Category: Corporate

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Corporate

Sensex falls over 100 points, Nifty below 26,050 at open

The markets opened on a weak note on Monday where Sensex declined by over 100 points in early trade, while the Nifty 50 slipped below the 26,050 level, as selling pressure in select heavyweight stocks weighed on the benchmarks.

On the downside, Adani Ports and Power Grid emerged as the top losers at the opening bell, dragging the indices lower. Weakness was also seen in some infrastructure and utility stocks, reflecting subdued risk appetite among investors. Analysts attributed the early decline to the absence of strong domestic cues and continued concerns over foreign institutional investor outflows.

However, losses were partly capped by gains in metal stocks. Tata Steel and Hindalco traded higher in early deals, supported by buying interest amid firm global commodity prices. Select FMCG and auto stocks also showed mild strength, indicating selective accumulation at lower levels.

Broader markets opened mixed, highlighting cautious participation ahead of the year-end. Market participants said activity is likely to remain muted through the session, with indices expected to trade in a narrow range unless fresh global or domestic triggers emerge.

As such, the market tone remained cautious as investors focused on portfolio adjustments and awaited clearer signals in the final trading days of the year.

Also Read: Fibrebond CEO gives $240 mn to employees as bonus

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PNB flags ₹2,434 crore irregularities in SREI accounts

Punjab National Bank (PNB) has uncovered a massive loan fraud worth ₹2,434 crore linked to the former promoters of SREI Equipment Finance and SREI Infrastructure Finance. The bank reported the irregularities to the Reserve Bank of India (RBI), emphasizing the seriousness of the issue.

The fraud involves two major accounts: ₹1,241 crore in SREI Equipment Finance and ₹1,193 crore in SREI Infrastructure Finance. PNB has already made a 100% provision for the full amount, ensuring the bank’s books reflect the risk while protecting depositors.

These issues have been brewing for years. In 2021, the RBI had already stepped in, citing governance concerns and defaults, and took control of the boards of both SREI companies. Back then, both firms were facing insolvency proceedings under the Insolvency and Bankruptcy Code due to unpaid debts totaling ₹32,700 crore. In 2023, the National Asset Reconstruction Company Ltd (NARCL) took over the companies as part of the resolution process.

PNB’s disclosure may trigger investigations by law enforcement agencies, including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), to determine how such a large-scale misuse of funds happened. Analysts believe other banks that had exposure to the SREI group may also come under scrutiny.

Interestingly, the bank made this announcement alongside its quarterly financial results, which showed a 14% rise in net profit to ₹4,904 crore for July-September 2025. While the profit and improved asset quality are positive signs, the loan fraud highlights ongoing challenges in monitoring and managing credit risks in India’s banking sector.

The case serves as a reminder of the importance of strong governance, careful oversight, and regular monitoring of large loans. For PNB, the incident is both a challenge and an opportunity to strengthen its risk management practices while reassuring customers and investors about the safety of their deposits.

Also Read: E to E Transportation IPO opens with ₹164‑₹174 price band

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E to E Transportation IPO opens with ₹164‑₹174 price band

E to E Transportation Infrastructure Ltd has launched its initial public offering (IPO) on December 26, 2025, aiming to raise around ₹84 crore through the NSE SME Emerge platform. The company, which specialises in engineering and system integration services for railway and transit infrastructure projects, has set its price band at ₹164‑₹174 per share.

The IPO includes a fresh issue of 48.4 lakh equity shares. Retail investors can apply for a minimum of 2 lots (1,600 shares), requiring an investment of approximately ₹2.78 lakh at the upper end of the price band. Non-institutional and high-net-worth applicants have slightly higher minimum subscription requirements. The subscription window will remain open until December 30, 2025.

Investor interest appears strong even before the IPO opens. The grey market premium (GMP) is around 75%, indicating positive sentiment and expectations of a strong listing. Informal trading suggests that the stock could debut near ₹300 per share, although grey market figures can fluctuate and do not guarantee actual listing prices.

Prior to the public offering, anchor investors were allotted 13.77 lakh shares on December 24, 2025, raising nearly ₹24 crore. Of these, 50% of shares are locked in for 30 days, while the remaining shares are under a 90-day lock-in period, helping stabilize the stock in the initial trading phase.

The company is promoted by Mukul Agrawal, who holds a 19.37% stake. The proceeds from the IPO will be primarily used to fund working capital requirements and general corporate purposes, supporting the company’s ongoing projects and operations.

The listing on the NSE SME platform is scheduled for January 2, 2026, and early investor activity suggests a potentially positive debut.

Also Read: Andhra Pradesh clears Vedanta’s 20 onshore wells

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Andhra Pradesh clears Vedanta’s 20 onshore wells

The Andhra Pradesh government has granted a conditional No Objection Certificate (NOC) to Vedanta Ltd for drilling 20 onshore oil and gas wells in Krishna district. The clearance has been issued to Cairn Oil & Gas, Vedanta’s oil and gas arm, under the Centre’s Discovered Small Field (DSF) Policy, which aims to boost domestic energy production.

Vedanta had originally proposed drilling at 35 locations in the region. However, after detailed scrutiny by the state’s irrigation and water resources departments, approval was limited to 20 sites. Officials said the decision was taken to ensure that oil and gas exploration does not affect the Krishna Delta’s extensive irrigation network, which supports thousands of farmers.

The NOC comes with strict safeguards. Vedanta has been clearly instructed not to draw water from canals, reservoirs, drainage systems, ponds or any other irrigation-linked water bodies for its drilling activities. Authorities have underlined that protecting water availability for agriculture remains a top priority, especially in canal-fed areas like Krishna district.

The state government also clarified that this NOC is only related to irrigation concerns. Vedanta must still obtain all other mandatory approvals, including environmental clearances, pollution control permissions and local administrative consents, before starting drilling operations. Any violation of the conditions could lead to withdrawal of the approval, officials warned.

The move reflects Andhra Pradesh’s effort to strike a balance between supporting energy exploration and safeguarding critical natural resources. Onshore oil and gas blocks developed under the DSF policy are seen as quicker and more economical to develop compared to offshore fields. They also align with India’s broader objective of reducing dependence on imported crude oil and gas.

Vedanta’s Cairn Oil & Gas is one of India’s largest private-sector oil producers and plays a significant role in domestic energy supply. With the conditional clearance now in place, the company can move forward with preparatory work, while closely adhering to the safeguards laid down by the state.

The government has said it will closely monitor the project to ensure compliance and protect the interests of farmers and local communities as exploration progresses.

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Sensex drops 367 points, Nifty slips below 26,050

Markets closed lower on December 26, the BSE Sensex fell by 367 points, or about 0.4 per cent, to close at around 85,041. The NSE Nifty 50 also declined nearly 0.4 per cent, ending the day below the key 26,050 mark at around 26,042. Despite the fall, both indices managed to post small gains for the week.

Investors chose to book profits in the final trading week of the year. With holiday season keeping volumes thin and no major triggers to guide sentiment, benchmark indices slipped after a muted session.

Among the major losers on the Sensex and Nifty were Bajaj Finance, Asian Paints, Tech Mahindra and Sun Pharma, which fell around 1 per cent each. IT and financial stocks faced selling pressure, reflecting concerns over valuations and subdued near-term outlook.

On the positive side, some FMCG and metal stocks helped limit the overall fall. A few mid-cap and small-cap stocks also saw selective buying based on company-specific news, though broader market sentiment remained weak.

In other markets, the Indian rupee traded slightly lower against the US dollar, adding to the cautious mood. Meanwhile, global markets offered mixed cues, with Asian stocks trading higher in parts, while investors globally remained focused on interest rate outlooks and economic data.

Also Read: Sensex down 200 points, Nifty slips under 26,100

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Corporate

Gujarat Kidney IPO subscribed 5×, allotment due

The Gujarat Kidney and Super Speciality Hospital IPO has moved into the allotment phase after closing with a healthy overall response from investors. The public issue, worth about ₹251 crore, was subscribed over five times, driven largely by strong participation from retail investors. Subscription from institutional investors was comparatively moderate, reflecting a more cautious approach from larger funds.

The IPO was priced in a band of ₹108–₹114 per share, with the final issue price fixed at the upper end of ₹114. Investors who applied for the issue are now waiting for the basis of allotment, which is expected to be finalised shortly. Once completed, applicants can check their allotment status on the registrar’s website or through the BSE portal using their PAN or application number.

Shares allotted to successful applicants are expected to be credited to demat accounts before listing, while refunds to unsuccessful bidders will be processed during the same period. The company’s shares are scheduled to list on the BSE and NSE, marking its entry into the public markets.

Ahead of listing, the grey market premium (GMP) for the stock has remained flat or marginal. This indicates that market participants are expecting a muted or near-issue-price listing, rather than sharp gains on debut. A flat GMP often reflects balanced expectations, where investors are focusing more on long-term fundamentals than short-term listing profits.

Gujarat Kidney and Super Speciality Hospital operates a network of multi-speciality hospitals with a strong focus on renal care, along with associated pharmacies. The company has reported improving revenues and profitability, supported by expanded capacity and better operational efficiency in recent years.

The proceeds from the IPO will be used for business expansion and strategic initiatives. These include acquiring existing hospitals, setting up new facilities, investing in advanced medical technology, increasing stakes in subsidiaries, and reducing certain borrowings. The company aims to strengthen its presence in Gujarat and improve specialised healthcare delivery.

Overall, while the IPO has attracted solid retail interest, the absence of a strong grey market premium suggests a steady listing with limited upside in the short term. Investors and analysts will closely watch the stock’s performance after listing to assess how the market values the company’s growth plans and healthcare focus.

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Bharat Taxi promises higher driver earnings

The  government is gearing up to launch a new ride-hailing service, Bharat Taxi, aimed at empowering taxi drivers and providing them a fairer share of ride earnings. Announcing the initiative, Union Home and Cooperation Minister Amit Shah said the platform will operate under a cooperative model, ensuring drivers retain most, if not all, of the profits from their trips.

Unlike existing private taxi apps such as Uber and Ola, where the platform takes a significant commission, Bharat Taxi is designed to reduce drivers’ dependence on corporate firms. “Every penny of profit will go to the drivers,” Shah emphasized during an event in Panchkula, Haryana. The platform is managed by the Sahakar Taxi Cooperative Ltd, a multi-state cooperative registered under the MSCS Act.

The service is expected to boost incomes for cab drivers, providing not only higher earnings but also benefits like insurance coverage. Officials highlighted that the cooperative structure allows drivers to be stakeholders in the platform, giving them more control over pricing, operations, and decision-making.

Bharat Taxi will operate across multiple vehicle segments, including cabs, motorcycles, and autorickshaws, expanding job opportunities while making affordable transport more accessible to the public. Pilot operations have already begun in select cities, and a full nationwide rollout is anticipated in the coming months.

Experts say this initiative could transform India’s ride-hailing ecosystem, offering an alternative to corporate apps while prioritizing driver welfare. With its cooperative framework, Bharat Taxi is expected to attract thousands of drivers seeking better financial stability and working conditions.

The government hopes this platform will become a model for future driver-owned services, promoting economic inclusion and sustainable livelihoods for taxi operators across the country.

Also Read: Infosys hikes fresher pay up to Rs 21 lakh

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Coforge shares fall on $1billion deal talk

Shares of Indian IT firm Coforge slipped in early trade on Friday as investors monitored reports of a potential $1 billion acquisition and an upcoming fundraising decision. The stock opened lower on the National Stock Exchange, trading around Rs 1,724.3, down 0.77 percent. Over the past five trading sessions, Coforge shares have fallen about 6.5 percent, underperforming some mid-tier IT peers amid investor caution regarding possible equity dilution from fresh capital raising.

Reports suggest Coforge is in advanced discussions to acquire US-based digital engineering company Encora, a firm backed by private equity investor Advent International. Though neither company has confirmed the deal, sources indicate the proposed transaction could be valued at over $1 billion. If completed, the acquisition is expected to strengthen Coforge’s presence in cloud, data, and product engineering, while expanding its footprint in key international markets, particularly in the US.

Alongside the potential acquisition, Coforge has scheduled a board meeting on December 26 to consider a fundraising proposal. While the company has not explicitly tied the capital raising to the Encora deal, analysts note that a fresh infusion of funds could provide financial flexibility for strategic acquisitions. Investors are drawing parallels to a similar move in 2023, when Coforge raised Rs 2,240 crore through a Qualified Institutional Placement (QIP) to fund its purchase of Cigniti Technologies.

Despite short-term market jitters, Coforge’s fundamentals remain robust. The company has been among the faster-growing mid-tier IT firms in India, with consistent revenue growth and a focus on expanding key verticals such as banking, insurance, and travel. Analysts suggest that the stock’s near-term performance will likely hinge on updates regarding the Encora deal and the board’s fundraising decision.

Market watchers are also keeping an eye on broader IT sector trends and investor sentiment, noting that while acquisitions often bring long-term growth potential, they can also lead to temporary volatility in share prices. For Coforge, the next few days could prove pivotal in shaping both investor confidence and stock performance.

Also Read: India tests long-range submarine K‑4 missile

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Infosys hikes fresher pay up to Rs 21 lakh

Infosys has significantly increased entry-level salaries for fresh graduates, offering packages of up to Rs 21 lakh per annum for specialised technology roles. The move is part of the company’s strategy to attract top talent in advanced digital and AI-related fields and positions it as a market leader in entry-level IT pay.

The company’s new salary structure is tiered to reward expertise in high-demand digital domains. Specialist Programmer L3 (Trainee) roles now offer Rs 21 lakh, L2 roles offer Rs 16 lakh, L1 roles Rs 11 lakh, and Digital Specialist Engineer positions start at Rs 7 lakh per annum. These packages are aimed at graduates from BE, BTech, ME, MTech, MCA, and integrated MSc programmes in computer science, IT, electronics, and related engineering streams.

Shaji Mathew, Infosys Group Chief Human Resources Officer, said the revised packages reflect the company’s commitment to building a workforce capable of delivering cutting-edge digital and AI solutions. “We are expanding our campus and off-campus hiring drives to bring in digitally skilled graduates under the specialist track, aligning talent acquisition with our AI-First strategy,” he added.

This revision marks a significant departure from the traditionally flat starting salaries in India’s IT sector, which often failed to keep pace with inflation or the rising demand for digital expertise. By offering differentiated pay for specialised roles, Infosys aims to attract graduates with the skills required to support its growing focus on artificial intelligence, cloud computing, and other emerging technologies.

The pay hike comes amid steady hiring momentum at Infosys, which onboarded around 12,000 freshers in the first half of fiscal 2025–26 and is targeting 20,000 graduates for the year. Other IT peers, including Tata Consultancy Services and HCLTech, have also introduced specialised pay tracks, but their top-tier offers remain below Infosys’s new benchmarks.

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Adani bags ₹80,000 cr in deals since 2023

Since the start of 2023, the Adani Group has quietly orchestrated a series of strategic acquisitions, completing 33 deals worth nearly ₹80,000 crore ($9.6 billion) across ports, cement, power, transmission, and emerging sectors.

These moves mark a deliberate effort to rebuild investor confidence after the turmoil caused by US short-seller Hindenburg Research, which had raised allegations of accounting irregularities and stock manipulation earlier in the year. Adani has consistently denied these claims, and the latest transactions signal a steady return to business momentum.

Ports led the acquisition spree, accounting for about ₹28,145 crore in deals, followed closely by cement at ₹24,710 crore and power at ₹12,251 crore. Emerging businesses, including incubating ventures, contributed around ₹3,927 crore, while transmission and distribution added ₹2,544 crore. These figures do not yet include the planned ₹13,500 crore acquisition of the debt-laden Japyee Group, which is still under bankruptcy proceedings. Several other transactions are reportedly in the pipeline, reflecting the group’s ongoing expansion strategy.

Analysts attribute this resurgence to improved financial transparency, steady execution of projects, and sustained engagement with lenders, which have collectively helped stabilize funding and maintain operational momentum. The group’s comeback strategy emphasizes balance-sheet repair, selective expansion, and tighter capital allocation while continuing acquisitions in core sectors to protect cash flows and maintain scale advantages.

Notably, the largest single deal in recent times was the acquisition of Australia’s North Queensland Export Terminal, valued at ₹21,700 crore, highlighting Adani’s ambition to strengthen its global footprint.

Overall, these strategic moves reflect more than just deal-making—they signal a concerted effort to restore credibility, reduce leverage, and regain market confidence. By combining acquisitions with balance-sheet strengthening and operational discipline, the conglomerate appears to be gradually navigating past the Hindenburg crisis and setting the stage for sustained growth in both domestic and international markets.

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