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Emkay Global to Issue NCDs Aggregating to ₹54 Crore
Emkay Global Financial Services Limited plans to issue Non-Convertible Debentures (NCDs) aggregating to ₹54 crore through private placement. The issue consists of 5,400 NCDs with a face value of ₹1,00,000 each. These NCDs are senior, unsecured, listed, rated, transferable, and redeemable. The proposed allotment date is December 18, 2025, with a maturity date of December 18, 2027, and will be listed on the Wholesale Debt Market Segment of BSE Limited.
Key Highlights
Issuance of NCDs aggregating to ₹54 crore.
5,400 NCDs with a face value of ₹1,00,000 each.
Proposed allotment date: December 18, 2025.
Proposed maturity date: December 18, 2027.
Credit Rating of [ICRA] BBB+ (Positive) Reaffirmed
💼 Action for Investors
Investors should monitor the yield offered on these NCDs and consider their risk appetite before investing. Keep an eye on the BSE Wholesale Debt Market for listing details.
Delhivery Launches 'Delhivery International' for Indian MSMEs
Delhivery has launched 'Delhivery International', an Economy Air Parcel service, to facilitate global exports for Indian MSMEs. This service aims to reduce international shipping costs and simplify documentation. It will be available through the Delhivery One platform, offering real-time rates and end-to-end visibility. Delhivery works with over 48K+ customers and has fulfilled over 4.0 billion shipments since inception.
Key Highlights
Delhivery launched Delhivery International for MSMEs
Service aims to reduce international shipping costs
Delhivery has fulfilled over 4.0 billion shipments since inception
Delhivery works with over 48K+ customers
💼 Action for Investors
Investors should monitor the adoption of 'Delhivery International' by MSMEs and its impact on Delhivery's cross-border revenue. Positive traction could indicate further growth opportunities.
Bodal Chemicals Assigned IVR A-/Stable Rating for INR 1127.53 Cr Debt Facilities
Infomerics Valuation and Rating Limited has assigned new credit ratings to Bodal Chemicals Limited for total facilities worth INR 1127.53 crore. The long-term bank facilities of INR 957.53 crore have been rated 'IVR A-' with a 'Stable' outlook. Additionally, short-term bank facilities of INR 120.00 crore and proposed commercial paper of INR 50.00 crore received 'IVR A2+' ratings. This assignment establishes a credit profile for the company's significant debt and proposed short-term instruments.
Key Highlights
Total facilities worth INR 1127.53 crore assigned new ratings by Infomerics.
Long-term bank facilities of INR 957.53 crore rated IVR A- with a Stable outlook.
Short-term bank facilities of INR 120.00 crore assigned IVR A2+ rating.
Proposed Commercial Paper of INR 50.00 crore assigned IVR A2+ rating.
💼 Action for Investors
The investment-grade rating reflects a moderate degree of safety regarding debt obligations. Investors should monitor if this rating leads to better refinancing terms or lower interest costs for the company.
HUDCO Gets 'CARE AAA' Rating for ₹4,000 Cr Perpetual Debt; Existing Ratings Reaffirmed
CARE Ratings has reaffirmed HUDCO's highest 'AAA' rating for its ₹80,000 crore bank facilities and various bond programs, while assigning a new 'AAA' rating to a ₹4,000 crore perpetual debt instrument. The rating reflects HUDCO's strategic importance to the Government of India (75% stake) and its robust asset quality, with Net NPAs improving to a record low of 0.07% as of September 2025. Following its transition to an Infrastructure Finance Company (IFC), the company's AUM grew 30% YoY to ₹1.44 lakh crore. A healthy Capital Adequacy Ratio of 38.03% provides a significant buffer against potential risks.
Key Highlights
CARE assigned 'AAA; Stable' rating to new ₹4,000 crore Perpetual Debt and reaffirmed 'AAA' for ₹80,000 crore bank facilities.
Net NPA improved significantly to 0.07% as of Sept 2025, down from 0.25% in March 2025.
Assets Under Management (AUM) grew 30% YoY to ₹1,44,554 crore following its NBFC-IFC transition.
Capital Adequacy Ratio remains robust at 38.03%, well above the regulatory requirement of 15%.
Government of India maintains a 75% majority stake, ensuring high strategic importance and access to low-cost funds.
💼 Action for Investors
Investors should view this as a validation of HUDCO's strong balance sheet and sovereign-like credit profile. The stock remains a solid long-term play on India's urban infrastructure and social housing themes with minimal credit risk.
RateGain's UNO integrates with PayU for Swadeshi Tech Ecosystem
RateGain's UNO Booking Engine has integrated with PayU to enhance India's Swadeshi tech ecosystem. This collaboration aims to provide AI-powered booking and secure digital payment experiences for Indian hotels. The integration allows hotels to offer guests seamless payment options, including UPI, wallets, and cards. RateGain works with 191,000+ hotels and 500+ partners worldwide.
Key Highlights
RateGain works with 191,000+ hotels worldwide.
PayU empowers 4.5 lakhs+ businesses in India.
PayU offers 100+ online payment methods.
💼 Action for Investors
This integration could lead to increased adoption of RateGain's UNO platform by Indian hotels. Investors should monitor the impact of this partnership on RateGain's revenue and market share in the coming quarters.
SIKKO: Allotment of 21,84,00,000 Bonus Equity Shares
Sikko Industries Limited has announced the allotment of 21,84,00,000 equity shares as bonus shares in the ratio of 1:1. This decision was made during the Board of Directors meeting held on December 09, 2025. Following the allotment, the paid-up equity share capital of the company has increased from ₹21,84,00,000 to ₹43,68,00,000. The record date for the bonus issue was December 08, 2025.
Key Highlights
Allotted 21,84,00,000 equity shares as bonus shares.
Bonus issue ratio is 1:1.
Pre-issue paid-up capital was ₹21,84,00,000.
Post-issue paid-up capital is ₹43,68,00,000.
💼 Action for Investors
Existing shareholders will see an increase in their shareholding due to the bonus issue. Monitor the stock's performance after the bonus shares are credited.
MIC Electronics Secures First RMPU Order from Northeast Frontier Railway
MIC Electronics Limited has received its first commercial order for Microprocessor Controllers for Roof-Mounted AC Package Units (RMPU) from the Northeast Frontier Railway. This follows the product approval received on October 20, 2025, for use in LHB and Double-Decker coaches. The order marks the official commencement of commercial supplies for this new product category. This development validates the company's ability to monetize its R&D efforts within the Indian Railways ecosystem.
Key Highlights
First commercial order for RMPU controllers post-product approval.
Order received from Northeast Frontier Railway, a key division of Indian Railways.
Product is designed for high-end LHB and Double-Decker coach AC units.
Follows the technical approval milestone achieved on October 20, 2025.
💼 Action for Investors
Investors should view this as a successful transition from product development to commercialization. Monitor for subsequent larger order wins across other railway zones to gauge the potential revenue scale.
Coforge Projects $1.45B FY25 Revenue with 23% CAGR and Record $3.45B Order Intake
Coforge has demonstrated exceptional growth, reaching a $1.45 billion revenue run rate in FY25 with a 23% CAGR between FY21 and FY25. The company has ascended to become the 7th largest Indian IT services firm, backed by a massive order intake of $3.45 billion in FY25, up from $1.97 billion the previous year. Strategic diversification has reduced top 5 client concentration to 19%, while the BFS segment has seen 5x growth since FY20. With industry-leading attrition of 11.4% and 95% repeat business, the company shows strong operational stability.
Key Highlights
Revenue reached $1.45B in FY25, achieving a 23% CAGR over the FY21-25 period.
Order intake surged to $3.45B in FY25, a significant jump from $1.97B in FY24.
The number of $1mn+ revenue clients grew to 239 in FY25, up from 160 in the previous year.
Banking and Financial Services (BFS) segment recorded a 33% CAGR and 5x growth since FY20.
LTM attrition stands at 11.4%, among the lowest in the IT services industry.
💼 Action for Investors
Investors should note the strong revenue visibility provided by the $1.5B executable order book and the successful diversification away from client concentration. The premium valuation is currently supported by industry-leading growth metrics and robust deal wins.
ABREL: Birla Estates Sells ₹1,800 Crore Project in 24 Hours
Aditya Birla Real Estate Limited's subsidiary, Birla Estates, announced that its Birla Pravaah project in Gurugram sold out within 24 hours of launch, achieving sales of over ₹1,800 Crore. The project comprises 492 units. This success follows the strong performance of Birla Arika, which recorded sales of approximately ₹3000 Cr. This indicates a strong demand for premium residential projects and strengthens Birla Estates' presence in the NCR market.
Key Highlights
Birla Estates sold over ₹1,800 Crore worth of property in 24 hours.
The Birla Pravaah project comprises 492 units.
Birla Pravaah is spread across 5.075 acres.
Birla Arika recorded sales of approximately ₹3000 Cr.
💼 Action for Investors
This news indicates strong market demand for ABREL's projects. Investors should monitor future project launches and sales figures to assess the company's continued growth in the real estate market.
NLC India Commences Commercial Operation of 660 MW Unit-2 at Ghatampur Project
NLC India's joint venture, NUPPL, has successfully declared commercial operations for Unit-2 (660 MW) of the Ghatampur Thermal Power Project as of December 9, 2025. This brings the total operational capacity of the project to 1,320 MW across two units. NLC India holds a 51% stake in this JV, with the remaining 49% held by UPRVUNL. The project is on track to complete its final 660 MW unit within FY 2025-26, reaching a total capacity of 1,980 MW. This milestone will contribute to the company's revenue and power supply commitments to Uttar Pradesh and Assam.
Key Highlights
Unit-2 (660 MW) of the Ghatampur Thermal Power Project achieved COD on Dec 9, 2025
Total operational capacity at the site now stands at 1,320 MW across two units
NLC India holds a majority 51% stake in the joint venture Neyveli Uttar Pradesh Power Limited
The final Unit-3 (660 MW) is scheduled for completion within FY 2025-26
Power generated will be supplied to the states of Uttar Pradesh and Assam
💼 Action for Investors
Investors should view this as a positive development as it marks the transition from construction to revenue generation for a significant portion of the project. Monitor the progress of the final unit and the impact on consolidated earnings in the coming quarters.
Royal Orchid Hotels Signs New 36-Key Property in Rishikesh, Uttarakhand
Royal Orchid Hotels Limited (ROHL) has announced the signing of a new 36-key property in Rishikesh, Uttarakhand, under a management agreement. This move aligns with the company's asset-light expansion model, targeting high-growth tourism hubs known for spiritual and adventure travel. The property, located in Tapovan, will feature multi-cuisine dining, banquet facilities, and wellness amenities. This signing strengthens ROHL's footprint in North India, adding to its existing portfolio of over 119 hotels.
Key Highlights
New 36-key hotel signing in Tapovan, Rishikesh, under a management agreement model.
Strategic entry into the high-growth Uttarakhand spiritual and adventure tourism market.
Partnership with IRIS PARK LEISURES PRIVATE LIMITED for the development of the property.
The hotel will include banquet and conference facilities suitable for destination weddings.
ROHL continues its asset-light growth strategy, currently operating 119+ hotels globally.
💼 Action for Investors
Investors should monitor the company's execution of its asset-light strategy, which allows for rapid scaling with lower capital risk. The entry into Rishikesh is a positive move to capture high-demand leisure and spiritual tourism traffic.
Apollo Micro Systems Signs ₹1500 Crore MoU with Telangana for Greenfield Defence Expansion
Apollo Micro Systems (AMS) has signed a Memorandum of Understanding with the Government of Telangana for a significant greenfield expansion project involving an investment of approximately ₹1500 Crores. The project focuses on the manufacturing and filling of warheads, rocket motors, and various artillery systems to serve both domestic and international markets. This strategic move is expected to transform AMS into a major player in the indigenous defence manufacturing landscape. The expansion will also create operational synergies with IDL Explosives Ltd for captive explosive requirements.
Key Highlights
Proposed investment of approximately ₹1500 Crores for a greenfield project in Telangana.
Facility to manufacture Warheads, Rocket Motors, and Small, Medium, and Large Calibre Artillery Systems.
Strategic focus on building complete Ammunition Systems for both domestic and overseas demand.
MoU includes facilitation of permissions and fiscal incentives by the Government of Telangana.
Project creates synergies with IDL Explosives Ltd for captive requirements of explosives for shells and rockets.
💼 Action for Investors
This is a highly positive long-term development that significantly scales the company's addressable market in the defence sector. Investors should monitor the project's execution timeline and the funding mix for the ₹1500 Crore capital expenditure.
JSW Steel Nov 2025 Consolidated Crude Steel Production Up 5% YoY to 24.39 Lakh Tonnes
JSW Steel reported a 5% year-on-year growth in consolidated crude steel production for November 2025, reaching 24.39 lakh tonnes. Indian operations contributed 23.61 lakh tonnes, while US operations added 0.78 lakh tonnes. Capacity utilization in India was 84%, impacted by a planned shutdown of Blast Furnace 3 (BF3) at Vijayanagar for a capacity upgrade from 3 to 4.5 MTPA. Excluding this specific furnace, utilization remained strong at approximately 93%, indicating robust operational efficiency.
Key Highlights
Consolidated crude steel production grew 5% YoY to 24.39 lakh tonnes in November 2025.
Indian operations production rose 5% YoY to 23.61 lakh tonnes compared to 22.53 lakh tonnes in Nov 2024.
Capacity utilization excluding the shut-down Vijayanagar BF3 was high at approximately 93%.
Vijayanagar BF3 is undergoing an upgrade to increase capacity from 3 MTPA to 4.5 MTPA.
JSW Steel USA – Ohio operations contributed 0.78 lakh tonnes to the consolidated total.
💼 Action for Investors
Investors should view the 5% growth positively as it demonstrates resilience despite a major furnace shutdown for capacity expansion. Monitor the timeline for the Vijayanagar BF3 upgrade completion, as it will be a key driver for volume growth in the next fiscal year.
UFO Moviez's Scrabble Entertainment in Strategic Tie-up with Shenzhen Timewaying
UFO Moviez India Limited's wholly-owned subsidiary, Scrabble Entertainment DMCC, has entered into a strategic tie-up with Shenzhen Timewaying Technology Co. Ltd. Scrabble will exclusively promote, distribute, and deploy HeyLED cinema solutions in the Middle East, India, and other SAARC countries. This collaboration aims to accelerate the adoption of premium LED cinema screens in the specified territory. The partnership leverages Timewaying’s HDR-capable direct view LED technology and Scrabble’s industry presence.
Key Highlights
Scrabble Entertainment DMCC, a wholly-owned subsidiary of UFO Moviez, partners with Shenzhen Timewaying Technology Co. Ltd.
Scrabble will promote and distribute HeyLED cinema solutions in the Middle East, India, and other SAARC countries.
Timewaying's HeyLED screen is DCI-certified LED display for cinemas with HDR capability.
Scrabble was the first Digital Cinema Deployment Entity and DCI Content Service provider to Indian and Hollywood Studios since 2011.
💼 Action for Investors
Investors should monitor the impact of this partnership on UFO Moviez's revenue and market share in the digital cinema solutions sector. Keep an eye on the adoption rate of HeyLED screens in the target regions.
PWL Q2 FY26: Revenue up 29% YoY, PAT at ₹697 M
Physicswallah Limited (PWL) reported a 29% YoY increase in revenue for Q2 FY26, reaching ₹10,512 M. The company's Profit After Tax (PAT) grew by 70% YoY to ₹697 M, representing a 6.6% margin. Adjusted EBITDA margin improved to 25.7% in Q2 FY26. The company enrolled 3.62 M unique paid users in H1 FY26, a 21% increase YoY.
Key Highlights
Revenue from Operations grew 29% YoY to ₹10,512 M in Q2 FY26.
PAT increased 70% YoY to ₹697 M in Q2 FY26.
Adjusted EBITDA margin improved to 25.7% in Q2 FY26.
Free cash flow for H1 FY26 is ₹ 6,441 M.
Total number of paid users reached 3.62 M, a 21% YoY increase.
💼 Action for Investors
PhysicsWallah's strong growth and profitability improvements are positive signals. Investors should monitor the company's ability to sustain this growth and maintain profitability in the coming quarters.
Physicswallah Q2 FY26 Revenue Rises 29% YoY to ₹8,958 Mn; Returns to Profitability
Physicswallah Limited (PWL) reported a robust 29% YoY growth in standalone revenue for Q2 FY26, amounting to ₹8,958.47 million. The company successfully returned to profitability during the quarter with a net profit of ₹891.12 million, following a significant loss in the preceding quarter. However, on a half-yearly basis (H1 FY26), the company remains at a marginal net loss of ₹85.24 million due to high operational and employee costs. The balance sheet remains strong with current investments totaling ₹20,014.50 million.
Key Highlights
Quarterly revenue from operations increased 29% YoY to ₹8,958.47 million from ₹6,947.23 million.
Net profit for Q2 FY26 reached ₹891.12 million, recovering from a loss of ₹976.36 million in Q1 FY26.
Employee benefit expenses surged to ₹4,230.81 million, representing approximately 51% of total quarterly expenses.
Current investments grew by 49% since March 2025, reaching ₹20,014.50 million.
Total assets stood at ₹49,574.87 million as of September 30, 2025, compared to ₹41,769.80 million in March 2025.
💼 Action for Investors
The sequential turnaround from a loss-making Q1 to a profitable Q2 is a positive signal for growth-stage investors. Monitor the company's ability to manage rising employee costs while scaling its revenue base to ensure long-term margin sustainability.
Cigniti Technologies: Voting results of shareholders meeting for amalgamation scheme
Cigniti Technologies Limited announced the voting results of the court-convened meeting of equity shareholders regarding the proposed Scheme of Amalgamation with Coforge Limited. The meeting was held on December 06, 2025, via video conferencing. According to the voting results, 14,875,357 votes were polled by Promoter and Promoter group, with 100% in favor. Public Institutions polled 3,760,937 votes, all in favor, while Public-Non Institutions polled 196,637 votes, with 186,691 in favor and 9,946 against.
Key Highlights
Promoter and Promoter group: 14,875,357 votes polled, 100% in favor
Public Institutions: 3,760,937 votes polled, 100% in favor
Public-Non Institutions: 196,637 votes polled, 186,691 in favor
Total votes in favor: 18,822,985
Total votes against: 9,946
💼 Action for Investors
Investors should review the complete voting results and the scrutinizer's report to understand the shareholder sentiment regarding the proposed amalgamation. Monitor further announcements regarding the scheme's progress and regulatory approvals.
Linde India Clarifies CFO Resignation Unrelated to SAT Appeal Dismissal
Linde India has issued a formal clarification under Regulation 30(11) to debunk media reports linking the resignation of its CFO to a recent legal setback. CFO Neeraj Kumar Jumrani resigned on December 4, 2025, one day before the Securities Appellate Tribunal (SAT) verbally dismissed the company's appeal against a SEBI order. The company maintains that the resignation and the legal outcome are independent events, as the resignation was submitted prior to the tribunal's decision. Investors should distinguish between the management change and the ongoing regulatory matter involving the SEBI order dated July 24, 2024.
Key Highlights
CFO Neeraj Kumar Jumrani submitted his resignation on December 4, 2025.
SAT verbally dismissed Appeal No. 527 of 2024 against a SEBI order on December 5, 2025.
Company officially informed stock exchanges of the resignation within 24 hours on December 5, 2025.
The written order from the Securities Appellate Tribunal regarding the dismissal is currently awaited.
💼 Action for Investors
Investors should monitor the upcoming written SAT order to understand the potential impact of the dismissed appeal on company operations. The CFO's departure should be tracked to ensure a smooth transition in financial leadership.
Coforge Shareholders Approve Amalgamation with Cigniti Technologies with 100% Majority
Coforge Limited's equity shareholders have overwhelmingly approved the scheme of amalgamation with Cigniti Technologies Limited in an NCLT-convened meeting held on December 06, 2025. Out of the 263.35 million votes polled, representing 78.66% of the total shareholding, nearly 100% were in favor of the merger. Public institutions showed strong support, polling 263.32 million votes entirely in favor. This approval marks a significant regulatory milestone in the integration of Cigniti's specialized testing and engineering services into Coforge.
Key Highlights
Shareholders approved the merger of Cigniti Technologies into Coforge with a 100% majority of votes polled
A total of 263.35 million votes were cast, representing a high turnout of 78.66% of total equity
Public institutional investors cast 263.32 million votes, all of which were in favor of the resolution
The resolution was passed as a Special Resolution following the NCLT Chandigarh Bench order dated October 17, 2025
💼 Action for Investors
Investors should view this as a positive step toward the completion of the Cigniti acquisition, which is expected to enhance Coforge's digital assurance capabilities. Monitor for final NCLT approval and subsequent integration timelines.
Physicswallah Q2 FY26 PAT Jumps 70% YoY to ₹697 Mn; Revenue Up 26% to ₹10,512 Mn
Physicswallah reported a strong Q2 FY26 with revenue growing 26% YoY to ₹10,512 Mn and PAT surging 70% to ₹697 Mn. The company achieved a PAT-positive quarter with Adjusted EBITDA margins expanding to 26% from 23% in the previous year. Growth was driven by a 21% increase in total paid users to 3.62 Mn across online and offline channels. The company maintains a robust treasury of ₹25,519 Mn and generated ₹6,441 Mn in free cash flow during H1 FY26.
Key Highlights
Q2 FY26 Revenue from operations rose 26% YoY to ₹10,512 Mn
Net Profit (PAT) increased by 70% YoY to ₹697 Mn with margins improving to 7%
Total paid users grew to 3.62 Mn in H1 FY26, with offline enrollments rising 26% to 0.40 Mn
Offline footprint expanded significantly to 314 centers compared to 186 centers in the previous year
Strong liquidity position with a treasury of ₹25,519 Mn and H1 free cash flow of ₹6,441 Mn
💼 Action for Investors
Investors should view the margin expansion and PAT growth as a sign of successful operating leverage in a competitive EdTech landscape. The aggressive expansion into offline centers and newer exam categories provides a clear roadmap for sustained long-term growth.