Daily Filing Digest — Wednesday, 23 Sep 2026

UltraTech took its domestic cement capacity to 204.7 mtpa. Exide's battery subsidiary commissioned 6 GWh of lithium-ion cell capacity. Bharat Dynamics signed an ₹810.79 crore guided-bomb contract with the Ministry of Defence. And GST officers began a search at Clean Science's head office and plants, the same day Jai Balaji filed a rating rationale showing its DI-pipe plants ran at about 30% last year.

The one to read first

Jai Balaji Industries filed CRISIL's full rationale for Monday's downgrade of its bank facilities: long-term BBB+ to BBB, short-term A2 to A3+. CRISIL gives three figures:

• the company holds about 30% of east India's DI-pipe capacity;
• those plants ran at about 30% in fiscal 2026, down from 80%, after Jal Jeevan Mission and AMRUT projects slowed;
• Ebitda margin fell from 14% to 6%, and return on capital from over 20% to 8.8%.

The company's covering letter says its "financial health... remains sound." Full read: Jai Balaji Owns 30% of East India's DI-Pipe Capacity. Last Year Its DI Plants Ran at 30%.

Capacity

• UltraTech Cement commissioned 4.6 mtpa of cement capacity:

  • a 3.6 mtpa greenfield integrated plant at Petnikota, Andhra Pradesh;
  • 1.0 mtpa of debottlenecking at Visakhapatnam, Patratu and Nathdwara.

  Domestic grey-cement capacity is now 204.7 mtpa, and 210.1 mtpa globally with 5.4 mtpa overseas.

• Exide Industries' material subsidiary Exide Energy Solutions completed commissioning of Phase I, a 6 GWh lithium-ion cell plant at Devanahalli, Bengaluru. It is built for multiple cell chemistries and form factors, for mobility and energy-storage use.

Orders and awards

• Bharat Dynamics signed a ₹810.79 crore contract with the Ministry of Defence to supply Satellite Smart Anti Airfield Weapons (SAT-SAAW) to the Indian Air Force.
  • It falls under the Buy (Indian-IDDM) category.
  • The system was designed by DRDO and has 60% indigenous content.
  • Deliveries run from 2027-28 to 2028-29.
• POWERGRID acquired Barmer HVDC Power Transmission Limited after winning it under tariff-based competitive bidding, on a build-own-operate-transfer basis.
  • The project is 6,000 MW of ±800 kV HVDC terminals at Barmer-II (Rajasthan) and South Kalamb (Maharashtra), with a bipole line of about 1,000 km between them.
  • REC confirmed the handover of this SPV the same day, and of a second one, Sakoli Power Transmission, to Ashoka Buildcon.
• Oswal Pumps received a Letter of Intent from Telangana's renewable-energy agency (TREDCL).
  • The job is to design, supply, install and commission rooftop solar on 9,937 government schools, 46,705 kW in total, with five years of maintenance.
  • The letter values it at about ₹297.50 crore including GST.
• GHCL was declared Preferred Bidder for a composite licence on the Kadaya limestone block in Junagadh, Gujarat. The letter of intent is subject to a performance security due within 45 days.

Regulatory

• Glenmark Pharmaceuticals received the Establishment Inspection Report from the U.S. FDA for its Goa formulations plant, classified Voluntary Action Indicated. The inspection ran from 22 to 30 June.
• Tega Industries: Canada's International Trade Tribunal ruled in favour of its step-down subsidiary Moly-Cop Canada.
  • It found that dumped and subsidised forged grinding media from China are "threatening to cause injury" to Canada's domestic industry.
  • Anti-dumping and countervailing duties will now be collected by the Canada Border Services Agency.
• Motilal Oswal Financial Services' wholly owned subsidiary, Motilal Oswal Custodial Services, received SEBI approval to act as a Custodian of Securities.

Deals and capital

• Waaree Energies' board approved a scheme to absorb Indosolar, its listed group company.
  • At 30 June, Indosolar had total assets of ₹404.92 crore, net worth of ₹323.63 crore and turnover of ₹68.36 crore. Waaree had total assets of ₹23,798.16 crore.
  • The filing says the two are related parties. The scheme needs exchange, NCLT and shareholder approval.
• Ola Electric told the exchanges it is seeking board approval for a proposed rights issue of equity shares. It chose the rights route "to enable participation by all eligible shareholders including retail, institutional and promoter group." No size or price was stated.
• Jindal Leasefin: the RBI did not approve the proposed change in management. As a result, Tirupati Agrotech's open offer for 26% of the company stands withdrawn under Regulation 23 of the Takeover Code.
• Zuari Industries bought 1,28,10,900 shares of Texmaco Infrastructure & Holdings for about ₹147.96 crore, in one NSE block deal. The seller was its own wholly owned subsidiary, Zuari International.
• IIFL Capital Services: FIH Mauritius Investments received Competition Commission approval on 22 September for its proposed investment in the company.

Credit

• JSW Infrastructure: CARE upgraded two port subsidiaries.
  • JSW Jaigarh Port went from AA to AA+.
  • South West Port went from AA- to AA.
  • The parent's AA+ was reaffirmed, with its bank facilities enhanced from ₹280 crore to ₹480 crore.
• Canara Bank: CareEdge Global assigned BBB+/Stable to its USD 3 billion medium-term note programme. The rationale leans on the Government of India's 62.9% stake.
• Salasar Techno Engineering: Infomerics reaffirmed its A/A1 ratings but placed them on Watch with Negative Implications. The letter enclosed in the filing gives no reason; Infomerics says a press release will follow.
• Inox Green Energy Services withdrew its CRISIL ratings with its lenders' consent. It remains rated by Acuité at AA-/Stable and A1+.
• PC Jeweller says it has repaid 13 of its 14 consortium banks, discharging more than 99% of bank debt under its September 2024 settlement. It expects to be debt-free this month.

The fine print

• Clean Science and Technology: GST officers of the Maharashtra State GST Department began a search and seizure under section 67 of the Maharashtra GST Act at 2.43 pm on 23 September.
  • It covers the Pune registered office and the Kurkumbh manufacturing units of the company and its subsidiary Clean Fino Chem.
  • The filing states no alleged violation. It says there is "no material impact" at present and that the company is cooperating.
  • A search is the start of a process, not a finding.
• Shriram Finance received GST orders for fiscal 2021 to 2023 from the Navi Mumbai CGST Additional Commissioner. They concern the erstwhile Shriram City Union Finance, which merged into the company.
  • The grounds are tax not paid under reverse charge and input credit taken on motor-vehicle dealer invoices.
  • The tax demands total about ₹5.59 crore, with penalties of equal amount (our sum of the filing's six figures).
  • The company states no material impact and is seeking its tax consultant's opinion.
• Vikran Engineering received a GST demand-cum-show-cause notice from CGST Patna for fiscal 2023.
  • It demands tax of ₹5,34,45,785 and a penalty of ₹53,44,579.
  • The grounds cited are a GSTR-2A vs 3B difference, reverse-charge tax and a turnover mismatch.
  • The company will respond and foresees no material impact.
• Kalahridhaan Trendz (NSE SME) disclosed a SEBI final order.
  • The company and Niranjan D. Agarwal are each barred from the securities market for 2 years and fined ₹40 lakh. The order names other noticees with shorter bans.
  • The order is dated 30 July 2026, almost eight weeks before this disclosure.
  • The letter is signed on behalf of the company "Under Corporate Insolvency Resolution Process".
• Nirman Agri Genetics disclosed a SEBI confirmatory order dated 14 October 2025 only after an NSE notice. It calls the delay "inadvertent."
• Transgene Biotek's statutory auditor, Vasavi & Co., resigned with immediate effect, citing "pre-occupation in other assignments."
• Renaissance Global: BSE and NSE rejected its application to reclassify promoter Amit Shah as public.
  • BSE's letter finds that his sister and her husband are trustees exercising control over a promoter-group trust holding 12.17%.
  • That fails the 10% and no-control tests.
• Hexagon Nutrition reported that AGM resolutions 7, 8 and 11 were not passed with the requisite majority.
  • In a separate note it says the promoters had abstained on those resolutions.
  • It is seeking independent legal advice on what to do next.

What we're not reporting

The rest of the day was mostly AGM proceedings and voting results, trading-window closures, analyst-meet schedules and small promoter trades. It also included routine rating reaffirmations (Rallis, Bharat Forge, Balkrishna, Solar Industries and others) and a run of KMP changes, including SRF's CHRO resigning and board changes at Blue Dart. The exchanges also sought clarification from Whirlpool of India on a media report that its promoter plans to sell its entire stake. No company reply had been filed by the end of the day, and we will report it when one is.

Educational research, not investment advice. Every figure above is drawn from the named company's, regulator's or rating agency's own filing dated 23 September 2026 and checked against the source; where a filing disclosed no value, none is stated. The Shriram Finance total is our sum of the filing's six line items. No buy/sell recommendations, no price targets. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.