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Greenply Shareholders Approve Re-appointment of Rajesh Mittal as CMD for 5-Year Term
Shareholders of Greenply Industries have overwhelmingly approved the re-appointment of Mr. Rajesh Mittal as Chairman cum Managing Director for a five-year term effective from January 1, 2026, to December 31, 2030. The special resolution was passed via postal ballot with 97.81% of votes in favor. The approved compensation package includes a basic salary of ₹23 lakh per month and a commission of up to 1.5% of net profits. This approval ensures leadership continuity and stability for the company's long-term strategic goals.
Key Highlights
Re-appointment of Mr. Rajesh Mittal as CMD for a 5-year tenure starting January 2026
Resolution passed with a strong majority of 97.81% (103,736,850 votes in favor)
Approved monthly basic salary of ₹23,00,000 plus HRA of ₹7,30,000
Performance-linked commission capped at 1.5% of the company's annual net profit
Total valid votes polled reached 106,055,640 out of 124,887,795 issued shares
💼 Action for Investors
Investors should take this as a positive sign of management stability and continuity. No immediate action is required as this maintains the current leadership structure for the next five years.
Syrma SGS Finalizes 75% Controlling Stake in JV with SH Electronic Co. Limited
Syrma SGS Technology Limited has completed the share allotment process for its Joint Venture (JV) with South Korea's SH Electronic Co. Limited. The JV, named Syrma Strategic Electronics Private Limited, has credited 6,70,448 equity shares to Syrma SGS and 2,26,816 shares to SH Electronic. Following this allotment, Syrma SGS holds a 75% controlling stake, while the South Korean partner holds 25%. This JV is strategically positioned to manufacture multi-layer Printed Circuit Boards (PCBs) and Copper Clad Laminates (CCL) for the automotive, medical, and IT sectors in India.
Key Highlights
Syrma SGS now holds a 75% majority stake in the JV Company, Syrma Strategic Electronics Private Limited.
A total of 6,70,448 equity shares were credited to Syrma SGS and 2,26,816 shares to SH Electronic Co. Limited.
The JV focuses on manufacturing high-value components like multi-layer PCBs and Copper Clad Laminates (CCL).
Target markets include automobile electronic equipment, home appliances, IT, and medical services.
The partnership leverages South Korean expertise from SH Electronic Co. Limited (formerly Shinhyup Electronics).
💼 Action for Investors
Investors should view this as a positive step toward backward integration and margin expansion in the EMS space. Monitor the JV's production timeline as it strengthens Syrma's position in high-growth sectors like automotive and medical electronics.
Prostarm to Set Up New UPS Manufacturing Unit in Gujarat with Rs 6 Crore Investment
Prostarm Info Systems Limited has announced the establishment of a new manufacturing facility in Bakrol, Gujarat, dedicated to assembling Uninterruptible Power Supply (UPS) systems. The project involves an estimated capital expenditure of Rs 6 Crores, covering plant, machinery, and civil construction. The facility will produce UPS units ranging from 1KVA to 600 KVA to strengthen the company's manufacturing footprint. Commercial production is targeted to commence by May 2026, funded through a mix of internal accruals and IPO proceeds.
Key Highlights
New manufacturing unit at Bakrol, Gujarat, focused on UPS assembly ranging from 1KVA to 600 KVA.
Estimated capital expenditure of Rs 6 Crores for infrastructure and machinery.
Commercial production expected to begin on or before May 2026.
Funding to be sourced from internal accruals and IPO proceeds.
Strategic move aimed at strengthening manufacturing capacity and market presence.
💼 Action for Investors
Investors should track the timely execution of the project and the receipt of regulatory approvals as the company scales its production capacity. The expansion is a positive indicator of growth, though the full impact on the bottom line will only be visible post-May 2026.
Rane (Madras) Receives GST Order for Rs 12.23 Cr Tax Demand and Rs 12.23 Cr Penalty
Rane (Madras) Limited has received an order from the CGST and Central Excise authorities for the period FY 2018-19 to 2023-24. The order imposes a tax demand of Rs. 12.23 crores along with an equivalent penalty of Rs. 12.23 crores, totaling Rs. 24.46 crores plus applicable interest. This final demand is a reduction from the initial show-cause notice which had proposed a tax demand of Rs. 22.64 crores. The company has stated its intention to contest the order before the appropriate appellate authorities.
Key Highlights
Tax demand of Rs. 12.23 crores levied for the period FY 2018-19 to FY 2023-24.
Equivalent penalty of Rs. 12.23 crores imposed, bringing the base financial impact to Rs. 24.46 crores.
The current demand is a reduction from the original show-cause notice amount of Rs. 22.64 crores plus penalty.
Issues relate to wrong Input Tax Credit (ITC) availing, short payment of tax, and RCM compliance.
The company plans to file an appeal against the order with the relevant statutory authorities.
💼 Action for Investors
Investors should monitor the legal progression of this dispute as a potential Rs. 24.46 crore liability could impact future earnings if the appeal is unsuccessful. No immediate sell-off is warranted as the company is contesting the demand and the amount was reduced from the initial notice.
Zenrock Chemicals and Edelweiss Funds Launch Open Offer for 26% of Indo Borax at ₹256.30/Share
Zenrock Chemicals Private Limited, along with Edelweiss-backed funds, has issued a Draft Letter of Offer (DLOF) to acquire a 26% stake in Indo Borax & Chemicals Limited. The open offer is priced at ₹256.30 per share, targeting the acquisition of up to 83,43,400 equity shares. This mandatory offer follows the initial announcement in mid-December 2025 and is triggered by substantial acquisition regulations. The tendering period for public shareholders is tentatively scheduled to open on February 6, 2026.
Key Highlights
Open offer price fixed at ₹256.30 per equity share of face value ₹1 each
Acquisition target of 83,43,400 shares representing 26% of the company's voting share capital
Acquirers include Zenrock Chemicals and three Edelweiss-managed Alternative Investment Funds (PACs)
The total offer is payable in cash and is not subject to any minimum level of acceptance
Tentative schedule sets the offer opening date for February 6, 2026, and closing on February 19, 2026
💼 Action for Investors
Investors should compare the offer price of ₹256.30 against the current market price to evaluate the premium or discount. It is advisable to wait for the recommendation of the Committee of Independent Directors, due by February 4, 2026, before deciding to tender shares.
Federal Bank Credit Ratings Reaffirmed at CRISIL AAA/Stable and CRISIL A1+
CRISIL Ratings has reaffirmed Federal Bank's credit ratings for its deposit programs as of December 30, 2025. The bank's long-term Fixed Deposits maintained the highest 'CRISIL AAA/Stable' rating, while short-term instruments were reaffirmed at 'CRISIL A1+'. These ratings signify the highest degree of safety for investors regarding the timely payment of financial obligations. The reaffirmation underscores the bank's consistent financial performance and robust capital adequacy.
Key Highlights
CRISIL reaffirmed 'CRISIL AAA/Stable' rating for long-term Fixed Deposits
Short-term Fixed Deposits and Certificates of Deposits reaffirmed at 'CRISIL A1+'
The ratings reflect the bank's strong capitalization and healthy asset quality
The 'Stable' outlook suggests the bank will maintain its credit profile over the medium term
💼 Action for Investors
The reaffirmation of top-tier ratings confirms the bank's fundamental strength and low default risk. Long-term investors can remain confident in the bank's stability and creditworthiness.
Shah Metacorp Receives Trading Approval for 25.58 Crore Equity Shares
Shah Metacorp Limited has received final trading approval from both BSE and NSE for 25,58,32,190 equity shares issued on a preferential basis. These shares, with a face value of Re. 1, were issued at a price not less than Rs. 4.71 per share to both Promoter and Non-Promoter groups. The shares are officially listed and available for trading effective from December 30, 2025. This marks the completion of the listing process for a significant capital infusion into the company.
Key Highlights
Trading approval granted for 25,58,32,190 equity shares effective December 30, 2025
Shares issued at a minimum price of Rs. 4.71, including a premium of Rs. 3.71 per share
Allotment made to both Promoter and Non-Promoter categories on a preferential basis
Lock-in periods for the new shares are established, with some tranches locked until June 30, 2027
💼 Action for Investors
Investors should note the significant expansion of the equity base and monitor the company's utilization of these funds for future growth. While the capital infusion is a positive sign of stakeholder confidence, be mindful of potential EPS dilution.
NIBE Ltd to Raise Rs 196.5 Cr via Preferential Issue of 15.62 Lakh Warrants at Rs 1,258
NIBE Limited has scheduled an Extraordinary General Meeting on January 22, 2026, to approve a preferential issue of 15.62 lakh convertible warrants. The warrants are priced at Rs 1,258 each, aiming to raise a total of approximately Rs 196.5 crore. A significant portion of the issue (Rs 125.99 crore) is being subscribed to by the promoter, Mr. Nibe Ganesh Ramesh, while the remainder is allocated to Eminence Global Fund. This capital infusion is structured with 25% payable upfront and the balance within 18 months upon conversion.
Key Highlights
Issuance of 15,62,000 convertible warrants at a fixed price of Rs 1,258 per warrant
Total fundraise of Rs 196.50 crore to support company growth and operations
Promoter Nibe Ganesh Ramesh to contribute Rs 125.99 crore for 10,01,500 warrants
Non-promoter Eminence Global Fund to invest Rs 70.51 crore for 5,60,500 warrants
CRISIL Ratings Limited appointed as the monitoring agency for the utilization of proceeds
💼 Action for Investors
The substantial financial commitment from the promoter at a premium price is a strong signal of confidence in the company's trajectory. Investors should monitor the EGM outcome and the subsequent deployment of funds into the company's expansion projects.
Khandwala Securities Revises Q2 FY25 Results; Corrects ₹1,045 Lakh Error in Receivables/Payables
Khandwala Securities has issued revised financial results for Q2 and H1 FY25 to correct manual posting errors in its balance sheet. Standalone trade receivables and payables were both significantly reduced by approximately ₹1,045 lakhs to ₹470.06 lakhs and ₹804.57 lakhs, respectively. The company clarified that these adjustments have no impact on the reported profit or loss for the period. For Q2 FY25, the company maintained a standalone net profit of ₹24.32 lakhs, though the half-year (H1) performance resulted in a net loss of ₹34.26 lakhs.
Key Highlights
Standalone Trade Receivables revised downward from ₹1,515.03 lakhs to ₹470.06 lakhs.
Standalone Trade Payables revised downward from ₹1,849.54 lakhs to ₹804.57 lakhs.
Q2 FY25 standalone net profit reported at ₹24.32 lakhs, nearly flat compared to ₹23.62 lakhs YoY.
H1 FY25 standalone performance shows a net loss of ₹34.26 lakhs versus a profit of ₹71.45 lakhs in H1 FY24.
Fee-based operations revenue for Q2 FY25 grew to ₹323.10 lakhs from ₹300.22 lakhs YoY.
💼 Action for Investors
Investors should note that while the bottom line remains unaffected, the significant manual error in balance sheet reporting suggests a need for improved internal financial controls. Monitor the company's ability to return to profitability in the second half of the year following the H1 loss.
Confidence Petroleum Joint Statutory Auditor L N J & Associates Resigns
Confidence Petroleum India Limited has announced the resignation of L N J & Associates, one of its Joint Statutory Auditors, effective December 30, 2025. The auditor cited preoccupation with other personal and professional commitments as the reason for leaving before the scheduled end of their term in FY 2026-27. Importantly, the outgoing auditor confirmed there are no disputes or concerns regarding the suppression of information by the company's management. The firm had been associated with the company since September 2021 and recently completed the limited review for the quarter ended September 30, 2025.
Key Highlights
L N J & Associates resigned as Joint Statutory Auditor effective December 30, 2025.
The auditor was originally appointed for a 5-year term on September 30, 2021, intended to last until the FY 2026-27 AGM.
The firm explicitly certified that there are no disputes or concerns relating to management's suppression of information.
The resignation is attributed to preoccupation with other professional and personal commitments.
The auditor had recently issued the limited review report for the quarter ended September 30, 2025, on November 14, 2025.
💼 Action for Investors
Investors should monitor the appointment of a replacement auditor to ensure continuity in financial oversight. While the auditor cited no disputes, mid-term resignations are a governance touchpoint that requires ongoing observation.
POWERGRID Wins 150 MW/300 MWh Battery Energy Storage Project in Andhra Pradesh
Power Grid Corporation of India Limited (POWERGRID) has been declared the successful bidder for a 150 MW/300 MWh Standalone Battery Energy Storage System (BESS) project in Andhra Pradesh. The project, located at the Kalikiri substation in Chittoor district, will be developed on a Build-Own-Operate (BOO) model. It is part of a larger 2,000 MWh capacity initiative by APTRANSCO and includes Viability Gap Funding (VGF) support. The company received the Letter of Award on December 29, 2025, marking a strategic expansion into the energy storage sector.
Key Highlights
Declared successful bidder for 150 MW/300 MWh Battery Energy Storage System (BESS) project
Project to be executed under the Build-Own-Operate (BOO) model in Andhra Pradesh
Supported by Viability Gap Funding (VGF) through the Power System Development Fund (PSDF)
Part of a cumulative 2,000 MWh (1,000 MW x 2 hrs) capacity tender for 'on Demand' usage
Letter of Award (LoA) received on December 29, 2025
💼 Action for Investors
Investors should view this as a positive move towards diversifying into the high-growth energy storage market, which is essential for grid stability. Maintain a positive outlook as the company leverages its transmission expertise to capture new-age green energy infrastructure projects.
Aksh Optifibre Receives ₹5.73 Crore GST Demand Order for FY 2021-22
Aksh Optifibre Limited has received a tax demand order totaling ₹5,73,47,563 from the Rajasthan State Tax authorities for the financial year 2021-22. The demand relates to audit findings concerning the reverse charge mechanism, interest computation, and input tax credit. The company has clarified that a significant portion of the demand, approximately ₹4.79 crore, is due to a rectifiable technical system discrepancy in GSTR-9 filings. Management is currently pursuing legal remedies and rectification processes to resolve the matter.
Key Highlights
Total tax demand of ₹5,73,47,563 plus applicable interest and penalties under GST Acts.
Approximately ₹4.79 crore of the demand is attributed to a technical system-related discrepancy in GSTR-9 filing.
The order pertains to the tax period 2021-22 and follows audit proceedings by Rajasthan State Tax authorities.
Company is initiating legal remedies and claims the demand will have no material impact on operations.
💼 Action for Investors
Investors should monitor whether the company successfully rectifies the ₹4.79 crore technical portion of the demand. While the operational impact is low, any final cash outflow for the remaining demand and penalties could affect short-term liquidity.
IIFL Capital Services to Transfer PMS Business to Subsidiary via Slump Sale
IIFL Capital Services Limited has executed a Business Transfer Agreement to transfer its Portfolio Management Services (PMS) business to its wholly-owned subsidiary, IIFL Capital Asset Management Limited. The transfer is being conducted as a slump sale on a going concern basis following the receipt of necessary SEBI approval. This internal restructuring is designed to align business verticals for better operational efficiency and to simplify the regulatory structure. As the transfer is to a 100% subsidiary, there is no change in the consolidated shareholding pattern of the company.
Key Highlights
Transfer of Portfolio Management Services (PMS) business to IIFL Capital Asset Management Limited
Transaction executed as a slump sale on a going concern basis
Requisite approval from the Securities and Exchange Board of India (SEBI) has been received
Restructuring aims to enhance operational efficiency and leverage growth opportunities
No change in the shareholding pattern of the involved entities
💼 Action for Investors
This is an internal corporate restructuring that does not change the company's consolidated fundamentals. Investors should treat this as a routine operational alignment and monitor for any future improvements in segment reporting.
MT Educare Reports Default of ₹32.33 Cr; Company Continues Under Insolvency Process (CIRP)
MT Educare Limited has disclosed a default in the repayment of principal and interest totaling ₹32.33 crores to lenders including Axis Bank and Prudence ARC. The company has been under the Corporate Insolvency Resolution Process (CIRP) since December 16, 2022, following an order by the NCLT Mumbai Bench. Beyond direct borrowings, the company faces invoked corporate guarantees amounting to ₹23.99 crores for subsidiary and associated entities. The Resolution Professional is currently managing the company and verifying claims from secured financial creditors.
Key Highlights
Total outstanding borrowings from banks and financial institutions amount to ₹32.33 crores.
Default includes ₹16.44 Cr principal to Prudence ARC and ₹7.65 Cr principal to Axis Bank.
Invoked corporate guarantees total ₹7.3 Cr for Sri Gayatri Education Society and ₹16.69 Cr for Lakshya Forum.
The company has been under CIRP since December 2022, with a new Resolution Professional appointed in January 2024.
A claim of ₹49.72 crore from Shamrao Vithal Co-op Bank remains under legal dispute at the NCLAT.
💼 Action for Investors
Investors should exercise extreme caution as the company is undergoing insolvency proceedings, which typically results in significant or total loss for equity shareholders. Monitor NCLT developments regarding the approval of any resolution plan or liquidation orders.
Rane (Madras) Credit Rating Re-affirmed at A+/Stable; Bank Facilities Enhanced to Rs 1,085 Cr
CRISIL has re-affirmed the credit ratings for Rane (Madras) Limited's bank loan facilities, maintaining a 'CRISIL A+/Stable' for long-term and 'CRISIL A1' for short-term instruments. Notably, the total rated bank loan facilities have been enhanced to Rs. 1,085 crores from the previous Rs. 910.51 crores. This indicates the company's ability to access higher credit limits while maintaining its creditworthiness. The stable outlook suggests a consistent financial profile and lender confidence in the medium term.
Key Highlights
CRISIL re-affirmed the long-term rating at 'CRISIL A+/Stable' and short-term rating at 'CRISIL A1'.
Total bank loan facilities enhanced by approximately 19% to Rs. 1,085 crores from Rs. 910.51 crores.
Short-term bank facilities comprise Rs. 965 crores of the total, distributed across major banks like SBI, HDFC, and Standard Chartered.
Long-term facilities include term loans totaling Rs. 120 crores from Exim Bank and HDFC Bank.
💼 Action for Investors
The re-affirmation of ratings despite an increase in debt limits reflects the company's stable financial health and credit profile. Investors should monitor the company's utilization of these enhanced limits for future growth or working capital efficiency.
Arfin India Secures Rs 321 Crore Order for Aluminium Sector Conductors
Arfin India Limited has bagged a major domestic contract worth Rs. 321 Crores from Diamond Power Infrastructure Limited. The order entails the supply of 11,000 MT of Aluminium Sector Conductors, with execution scheduled between January 2026 and November 2026. This contract is expected to contribute approximately Rs. 29.20 Crores to the monthly top line during the execution period. This significant order win strengthens the company's order book and provides high revenue visibility for the upcoming year.
Key Highlights
Total order value of Rs. 321 Crores (exclusive of GST) from Diamond Power Infrastructure Limited
Contract involves the supply of 11,000 MT of Aluminium Sector Conductors
Execution timeline spans 11 months from January 2026 to November 2026
Expected monthly revenue generation of approximately Rs. 29.20 Crores
The transaction is with a domestic entity and does not involve any related party interests
💼 Action for Investors
This is a significant revenue driver for Arfin India; investors should monitor the commencement of supplies in January 2026 and the impact on quarterly margins. The large order size relative to the company's scale suggests strong growth potential for the next fiscal year.
Heritage Foods Executes SPA to Acquire 51% Stake in Peanutbutter and Jelly Pvt Ltd
Heritage Foods Limited has officially executed a Share Purchase Agreement (SPA) on December 30, 2025, to acquire a 51% majority equity stake in Peanutbutter and Jelly Private Limited. The stake is being acquired from Sky Gate Hospitality Private Limited, following initial proposals announced in October 2025. The share transfer process is currently in progress, and the company will notify exchanges upon final completion. This acquisition represents a strategic expansion into complementary food segments beyond its core dairy business.
Key Highlights
Execution of Share Purchase Agreement (SPA) for 51% equity stake on December 30, 2025
Acquisition of majority control from Sky Gate Hospitality Private Limited
Follows previous board approvals and communications dated October 27 and December 10, 2025
Share transfer process is currently underway to formalize the ownership change
💼 Action for Investors
Investors should view this as a positive step toward product diversification and monitor the impact of this acquisition on the company's consolidated margins in future earnings reports.
Muthoot Finance Infuses ₹500 Crore Equity into Subsidiary Muthoot Money Limited
Muthoot Finance has completed an additional equity infusion of approximately ₹500 crore into its wholly-owned subsidiary, Muthoot Money Limited. This capital injection is designed to strengthen the subsidiary's capital base and improve its capital adequacy ratio to support aggressive business growth. Muthoot Money has demonstrated significant scale-up, with its turnover growing from ₹44.7 crore in FY23 to ₹429.9 crore in FY25. The funds will be utilized for business funding, debt repayment, and general corporate purposes.
Key Highlights
Allotment of 3,25,139 equity shares completed for a total consideration of ₹499.99 crore
Subsidiary turnover increased nearly 10x in two years, reaching ₹4,299.43 million in FY25
Capital infusion aimed at improving Capital Adequacy Ratio (CAR) and funding business expansion
Muthoot Money Limited remains a 100% wholly-owned subsidiary with no change in control
💼 Action for Investors
Investors should monitor the performance of Muthoot Money as it becomes a larger part of the consolidated entity. The significant capital support indicates management's confidence in scaling the non-gold lending business.
Mukka Proteins Receives ₹7.67 Crore Customs Duty Recovery Order
Mukka Proteins Limited has received a Bond Enforcement Order from the Commissioner of Customs, Mangaluru, demanding a recovery of ₹7.67 crore plus interest. The order alleges that the company failed to submit evidence of fulfilling export obligations and did not provide Export Obligation Discharge Certificates (EODC) for duty-free imports under Advance Licences. The company is currently evaluating the order and exploring legal remedies to contest the demand. This development represents a potential financial liability that could impact the company's short-term liquidity if the dispute is not resolved in its favor.
Key Highlights
Customs department has ordered recovery of ₹7,67,03,840 in duty plus applicable interest.
The enforcement pertains to alleged non-fulfillment of export obligations under Advance Licences issued by DGFT.
The order was received on December 29, 2025, from the Office of the Commissioner of Customs, Mangaluru.
Company is in the process of examining the order and preparing to submit necessary documents or seek legal remedies.
💼 Action for Investors
Investors should monitor the company's progress in submitting the required EODC documents, as successful documentation could waive the liability. However, the potential ₹7.67 crore outflow plus interest may cause short-term negative sentiment on the stock.
Inox Wind Shareholders Approve Re-appointment of Manoj Dixit as Whole-Time Director
Inox Wind Limited has announced the successful passage of a postal ballot resolution for the re-appointment of Shri Manoj Dixit as a Whole-Time Director. The resolution received a total of 103.66 crore votes in favor, representing 94.03% of the total votes polled. While the promoter group and retail investors showed strong support, a notable 19.94% of institutional public votes were cast against the re-appointment. This approval ensures leadership continuity for the wind energy solutions provider.
Key Highlights
Resolution for re-appointment of Manoj Dixit passed with a 94.03% majority of total votes polled.
A total of 110.24 crore valid votes were cast, with 103.66 crore in favor and 6.58 crore against.
Institutional public shareholders showed significant dissent, with 19.94% (6.58 crore votes) opposing the resolution.
Promoter and Promoter Group, holding 76.35 crore shares, voted 100% in favor of the appointment.
The resolution is deemed passed as of December 27, 2025, the final date of the e-voting period.
💼 Action for Investors
Investors should view this as a routine governance update ensuring management stability, though the nearly 20% institutional dissent warrants monitoring of future governance disclosures.