360 ONE Asset Management Limited has incorporated a wholly-owned subsidiary, 360 ONE Global Asset Management (IFSC) Limited, in Gujarat International Finance Tec-City (GIFT City) on December 23, 2025. This new entity will focus on fund management and investment services. The subsidiary aims to capitalize on opportunities within the GIFT City ecosystem and will seek regulatory approvals to commence operations.

Subsidiary Incorporation Details

360 ONE Asset Management Limited (“AMC”) has announced the incorporation of a wholly-owned subsidiary named 360 ONE Global Asset Management (IFSC) Limited. The incorporation was completed on December 23, 2025, under the provisions of the Companies Act, 2013. The corporate identity number for the new entity is U66300GJ2025PLC171080.

Purpose and Scope

The newly established subsidiary will primarily focus on carrying out fund management and investment business in Gujarat International Finance Tec-City (“GIFT City”). 360 ONE Global Asset Management (IFSC) Limited will be involved in portfolio management and investment management activities within GIFT City.

Regulatory Approvals

The subsidiary will seek necessary regulatory approvals from Securities and Exchange Board of India (“SEBI”) and International Financial Services Centres Authority (“IFSCA”) to commence its investment management business. These approvals are essential for the subsidiary to operate and provide investment-related services within the GIFT City framework.

Source: BSE

Union Bank has announced a revision to the intimation for the call option exercised by the bank for bond ISIN INE692A08128. The revised date for redemption payment is now set to 09-01-2026, instead of 11-01-2026. The coupon rate remains at 8.64%, with a record date of 26-12-2025. This adjustment ensures timely payment.

Revised Redemption Details

Union Bank has updated the redemption payment date for bond ISIN INE692A08128. The adjustment ensures adherence to business day conventions.

Key Details of the Call Option

Here are the revised details:

• Bond Series: XXVIII
• ISIN Number: INE692A08128
• Issue Size: ₹1000 Crores
• Coupon Rate: 8.64%
• Revised Redemption Payment Date: 09-01-2026
• Record Date: 26-12-2025

If the redemption payment date falls on a non-business day, the payment will be made on the preceding business day. Consequently, the redemption payment for ISIN INE692A08128 will be processed on 09-01-2026.

Source: BSE

Bayer CropScience has received an order imposing a penalty of ₹101 million related to Goods and Services Tax (GST) on input tax credit availed, as well as GST on outward supply. The penalty pertains to financial years 2018-19 to 2022-23. The company is currently assessing its options and plans to exercise its right to appeal the order.

GST Penalty Details

Bayer CropScience has been issued an order from the Office of the Commissioner of Goods and Service Tax and Central Excise, Salem, Tamil Nadu, resulting in a penalty of ₹101 million. This penalty relates to discrepancies concerning GST on input tax credit and outward supply, spanning several financial years.

Financial Years Affected

The order encompasses financial activities from 2018-19 to 2022-23. The company is carefully reviewing the details of the order to determine the next course of action.

Next Steps

Bayer CropScience has stated that the order is appealable and is currently evaluating the grounds for an appeal. The company intends to pursue all available legal avenues to contest the penalty. The announcement was officially made on December 24, 2025.

Source: BSE

NBCC (India) Limited has expanded its international real estate operations by acquiring a prime land parcel in Dubai through its subsidiary, NBCC Overseas Real Estate LLC. The land, measuring 14,776.80 sq ft, was purchased for AED 15 million and will be used for mixed-use development. This move marks a significant step in NBCC’s strategy to grow its overseas presence.

Dubai Land Acquisition

NBCC (India) Limited has undertaken a strategic initiative to broaden its international real estate portfolio by initiating operations in Dubai. This has been accomplished through NBCC Overseas Real Estate LLC, a wholly owned subsidiary.

Land Parcel Details

The subsidiary, NBCC Overseas Real Estate LLC, successfully acquired a prime land parcel spanning 14,776.80 sq ft. The acquisition cost amounted to AED 15 million. The land is intended for mixed-use development projects within Dubai Mainland.

Strategic Significance

This acquisition signifies a key step in NBCC’s broader strategy to expand its footprint in international real estate markets. The mixed-use development planned for the acquired land is expected to contribute positively to NBCC’s growth and revenue streams.

Source: BSE

ICICI Prudential Life Insurance has received an order from the Deputy Commissioner of State Tax, Maharashtra, regarding the Goods and Service Act, 2017, for FY2022. The order, received on December 23, 2025, relates to Section 73 and involves a reversal of input tax credit. The company intends to file an appeal against the order.

Tax Order Received

ICICI Prudential Life Insurance has received an order from the Deputy Commissioner of State Tax, Maharashtra, on December 23, 2025, concerning the Goods and Service Act, 2017.

Details of the Order

The order, pertaining to FY2022, involves a reversal of input tax credit. The tax demand raised under Form GST DRC 07 totals ₹112,372,237/-. This includes:

• GST: ₹56,552,798/-
• Interest: ₹50,164,159/-
• Penalty: ₹5,655,280/-

Company Response

ICICI Prudential intends to file an appeal against this order with the appropriate authority.

Source: BSE

JSW Steel has been assigned a Foreign Currency Long Term Issuer Rating and Local Currency Long Term Issuer Rating of ‘A-‘ with a Stable Outlook by Japan Credit Rating Agency, Ltd. (JCR). The rating reflects JSW’s strong profitability, efficient production, solid domestic business, and strategic partnerships. The official announcement was made on December 24, 2025.

Positive Rating Outlook

Japan Credit Rating Agency, Ltd. (JCR) has assigned JSW Steel a Foreign Currency Long Term Issuer Rating and a Local Currency Long Term Issuer Rating of ‘A-‘. The outlook for both ratings is Stable, effective as of December 24, 2025. This assessment highlights JSW Steel’s financial standing and operational efficiency.

Key Factors Influencing the Rating

The credit ratings reflect JSW’s strong profitability, backed by efficient production processes, solid domestic business foundation, and favorable domestic business environment with high growth potential. Additional contributing factors include strategic partnerships with overseas players such as JFE, access to international financial markets, and the ability to maintain a sound financial balance despite ongoing capacity expansion investments.

India’s Steel Demand

India’s steel demand has continued to grow by around 10% annually in line with its economic expansion. The Ministry of Steel has been supporting domestic steel manufacturing since 2017 when it announced its National Steel Policy. Measures it takes under the policy include a mandatory use of domestic steel products in government projects valued higher than a specified amount and introduction of production-linked incentives to provide subsidies to qualified specialty steel producers.

Operational Highlights

JSW operates six steel plants and 11 processing facilities across India, enabling its nationwide steel supply. It owns 23 iron ore mines (12 of them currently operational), procuring part of its raw materials internally. Raw material transportation is efficiently managed through pipe conveyor and railways into the steel plants, which underpin the company’s price competitiveness.

Financial Performance

In FY2025, JSW saw a decrease in total income and profits. While both steel production and sales volumes increased and raw material prices were on a downward trend, the fall of sales prices had a significant negative impact on total income and net income. In the first half of FY2026, steel prices remained weak, but domestic sales volumes rose about 14% year-on-year, and an improved plant operating rate and lower raw material costs drove revenue up 6.8% to INR 883.0 billion and net income up 203% to INR 38.6 billion, indicating a recovery in profitability.

Future Outlook

The company is expected to continue massive investment as it aims to expand its production capacity to 51.5 Mtpa by FY2031. JCR expects JSW to continue disciplined financial management.

Source: BSE

CESC’s subsidiary, Purvah Green Power Private Limited, has secured a 180 MW grid-connected Renewable Energy Power Project. The Letter of Award was issued by REMC Limited on December 23, 2025. The project involves setting up renewable energy power projects, potentially including energy storage, for round-the-clock power supply. The power will be supplied at a tariff rate of Rs 4.35 per kWh.

Renewable Energy Project Award

Purvah Green Power Private Limited, a subsidiary of CESC Limited, has received and accepted a Letter of Award from REMC Limited for a significant renewable energy project. This project involves the setup of grid-connected Renewable Energy Power Projects. The official date of the Letter of Award is December 23, 2025.

Project Details and Scope

The project entails setting up facilities for the supply of 180 MW of Round-the-Clock power. These projects may or may not include energy storage solutions. This project was awarded pursuant to an open competitive bidding process. According to the terms, the tariff rate for the power supplied will be Rs 4.35 per kWh. The timeframe for this project to be executed is 25 years from the date of commissioning.

Source: BSE

BP has reached an agreement to sell a 65% shareholding in Castrol to Stonepeak for an enterprise value of $10.1 billion. The transaction is expected to generate net proceeds of approximately $6.0 billion for BP. BP will retain a 35% stake in a new joint venture and the deal is projected to close by the end of 2026, subject to regulatory approvals.

Deal Overview

BP has agreed to sell a 65% shareholding in Castrol to Stonepeak at an enterprise value of $10.1 billion. This represents an implied EV / LTM EBITDA of around 8.6x, reflecting the strength of the Castrol business. The sale is part of BP’s strategy to simplify its portfolio and focus on its leading integrated businesses. The agreement was announced on December 24, 2025.

Financial Implications

The transaction is expected to result in total net proceeds to BP of approximately $6.0 billion, including around $0.8 billion for the pre-payment of future dividend income. The implied total equity value of Castrol is $8.0 billion after deducting JV minority interests totaling $1.8 billion, and other debt-like obligations. BP intends to utilize these proceeds to reduce net debt.

Future Structure and BP’s Role

Upon completion, a new joint venture will be formed, comprising a 65% Stonepeak and 35% BP ownership. BP’s retained stake provides continued exposure to Castrol’s growth potential. After a two-year lock-up period, BP has the option to sell its remaining 35% stake in Castrol.

Strategic Rationale

The sale aligns with BP’s reset strategy, aimed at strengthening its balance sheet and focusing on its downstream operations. The transaction is projected to be completed by the end of 2026, pending regulatory approvals. This divestment contributes to BP’s $20 billion divestment program.

Castrol’s Performance

Castrol has demonstrated consecutive year-on-year earnings growth. BP expects to treat its retained stake in Castrol as an equity-accounted investment after the transaction closes.

Minority Interests

The transaction includes minority interests in Castrol, principally in India (49% interest), Vietnam (35%), Saudi Arabia (50%), and Thailand (40%), among others.

Source: BSE