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Central Bank of India Renews Co-Lending Tie-up with Capri Global Capital (AUM ₹23,916 Cr)
Central Bank of India has renewed its co-lending partnership with Capri Global Capital Ltd to offer secured Loan Against Property (LAP) and Gold Loans. Capri Global brings a substantial network of 1,331 branches across 19 states and an AUM of ₹23,916 crore as of December 2025. The partnership aims to leverage Capri's origination and servicing capabilities to expand the bank's credit portfolio at competitive rates. This arrangement complies with the revised RBI Co-Lending Arrangement guidelines issued in November 2025.
Key Highlights
Renewal of co-lending partnership with Capri Global Capital Ltd for Secured LAP and Gold Loans
Capri Global Capital manages a significant AUM of ₹23,916 crore as of December 31, 2025
Access to an extensive distribution network of 1,331 branches across 19 States and Union Territories
Adherence to revised RBI Co-Lending Arrangement (CLA) guidelines dated November 28, 2025
Joint credit processing and blended interest rates designed to enhance customer outreach and portfolio growth
💼 Action for Investors
Investors should monitor the growth in the bank's retail and MSME books through such partnerships, as they offer a low-cost expansion route. The focus on secured assets like Gold Loans and LAP is a positive sign for maintaining asset quality.
Waaree Renewable Bags Major 300 MWac/420 MWp Solar EPC Order
Waaree Renewable Technologies Limited (WAAREERTL) has signed a contract for the Engineering, Procurement, and Construction (EPC) of a 300 MWac / 420 MWp Ground Mount Solar PV Plant. The order was awarded by a domestic renewable energy power generation company and is scheduled for completion in FY 2027-28. This significant win bolsters the company's project pipeline and ensures medium-term revenue visibility. The contract is a commercial order with no promoter interest or related party involvement.
Key Highlights
Signed EPC contract for a 300 MWac (420 MWp) Ground Mount Solar PV Plant
Project execution is scheduled for completion during the financial year 2027-28
Awarded by a domestic entity specializing in renewable energy power generation
The contract is a commercial order and is not a related party transaction
💼 Action for Investors
Investors should view this as a positive development for the order book, providing revenue visibility through FY28. Monitor the company's execution efficiency and margin management as it scales its project portfolio.
CARE Places India Glycols on Rating Watch with Developing Implications Amid Demerger Plans
CARE Ratings has placed India Glycols' 'CARE A-' long-term rating on 'Rating Watch with Developing Implications' due to the proposed demerger of its Biofuel, Potable Spirits, and Bio-pharma businesses. The company's financial profile is improving, supported by a ₹467 crore preferential issue in Q3FY26 which was primarily used for debt reduction. Performance for 9MFY26 shows 11% revenue growth to ₹3,239 crore with margins expanding to 15.04%. The restructuring is expected to be completed within six months, resulting in three separate entities to enhance management focus.
Key Highlights
CARE A- rating placed on 'Rating Watch with Developing Implications' following the board-approved composite scheme of arrangement.
Raised ₹467 crore via preferential issue in Q3FY26, reducing total debt including LC acceptances to ₹1,793 crore as of January 2026.
9MFY26 revenue grew 11% YoY to ₹3,239 crore with PBILDT margins expanding significantly to 15.04%.
Net debt to PBILDT ratio is projected to improve to 2.5x-3.0x by FY26-end from 4.31x in FY25.
Demerger will split operations into IGL (Chemicals), IGL Spirits (Biofuels/Spirits), and Ennature Bio Pharma (Nutraceuticals).
💼 Action for Investors
Investors should maintain a watch on the NCLT approval process for the demerger, which is expected to unlock value across different business segments. The substantial debt reduction and improving margins provide a positive cushion during this transition period.
Aster DM Healthcare Holds Creditors Meeting for Merger with Quality Care India
Aster DM Healthcare convened a meeting of its unsecured trade creditors on March 10, 2026, to seek approval for the Scheme of Amalgamation with Quality Care India Limited. The meeting was held via video conferencing as directed by the NCLT Hyderabad bench, with 51 creditors in attendance. Remote e-voting was conducted between March 6 and March 9, 2026, to facilitate the approval process. The company is now awaiting the final scrutinizer's report to disclose the voting results to the exchanges.
Key Highlights
Meeting of unsecured trade creditors held on March 10, 2026, regarding the merger with Quality Care India Limited.
A total of 51 unsecured trade creditors participated in the NCLT-convened proceedings.
Remote e-voting was active from March 6, 2026 (9:00 AM) to March 9, 2026 (5:00 PM).
The amalgamation scheme is part of a strategic consolidation between the Transferor and Transferee companies.
💼 Action for Investors
Investors should watch for the official voting results to confirm creditor approval, which is a critical milestone for the merger. Successful amalgamation is expected to bring operational synergies and scale to Aster DM's healthcare portfolio.
Aster DM Shareholders Meet to Approve Merger with Quality Care India Limited
Aster DM Healthcare held an NCLT-convened meeting on March 10, 2026, to seek shareholder approval for the amalgamation of Quality Care India Limited into the company. The meeting was attended by 64 members via video conferencing and was chaired by an NCLT-appointed advocate. Management addressed shareholder queries regarding the rationale and salient features of the proposed scheme. The final voting results, including remote e-voting conducted between March 6-9, 2026, will be disclosed within the prescribed regulatory timelines.
Key Highlights
NCLT-convened meeting held on March 10, 2026, to approve the Scheme of Amalgamation with Quality Care India Limited.
Remote e-voting period concluded on March 9, 2026, at 5:00 P.M. IST prior to the general meeting.
A total of 64 members participated in the meeting through Video Conferencing and Other Audio Visual Means.
The scheme involves Quality Care India Limited as the Transferor Company and Aster DM Healthcare as the Transferee Company.
Final voting results and the Scrutinizer's report are expected to be disseminated to BSE and NSE shortly.
💼 Action for Investors
Investors should watch for the official voting results to confirm shareholder approval of the merger. Successful amalgamation is expected to consolidate operations and potentially enhance long-term value.
Excelsoft Appoints Retired IAS Officer Dr. J. Karuppusamy as Independent Director for 5 Years
Excelsoft Technologies has appointed Dr. Jayakumar Karuppusamy, a retired 1987-batch IAS officer and IIT/IIM alumnus, as an Independent Director for a five-year term effective March 10, 2026. Dr. Karuppusamy brings over two decades of experience in governance, technology, and administration, having served as Additional Chief Secretary and MD of State Bank of Sikkim. Alongside this appointment, the company has reconstituted its Audit and Nomination & Remuneration Committees, appointing Mr. Shivkumar Pundaleeka Divate as the new Audit Committee Chairperson. These leadership changes are aimed at strengthening the company's corporate governance and strategic oversight.
Key Highlights
Dr. Jayakumar Karuppusamy appointed as Independent Director for a 5-year term ending March 9, 2031
Appointee is a highly qualified professional with a PhD from IIT Kharagpur and a PGDM from IIM Bangalore
Mr. Shivkumar Pundaleeka Divate replaces Mr. Doreswamy Palaniswamy as Chairperson of the Audit Committee
Dr. Karuppusamy holds 4 Indian and 4 international patents and was recognized as an 'Amazing Indian' in 2023
The board meeting concluded in 41 minutes to approve these structural governance changes
💼 Action for Investors
Investors should view the addition of a high-profile former bureaucrat with technical and administrative expertise as a positive move for corporate governance. No immediate action is required, but this strengthens the board's oversight capabilities.
Waaree Energies Subsidiary to Invest $30 Million in United Solar Holdings Inc.
Waaree Energies' wholly owned subsidiary, Waaree Solar Americas Inc., has signed a Share Subscription Agreement to invest approximately $30 million in United Solar Holdings Inc. (USH). The deal involves the acquisition of 5,368,551 Series B preferred shares of USH, marking a significant strategic move in the American market. This transaction follows a preliminary disclosure made in December 2025 and is subject to standard closing conditions. The investment is an arm's length transaction with no related party involvement.
Key Highlights
Investment of approximately USD $30 million in United Solar Holdings Inc.
Subscription of 5,368,551 Series B preferred shares through US subsidiary Waaree Solar Americas Inc.
Strategic follow-up to the company's previous disclosure dated December 19, 2025.
Transaction is not a related party deal and involves no promoter interest.
💼 Action for Investors
Investors should view this as a positive step toward deepening the company's footprint in the US solar sector. Monitor for further updates on the closing of the transaction and potential operational synergies.
Hindustan Zinc Partners with CMR Green Technologies for Zinc Alloy Manufacturing at Zinc Park
Hindustan Zinc (HINDZINC) has signed a Memorandum of Understanding (MoU) with CMR Green Technologies to establish a zinc alloy manufacturing facility at Zinc Park in Rajasthan. This partnership, the second major one for the park, focuses on producing low-emission alloys for the automotive and infrastructure sectors. The initiative leverages HINDZINC's 77% domestic market share and proximity to its existing smelting operations. By fostering a downstream ecosystem, the company aims to drive value addition and sustainable metal processing.
Key Highlights
Partnership with CMR Green Technologies, India's largest non-ferrous metal recycler.
Focus on high-quality zinc alloys for automotive, infrastructure, and consumer goods.
Recycled metal production at the facility can achieve up to 95% lower emissions.
Hindustan Zinc maintains a dominant 77% share of India's primary zinc market.
Zinc Park is developed jointly with RIICO as a renewable energy-powered industrial hub.
💼 Action for Investors
This expansion into downstream value-added products is a positive long-term driver for margins and market positioning. Investors should monitor the scaling of Zinc Park as a catalyst for industrial demand.
Polycab Receives Rectification Order; Income Tax Demand Reduced to ₹57.58 Cr from ₹327.45 Cr
Polycab India has successfully contested an initial income tax demand for the Assessment Year 2024-25, resulting in a significant reduction of the liability. The Income Tax Authority issued a rectification order reducing the demand from ₹327.45 crore to ₹57.58 crore after correcting clerical and computational errors. The company maintains that the remaining ₹57.58 crore demand is still incorrect due to uncredited advance taxes and plans to file further rectifications. Additionally, Polycab will appeal the underlying additions of ₹41.87 crore, asserting that the demand is not legally sustainable.
Key Highlights
Income tax demand reduced by approximately 82% from ₹327.45 crore to ₹57.58 crore.
The reduction follows a rectification application filed under Section 154 of the Income Tax Act.
Remaining demand of ₹57.58 crore is attributed to non-granting of advance tax credits.
Original additions and disallowances leading to the dispute aggregate to ₹41.87 crore.
Company is in the process of filing an appeal against the additions, citing they are not sustainable in law.
💼 Action for Investors
Investors should view this as a positive development as it significantly reduces a potential financial liability. Monitor the outcome of the subsequent rectification and the legal appeal regarding the core additions.
Delta Corp to Hold EGM on April 9 for Shipbuilding Contract and Corporate Guarantee Approval
Delta Corp has scheduled an Extra-ordinary General Meeting (EGM) for April 9, 2026, to seek shareholder approval for two key financial matters. The board is proposing modifications to a shipbuilding contract between its wholly-owned subsidiary DPCCPL and associate company WSPL. Additionally, approval is sought for a corporate guarantee to be provided by subsidiary DPCCL for a loan proposed to be taken by WSPL. These moves indicate continued financial support and capital commitment toward its associate entities.
Key Highlights
Extra-ordinary General Meeting (EGM) scheduled for April 9, 2026, via Video Conferencing.
Modification of shipbuilding contract between subsidiary DPCCPL and associate company WSPL.
Proposed corporate guarantee by subsidiary DPCCL for a loan to be availed by associate WSPL.
Board meeting concluded at 6:15 P.M. on March 10, 2026, following a 45-minute session.
💼 Action for Investors
Investors should review the detailed EGM notice when released to understand the financial scale of the loan guarantee and contract modifications. Monitor the impact of these contingent liabilities on the company's consolidated balance sheet.
Aditya Birla Capital Allots NCDs Worth Rs 755 Crore via Private Placement
Aditya Birla Capital has successfully allotted Non-Convertible Debentures (NCDs) totaling Rs 755 crore across three distinct tranches on March 10, 2026. The fundraise includes a major tranche of Rs 430 crore at a 7.10% coupon rate maturing in 2031 and Rs 300 crore at 7.2959% maturing in 2028. These securities are secured, rated, and will be listed on both BSE and NSE. This capital infusion is part of the company's routine financing strategy to support its lending and financial services operations.
Key Highlights
Total allotment of 34,550 Non-Convertible Debentures aggregating to Rs 755 crore.
Tranche 1: Rs 300 crore at 7.2959% coupon rate with maturity on September 15, 2028.
Tranche 2: Rs 25 crore at 9.1500% coupon rate with maturity on December 21, 2028.
Tranche 3: Rs 430 crore at 7.1000% coupon rate with maturity on October 3, 2031.
NCDs are secured by a first pari passu charge over receivables, securities, and other identified assets.
💼 Action for Investors
This is a routine fundraise for a financial services firm and indicates healthy access to credit markets. Investors should continue to monitor the company's net interest margins and overall debt-to-equity levels.
Panacea Biotec Wins Major Tax Case; ₹329.49 Crore Tax Demand Cancelled by ITAT
Panacea Biotec has received a favorable ruling from the Income Tax Appellate Tribunal (ITAT) regarding long-standing tax disputes for Assessment Years 2005-06 to 2012-13. The ITAT dismissed eight appeals by the tax department and allowed two appeals by the company, effectively quashing the previous assessment orders. This decision results in the cancellation of a massive tax demand totaling ₹329.49 Crore. The ruling removes a significant contingent liability and potential penalty exposure from the company's financial records.
Key Highlights
ITAT quashed assessment orders for eight Assessment Years spanning 2005-06 to 2012-13.
Cancellation of a total tax demand amounting to ₹329.49 Crore previously raised by the Assessing Officer.
Deletion of all expense disallowances that were under litigation since Financial Year 2015-16.
The ruling dismisses eight appeals filed by the Deputy Commissioner of Income Tax (DCIT) against the company.
💼 Action for Investors
This is a significant positive development that strengthens the balance sheet by removing a large liability; investors should monitor if the tax department files a further appeal in the High Court.
Tilaknagar Industries Q3 Revenue Jumps 80% to ₹1,453 Cr; Net Loss at ₹105 Cr on Exceptional Items
Tilaknagar Industries reported a strong 80.4% YoY revenue growth to ₹1,453.01 crore for the quarter ended December 31, 2025. Despite robust top-line performance, the company recorded a consolidated net loss of ₹105.41 crore, primarily driven by a massive exceptional loss of ₹169.42 crore. Finance costs also witnessed a sharp spike to ₹39.25 crore from ₹2.36 crore in the previous year. Additionally, the statutory auditors have maintained a qualified opinion regarding the lack of impairment assessment for an ENA plant.
Key Highlights
Revenue from operations surged 80.4% YoY to ₹1,45,301.28 Lacs in Q3 FY26.
Consolidated net loss of ₹10,540.84 Lacs reported against a profit of ₹5,392.66 Lacs in Q3 FY25.
Exceptional items resulted in a loss of ₹16,942.06 Lacs during the quarter.
Finance costs increased significantly to ₹3,924.59 Lacs compared to ₹235.96 Lacs in the year-ago period.
Statutory auditors issued a qualified conclusion due to non-conduct of impairment assessment on an ENA plant as per Ind AS 36.
💼 Action for Investors
Investors should seek clarity on the nature of the ₹169 crore exceptional loss and the reasons behind the sharp rise in finance costs. While revenue growth is impressive, the auditor qualification and bottom-line impact necessitate a cautious 'watch' approach.
Excelsoft Appoints Retired IAS Officer Dr. Jayakumar Karuppusamy as Independent Director
Excelsoft Technologies has appointed Dr. Jayakumar Karuppusamy, a retired IAS officer and IIT/IIM alumnus, as an Additional Independent Director for a five-year term effective March 10, 2026. The board also approved the reconstitution of the Audit and Nomination & Remuneration Committees, with Mr. Shivkumar Pundaleeka Divate taking over as the Audit Committee Chairperson. Dr. Jayakumar brings over 20 years of experience in governance, technology, and administration, which is expected to strengthen the company's strategic oversight. This appointment is subject to shareholder approval and aligns with efforts to enhance corporate governance.
Key Highlights
Dr. Jayakumar Karuppusamy appointed as Independent Director for a 5-year term ending March 09, 2031.
Appointee is a retired 1987-batch IAS officer with a Ph.D. from IIT Kharagpur and a PGDM from IIM Bangalore.
Mr. Shivkumar Pundaleeka Divate appointed as the new Chairperson of the Audit Committee.
Dr. Jayakumar Karuppusamy currently holds zero shares in the company.
The board meeting concluded within 41 minutes, approving changes to two key statutory committees.
💼 Action for Investors
Investors should view the addition of a highly qualified independent director with deep administrative and technology experience as a positive for corporate governance. No immediate action is required as this is a routine but significant board strengthening measure.
Protean eGov Receives NCLT Approval for Demerger of Infosec Subsidiary
Protean eGov Technologies has received the certified NCLT order for the demerger of its wholly-owned subsidiary, Protean Infosec Services Limited, into the parent company. The scheme, which has an appointed date of April 1, 2025, aims to consolidate the group's engineering capabilities and cybersecurity expertise. As the demerged entity is a 100% subsidiary, no new shares will be issued as part of this arrangement. This restructuring is expected to drive cost efficiencies and streamline the delivery of digital public infrastructure and security services.
Key Highlights
NCLT Mumbai Bench sanctioned the Scheme of Arrangement in a hearing held on February 27, 2026.
The demerger involves transferring the business of Protean Infosec Services to Protean eGov Technologies on a going concern basis.
The appointed date for the transaction is fixed as April 1, 2025.
No share swap ratio is required as the demerged company is a wholly-owned subsidiary of the resulting company.
Consolidation focuses on synergizing Governance, Risk & Compliance (GRC) and Managed SOC Services with the parent's e-governance solutions.
💼 Action for Investors
Investors should view this as a positive move toward corporate simplification and operational synergy. No action is required regarding shareholdings as there is no change in the equity base of the listed entity.
EMS Limited Promoter Pledges Additional 4.5 Lakh Shares; Total Pledged Holding at 21.71%
Promoter Mr. Ramveer Singh has created a fresh pledge of 4,50,000 equity shares, representing 0.81% of the company's total capital. This action brings the total encumbered shares to 1,20,58,690, which accounts for 21.71% of the total share capital and 32% of the promoter's total holding. The pledge was created in favor of TATA Capital Limited and SG Finserve Limited as additional collateral to cover margins and maintain liquidity. While the promoter retains a high 67.85% stake, the increasing level of pledging warrants investor attention.
Key Highlights
Promoter Ramveer Singh pledged 4,50,000 additional shares (0.81% of total capital) on March 10, 2026.
Total pledged shares increased to 1,20,58,690, representing 21.71% of the company's total equity.
The encumbrance now represents 32.00% of the total promoter shareholding of 67.85%.
Pledges were made to TATA Capital Limited and SG Finserve Limited to provide additional collateral for existing financing.
The asset cover ratios for the new pledges are established at 3:1 and 2.5:1 respectively.
💼 Action for Investors
Investors should exercise caution as promoter pledging has crossed the 20% threshold of total capital, primarily to cover margins. Monitor the stock for potential volatility, as significant price drops could trigger further margin calls or forced liquidations.
Electrotherm Receives ₹72.69 Crore Income Tax Demand for AY 2017-18
Electrotherm (India) Limited has been served an Assessment Order and Demand Notice by the Income Tax Department for the Assessment Year 2017-18. The total demand amounts to ₹72.69 crore, comprising a principal tax liability of ₹35.52 crore and accumulated interest of ₹37.17 crore. The company has stated its intention to seek legal counsel and file an appeal against the order. Management currently maintains that the demand will not have an immediate impact on the company's financial or operational performance.
Key Highlights
Total income tax demand of ₹72,69,05,210 received for Assessment Year 2017-18.
The demand includes a net tax liability of ₹35.52 crore and interest of ₹37.17 crore.
Order passed under Section 147 read with Section 144B of the Income Tax Act, 1961.
Company intends to file an appeal with the Income Tax Department to contest the order.
💼 Action for Investors
Investors should monitor the progress of the legal appeal as a confirmed liability of this magnitude could significantly impact the company's cash reserves. While management is confident, the high interest component relative to the principal suggests a long-standing dispute.
Eicher Motors Subsidiary VECV Appoints B Srinivas as MD & CEO and Vinod Aggarwal as Chairman
Eicher Motors' material subsidiary, VE Commercial Vehicles (VECV), has announced a major leadership transition effective April 1, 2026. B Srinivas, the current COO with over 31 years of experience at Eicher, will take over as Managing Director and CEO for a five-year term. Vinod Aggarwal, who has led VECV for 16 years and has 43 years of service with the Eicher Group, will transition to Chairman of the Board for a three-year term. This planned succession ensures continuity in leadership for the joint venture between Eicher Motors and Volvo Group.
Key Highlights
B Srinivas appointed as MD & CEO of VECV for a 5-year term starting April 1, 2026
Vinod Aggarwal transitions from MD & CEO to Chairman of the Board for a 3-year term
B Srinivas brings over 31 years of experience within Eicher, including roles as COO and Head of Product Strategy
Vinod Aggarwal has led VECV for 16 years, overseeing significant growth and market expansion
Rajinder Singh Sachdeva nominated to the VECV Board, replacing Raul Rai
💼 Action for Investors
Investors should view this as a positive, well-calibrated leadership transition that ensures strategic continuity at Eicher's critical commercial vehicle subsidiary. No immediate action is required as the transition leverages internal talent with deep institutional knowledge.
Bharat Forge Receives Credit Rating Reaffirmation of AA+ (Stable) from ICRA
ICRA has reaffirmed Bharat Forge's long-term credit rating at [ICRA] AA+ with a Stable outlook and its short-term rating at [ICRA] A1+. The reaffirmation applies to various fund-based and non-fund-based facilities, including a Rs. 125 Crore Non-Convertible Debenture (NCD) program. Furthermore, the rating for a Rs. 700 Crore NCD facility was reaffirmed and subsequently withdrawn as the outstanding amount has been reduced to zero. This rating action underscores the company's robust financial profile and consistent creditworthiness.
Key Highlights
Long-term fund-based and working capital facilities reaffirmed at [ICRA] AA+ with a Stable outlook.
Short-term and non-fund based facilities reaffirmed at the highest rating of [ICRA] A1+.
Rating for Rs. 125 Crore Non-Convertible Debentures (NCDs) maintained at [ICRA] AA+.
Rating for Rs. 700 Crore NCDs reaffirmed and withdrawn following the reduction of the rated amount to Rs. 0.
Issuer rating reaffirmed at [ICRA] AA+ (Stable), reflecting strong credit fundamentals.
💼 Action for Investors
Investors can take confidence in the company's high credit quality and stable financial outlook. No immediate portfolio changes are required as this reaffirmation confirms the company's ability to service its debt obligations efficiently.
Walchandnagar Industries Shareholders Approve MD Re-appointment and Dharwad Land Sale
Shareholders of Walchandnagar Industries have overwhelmingly approved three key resolutions via postal ballot. The company received a 99.99% approval to re-appoint Mr. Chirag C. Doshi as Managing Director & CEO for a three-year term starting April 2026. Additionally, investors approved the sale of land in Dharwad and the shifting of the company's registered office from Mumbai to Pune. These moves indicate strong shareholder support for the current leadership and strategic asset monetization.
Key Highlights
Re-appointment of Chirag C. Doshi as MD & CEO for 3 years approved with 99.99% votes in favor
Sale of Dharwad Land (Survey nos. 71B, 72B, and 83) cleared with 99.62% shareholder approval
Registered office relocation from Mumbai to Pune approved by 99.99% of voting shares
Total of 22,687,326 valid equity shares participated in the e-voting process
💼 Action for Investors
The management continuity and potential liquidity from the land sale are positive signs; investors should track how the proceeds from the asset sale are utilized for debt reduction or growth.