat State Petroleum Corporation Limited (GSPC), Gujarat State Petronet Limited (GSPL), and GSPC Energy Limited (GEL) into Gujarat Gas Limited. Additionally, it includes the demerger of Gas Transmission Business from GGL into GSPL Transmission Limited (GTL).
Key Objectives
The goals of this Composite Scheme include:
Achieving better business synergies and growth.
Simplifying group holding structure.
Unlocking shareholder value.
Improving efficiency and scale of operations.
Optimizing the utilization of resources.
Voting and Approval
The Scheme approval necessitates a statutory majority achieved by the Equity Shareholders, facilitated through e-voting during the Meeting or by remote e-voting.
Additional Details
Notice of the meeting and related information are dispatched electronically. For physical copies of the documents, shareholders may place requests through the Company Secretary. It is clarified that the approval of Shareholders of the Demerged Company and Resulting Company will be considered also an approval of the changes to the Memorandum and Articles of Association.
Berger Paints India announces the untimely demise of Mr. Rajesh Kumar Tiwari, VP & Group Head of Manufacturing, on September 13, 2025. Mr. Tiwari was a key member of the Core Management Team. The company expresses deep sorrow and condolences to his family.
Passing of Key Executive
Berger Paints India reports with deep regret the sudden passing of Mr. Rajesh Kumar Tiwari on September 13, 2025. At the time of his death, Mr. Tiwari held the position of VP & Group Head Manufacturing and was a member of the Senior Management.
Tribute to Mr. Tiwari
Mr. Tiwari was considered an integral part of the Core Management Team within Berger Paints India. The company acknowledges that his loss will be deeply felt. The Chairman, Vice Chairman, MD & CEO, along with all Board Members and employees, extend their deepest sympathies and condolences to Mr. Tiwari’s family.
Standard Glass Lining Technology Limited has appointed RPR & Associates, a peer-reviewed firm of Practicing Company Secretaries, as its Secretarial Auditors. The appointment was approved by shareholders at the 13th Annual General Meeting held on September 12, 2025. The term extends for five years, ensuring compliance and governance oversight.
Secretarial Auditor Appointment
Standard Glass Lining Technology Limited has officially appointed M/s. RPR & Associates as the Secretarial Auditors of the company. The resolution for this appointment was passed during the 13th Annual General Meeting (AGM).
Term of Appointment
The appointment of RPR & Associates is for a term of five consecutive years, starting from the conclusion of the 13th AGM held on September 12, 2025, and extending until the conclusion of the 18th AGM. This ensures consistent oversight and guidance on compliance matters.
RPR & Associates Overview
RPR & Associates is a leading firm of Practicing Company Secretaries, boasting over 24 years of experience in corporate governance and compliance. Their expertise spans secretarial audits, compliance reviews, and due diligence. They offer specialized services including advising on public to private limited company conversions, along with support on IPOs and preferential allotments.
Nile Limited actively participated in the 100-day Saksham Niveshak campaign organized by the Investor Education and Protection Fund Authority (IEPFA). The campaign aimed to educate investors and enhance their understanding of financial markets. Newspaper advertisements in prominent publications highlighted the initiative. The company’s commitment underscores its dedication to investor protection and financial literacy.
Investor Awareness Campaign
Nile Limited is pleased to announce its involvement in the Saksham Niveshak 100-day campaign conducted by the Investor Education and Protection Fund Authority (IEPFA). This significant initiative focused on raising investor awareness and promoting responsible investment practices.
As part of its commitment to investor education, Nile Limited participated by advertising in prominent Telugu and English publications such as Prajasakti and the Financial Express. These advertisements, published on August 12th, 2025, helped spread awareness about the campaign’s goals and resources.
Campaign Highlights
The Saksham Niveshak campaign is a crucial step towards empowering investors with the knowledge and tools necessary to make informed decisions. By participating, Nile Limited reaffirms its commitment to supporting initiatives that strengthen the financial well-being of its stakeholders.
Nile Limited’s Commitment
Nile Limited’s participation highlights its dedication to investor protection and financial literacy. The company consistently prioritizes responsible corporate governance and creating a fair and transparent environment for all investors. This commitment is central to Nile Limited’s corporate values and business practices.
Tata Technologies Limited, established in 1994 and headquartered in Pune, India, is a key player in IT consultancy and engineering design services. As a subsidiary of Tata Motors Limited, the company has a strong global presence with offices in major cities across India and internationally. Tata Technologies is renowned for its expertise in outsourced engineering, digital transformation services, and technology solutions, including software reselling and upskilling education programs. With over 12,000 employees, the company’s business is categorized into two primary segments: Services and Technology Solutions.
IPO Details
Issue Open: 22 November, 2023 Issue Close: 24 November, 2023 Price Band: Rs 475-500 a share Transaction Type: Offer for Sale of 60,850,278 equity shares Bid Lot: 30 Shares and in multiple thereof Percentage of Offer SIze (Allocation) QIB: 50% Retail: 35% NIB: 15%
Reservation Tata Motors Shareholders: 6,085,027 equity shares, i.e., 10% of the offer.
IPO Timeline
IPO Open Date
Wednesday, November 22, 2023
IPO Close Date
Friday, November 24, 2023
Basis of Allotment
Thursday, November 30, 2023
Initiation of Refunds
Friday, December 1, 2023
Credit of Shares to Demat
Monday, December 4, 2023
Listing Date
Tuesday, December 5, 2023
Cut-off time for UPI mandate confirmation
5 PM on November 24, 2023
Financial Performance
(Rs Cr)
FY21
FY22
FY23
H1FY24*
Revenue
2380.9
3529.6
4414.2
2526.7
EBITDA
385.7
645.7
820.9
464.8
EBITDA Margin (%)
16
18.0
19
18
Net Profit
239.2
437
624
351.9
EPS (Rs)
5.9
10.8
15.4
8.7
Dividend Yield (%)
–
–
2.4
–
RoE (%)
11
19.0
21
12
RoCE (%)
14
25.0
24
15
Revenue Breakdown (H1 FY24)
Category
Sub Category
Rs Crore
% of Revenue
Technology
Products
234.9
9.3%
Technology
Education
305.4
12.1%
Services
Automotive Services
1745.8
69.1%
Services
Other Services
240.6
9.5%
Total
2526.7
Geographical Distribution (H1 FY24)
Region
In ₹ Crore
% of Revenue
India
887.8
35.1%
UK
572.6
22.7%
North Korea
486.7
19.3%
Rest of World
472.7
18.7%
Vietnam
382
15.1%
Rest of Europe
107
4.2%
Others
90.7
3.6%
Total
2526.7
Business Strategy
1. Deepen Engagements with Existing Clients: Enhance the use of solution offerings and cultivate long-term strategic partnerships, especially with top ER&D spenders in the automotive, aerospace, and TCHM industries.
2. Target Top ER&D Spenders in Key Verticals and Geographies: Focus on securing projects with leading ER&D spenders and new energy vehicle companies. Explore growth opportunities in key markets like France, Germany, and China with tailored strategies.
3. Expand Capabilities in Digital Engineering and Embedded Systems: Respond to growing digital technology demand in Automotive ER&D, especially in autonomous and connected technologies.
4. Strengthen Service Delivery: Optimize delivery processes and employee pyramid per engagement for increased efficiency and margins. Focus on on-campus recruitment, upskilling, and optimizing the onshore-offshore mix.
5. Expand in the Education Sector: Leverage the iGetIT platform for engineering upskilling, particularly in the disrupted global manufacturing sector.
6. Strategic Acquisitions and Partnerships: Pursue selective acquisitions for technology access, geographical expansion, and client base growth. Strengthen alliances with key industry players.
7. Talent Development Strategy: Build a strong employer brand, attract new talent, and develop current employees with a focus on digital service lines.
Industry Overview The global Engineering, Research, and Development (ER&D) services market is growing strongly. In 2022 the addressed market reached USD 170-180 billion, up from USD 145-155 billion in 2021. Breaking this down, Global Capability Centers (GCCs) contributed USD 65-70 billion to the total ER&D spend, while third-party Engineering Service Providers (ESPs) accounted for USD 105-110 billion.
Forward-looking estimates suggest the total ER&D market could expand to USD 255-265 billion by 2026, with GCCs potentially reaching USD 90-95 billion and ESPs USD 165-170 billion. The growth forecasts indicate a CAGR of approximately 9-11% for the total market, 7-9% for GCCs, and 11-13% for ESPs. This points to an incremental market opportunity of around USD 85 billion for the total addressed market and approximately USD 60 billion for the outsourced ER&D market over the next four years.
Year
Total ER&D Addressed Market ($ Bn)
GCC ER&D Expenditure ($ Bn)
Outsourced ER&D to ESPs ($ Bn)
2022
170-180
65-70
105-110
2026 (Projected)
255-265
90-95
165-170
Key Strengths
Automotive Industry Expertise: Comprehensive services spanning the entire automotive value chain, including turnkey vehicle development for ICE, PHEV, and BEV.
Advanced EV, Connected, and Autonomous Capabilities: End-to-end solutions for EV development, manufacturing, and after-sales, with capabilities in OTA services, ADAS, and EV system design.
Strong Digital Capabilities with Proprietary Accelerators: Extensive digital services across the product life cycle, leveraging digital manufacturing, customer experience, and transformation solutions.
Diverse and Marquee Client Base: Includes traditional OEMs, tier 1 suppliers, and new energy vehicle companies, ensuring a balanced mix of stability and growth opportunities.
Global Delivery Model: Offers a balanced onshore/offshore model, enhancing client engagement and operational efficiency.
Proprietary e-Learning Platform in Manufacturing: The iGetIT platform addresses the growing need for engineering upskilling and reskilling.
Reputable Brand and Experienced Leadership: Backed by Tata Motors and the Tata Group, ensuring strong corporate governance and global network advantages.
Revenue from Anchor Clients (JLR and Tata Motors)
Fiscal Year
Revenue from Anchor Clients
% of Revenue
FY21
1021.1
42.9%
FY22
1112.3
31.5%
FY23
1505.4
34.1%
H1FY24
953.3
37.7%
Key Risks
Client Concentration: Heavy reliance on top clients, including Tata Motors and Jaguar Land Rover, poses a risk if these clients reduce their dealings or face business deterioration. For instance, in Fiscal 2023, these top 5 clients accounted for 88.40% of the revenue from TTL’s Services segment.
Automotive Sector Dependence: High dependency on the automotive sector means any economic downturn in this sector could significantly impact business and operations.
New Energy Vehicle Market Uncertainties: Significant future revenue is expected from new energy vehicle companies, many of which are startups. Their uncertainties in funding, growth management, and creditworthiness could adversely affect the business.
Talent Dependency: Business success heavily relies on attracting, retaining, and optimally utilizing skilled engineering professionals and the management team.
Vendor Reliance in Products Business: Dependency on single-source or limited-source software vendors and partners could affect service availability and cost.
Intense Market Competition: The highly competitive engineering services market could affect pricing and profitability.
Client’s Shift in Outsourcing Strategy: Clients reducing outsourced engineering work or setting up captive R&D centers could lead to a significant reduction in work volume.
A social stock exchange (SSE) is a platform or marketplace where socially and environmentally conscious organizations and impact-driven investors can connect and participate in trading. The primary objective of an SSE is to raise capital for companies and organizations that operate with a social and/or environmental mission.
Unlike traditional stock exchanges, where the focus is solely on financial returns, social stock exchanges prioritize investments that promote social welfare, environmental sustainability, and ethical business practices. Companies listed on social stock exchanges are required to meet specific social and environmental standards and must demonstrate that they are making a positive impact on society.
Social stock exchanges have emerged in response to the growing demand for impact investing, where investors seek to generate both financial returns and social and environmental benefits. SSEs are relatively new, with the first one launched in Canada in 2019, but their popularity is increasing rapidly.
India’s Position
The concept of a social stock exchange was first proposed in the Union Budget of 2019-20, and SEBI has been working on the framework for it since then. Recently. SEBI gave the nod for the first social stock exchange in India to the National Stock Exchange (NSE) with at least three charitable organisations in talks with NSE to get themselves listed on the said social stock exchange.
SEBI has proposed that the social stock exchange should be a separate platform on the existing stock exchanges, where only social enterprises and voluntary organizations will be listed. It will have a particular set of listing requirements, disclosure norms, and reporting standards. The social stock exchange will also provide investors with the opportunity to invest in social causes and earn a return on their investments.
The listing procedure for SSEs is similar to that of a standard IPO (IPOs). Participants are instead given Zero Coupon Zero Principal (ZCZP) instruments rather than shares. Moreover, unlike ZCZPs, investors in regular IPOs can sell their shares after the listing and profit. They resemble altruistic contributions more in that respect.
Conclusion
Social Stock Exchange is a nascent concept which is yet to be tested. Social investment needs to gain credibility before becoming a go-to method of investing or attracting any kind of Corporate Social Responsibility (CSR) funds. Social enterprises would benefit from this platform by finding investors who share the same values as that of the enterprise, but SEBI needs to diligently regulate the impact assessment of the capital raised through these social initiatives and set up organised structures without any loopholes before any investor confidence can be expected.
Therefore, investors are advised to proceed with caution considering the exchange possesses an inherent risk of not having any history and being built from scratch.
Corporate Governance refers to the set of processes, principles, and values governing how a company is managed and controlled. It is an essential aspect of corporate management that helps ensure accountability, transparency, and fairness in running a business. It involves conducting business by following the preferences of the stakeholders, ethically. The board of directors and the relevant committees carry it out for the benefit of the company’s stakeholders. It all comes down to striking a balance between social and economic as well as individual and communal interests.
In India, Corporate Governance has gained significant importance in recent years due to several high-profile corporate scandals and frauds. The Securities and Exchange Board of India (SEBI) ensures that companies follow good corporate governance practices and protect the interests of all stakeholders, including shareholders, employees, customers, and the community at large.
Some of the critical issues of corporate governance in India include:
Board Composition: Companies can face governance issues if their board composition is not diverse or if they lack independent directors who can act as a check and balance to management.
Executive compensation: Companies can face criticism if the compensation packages of high-ranked officials are considered excessive or not aligned with performance.
Related party transactions: Related party transactions, such as transactions with family members or affiliates of company insiders, can raise concerns about conflicts of interest.
Insider trading: Insider trading refers to buying or selling a company’s stock based on information not available to the public. This can lead to illegal gains and erode public trust in the company.
Accounting irregularities: Accounting irregularities, such as misstating financial statements or engaging in fraudulent accounting practices, can lead to significant financial losses for investors and damage the company’s reputation.
Environmental and social issues: Companies can face governance issues if they do not prioritise ecological and social issues, such as sustainability and human rights, in their day-to-day operations and supply chains.
Cybersecurity and data privacy: Companies can face governance issues if they fail to protect their data and the data of their customers from cyber-attacks and breaches.
Corporate Governance Cases
Over the years, there have been several corporate governance cases involving Indian-listed companies, which denote the essential nature of good corporate governance practices and the risk associated with poor management practices. Here are some notable examples:
Satyam Computer Services: In 2009, Satyam Computer Services, one of India’s largest IT services companies, was involved in a major accounting scandal. The company’s founder and chairman, Ramalinga Raju, admitted to inflating the company’s earnings and assets for several years. This led to a huge drop in the company’s stock price and investor confidence resulting in legal action against the board.
Infosys: In 2017, a whistleblower alleged that Infosys’s senior executives were involved in irregularities related to the acquisition of a company called Panaya. This led to an investigation by the company’s board and the resignation of its CEO, Vishal Sikka.
The Gautam Adani-led conglomerate has also been facing issues with governance practices including alleged mis utilization of funds and related party transactions. While how much of it will be proved in a court of law is yet to be seen nonetheless Adani stocks have taken quite a beating from their previous levels correcting even by 50% in some cases with retail investors facing the brunt of it.
Conclusion
Good corporate governance is crucial for a company’s long-term sustainability and success. It helps to build trust and confidence among stakeholders, attract investment, and enhance the company’s reputation. Companies that follow good corporate governance practices are more likely to be financially sound and able to weather economic downturns and other challenges. Therefore, investors should always examine the corporate management practices of a company before investing and completely understand the risk associated with substandard corporate governance as it might lead to a complete erosion of wealth.
