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SFIO probes IndusInd Bank over derivatives accounting irregularities

The Serious Fraud Investigation Office (SFIO) has launched an investigation into IndusInd Bank following alleged accounting discrepancies in its derivatives portfolio.

The bank informed stock exchanges that it received a notice under Section 212 of the Companies Act, 2013, and is cooperating fully. Audits and internal reviews flagged irregular accounting of derivative trades, overstated microfinance income, and unexplained “other assets” and “other liabilities.”

These irregularities led to major adjustments in the bank’s financial statements. SFIO’s probe will examine the nature and extent of these discrepancies and whether they involve deliberate misreporting or lapses in compliance.

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Jaipur Masala IPO Sees ₹25,300 cr bids

Jaipur-based Shyam Dhani Industries’ ₹38.5 crore SME IPO received bids worth ₹25,300 crore, making it the most subscribed SME issue of 2025.

The three-day offer, priced at ₹65–70 per share, drew around 6.22 lakh applications. Anchor investors oversubscribed their portion 70 times.

The company, known for its “SHYAM” spice brand, aims to use the proceeds for working capital, loan repayment, marketing, and solar rooftop installation.

Share allotment will be finalised on December 26, with listing expected on December 30. Strong retail and institutional demand signals robust investor confidence in SMEs.

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L&T bags major BPCL order worth up to ₹10,000 cr

Larsen & Toubro has won a major engineering, procurement, construction and commissioning order from Bharat Petroleum Corporation Limited, valued between ₹5,000 crore and ₹10,000 crore.

The contract will be executed by L&T’s Hydrocarbon Onshore business on a lump-sum turnkey basis. It involves building a Linear Low-Density Polyethylene and High-Density Polyethylene swing unit at BPCL’s Bina refinery in Madhya Pradesh.

The project is part of BPCL’s refinery and petrochemical expansion plan. Once completed, the unit will strengthen India’s domestic polymer production capacity and reduce import dependence.

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Canon wins TSMC 2025 production support award

Canon Inc. has been awarded the 2025 Excellent Performance Award by Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) for its exceptional contribution to semiconductor production.

The recognition highlights Canon’s timely delivery of equipment, high-quality support, and development of customer-focused functions that helped boost TSMC’s operations. This is the third time Canon has received this award, reflecting its ongoing commitment to innovation and excellence in semiconductor lithography.

The company aims to continue advancing its technology and services to support the semiconductor industry and contribute to broader technological progress.

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Navi Mumbai Airport opens on Dec 25 with road-only access

The Navi Mumbai International Airport (NMIA) will begin operations on December 25, but access will initially be limited to road-based travel.

Dedicated metro and direct rail connections are still under development and will be introduced in later phases. Passengers can reach the airport via private vehicles, taxis and buses, with the Mumbai Trans Harbour Link offering the fastest route, though with tolls.

Suburban train users can travel up to Targhar station and complete the last stretch by road. Authorities advise travellers to plan journeys carefully and allow extra travel time.

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Cholamandalam shares up 8% after rejecting claims

Shares of Cholamandalam Investment and Finance Company jumped 8% after the firm dismissed a Cobrapost report alleging large related‑party transactions, cash irregularities, and governance lapses.

The company clarified the claims were “malicious and baseless” and reaffirmed that its asset quality, liquidity, and business guidance remain unchanged, with no revision to its board-approved plans.

Cholamandalam emphasized robust financials, including strong cash balances and adherence to reporting standards. Analysts maintained their “Buy” ratings, signaling confidence in the firm’s fundamentals despite the controversy. The stock’s reaction reflects investor reassurance following the firm’s clarification.

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OYO Parent Prism clears ₹6,650 cr IPO plan

OYO’s parent company, Prism, has received shareholder approval to raise ₹6,650 crore through an initial public offering (IPO).

The approval came during an Extraordinary General Meeting (EGM) held on December 20, 2025, where shareholders also cleared a bonus share issue.

The IPO is now set to move forward, pending regulatory approvals and market conditions. Prism aims to use the funds to strengthen its balance sheet and support growth initiatives.

Analysts say the listing could be a milestone for the company as it expands its hospitality and technology offerings.

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Apollo Micro gains access to DRDO’s advanced weapon tech

Apollo Micro Systems has secured access to two directed-energy weapon (DEW) technologies developed by India’s Defence Research and Development Organisation (DRDO).

This collaboration allows the private defence firm to further develop and potentially manufacture these advanced systems, aimed at enhancing India’s strategic defence capabilities. The technologies focus on precision targeting and high-energy applications, providing modern solutions for defence operations.

Apollo Micro Systems, known for its defence electronics expertise, will integrate DRDO’s innovations into practical, deployable platforms. The move is part of India’s broader push to involve private industry in high-tech defence development and self-reliance initiatives.

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UAE gives hope to SMA patients with gene therapy approval

The United Arab Emirates has approved Itvisma (onasemnogene abeparvovec), a pioneering gene therapy by Novartis, for children and adults aged two and above with spinal muscular atrophy (SMA).

The therapy replaces the faulty SMN1 gene, tackling the root cause of the disease rather than just symptoms. Administered as a single dose, Itvisma has shown improvements in muscle strength and motor function.

Dr. Fatima Al Kaabi, Director-General of the Emirates Drug Establishment, said the approval reflects the UAE’s commitment to rapid, safe access to advanced treatments. Novartis highlighted the therapy’s potential to transform the lives of SMA patients.

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Oil prices edge up after US intercepts Venezuelan tanker

Oil prices rose on Monday following the US interception of an oil tanker near Venezuela over the weekend, raising fears of potential supply disruptions.

Brent crude climbed about 0.7–0.9 percent to roughly $61 per barrel, while West Texas Intermediate also gained. The US Coast Guard is reportedly pursuing another tanker, reflecting increased enforcement of sanctions on Venezuelan oil. Analysts said geopolitical tensions, including these actions and broader global uncertainties, outweighed oversupply concerns, supporting the market.

Traders remain cautious as Washington maintains a firm stance on Venezuela’s energy exports.