Daily Filing Digest — Friday, 9 Oct 2026

Persistent Systems secured 94.04% of Nagarro and plans to squeeze out the rest, on the day ICRA rated ₹5,000 crore of its proposed debentures with a negative watch. The appellate tribunal stayed the insolvency order against Polycab. PTC Industries raised about ₹1,800 crore from institutions. Poonawalla Fincorp, Anand Rathi Wealth, Canara HSBC Life, Canara Robeco AMC and Can Fin Homes reported Q2. And at Hexaware, about three-quarters of the institutional votes went against its stock plans, which passed with the promoters voting all their shares in favour.

The ones to read first

• Persistent Systems secured about 94.04% of Nagarro, the German digital engineering company: about 22.10% under a share purchase agreement with Lantano Beteiligungen, 61.15% tendered in its takeover offer by 17 September and a further 10.79% in the additional acceptance period to 6 October.

  • It plans to squeeze out the remaining shareholders after closing, and says no final decision has been taken. It expects to close by the end of Q1 CY27, subject to a limited number of regulatory approvals.
  • The same day ICRA assigned AA+, on "Rating Watch with Negative Implications", to ₹5,000 crore of proposed non-convertible debentures. The issuer rating stays on the same watch.
  • Chief Delivery Officer Dr Rajesh Gharpure resigned, effective 14 October, citing personal reasons.

  Full read: Persistent Has 94% of Nagarro. Now It Has to Pay for It.

• Polycab India: the National Company Law Appellate Tribunal stayed and kept in abeyance the 7 October order that admitted an insolvency case brought by Asier Metals over an alleged operational debt of ₹2.79 crore.

  • The appeal was filed by Bharat Ajay Jaisinghani, described as a suspended director of Polycab. He offered to deposit the full amount claimed, without prejudice to his rights, and the tribunal ordered it deposited within a week.
  • The stay holds until further orders. The next hearing is on 26 October 2026.

• PTC Industries completed its qualified institutions placement: 8,54,700 shares allotted, raising ₹17,99,99,82,000 (about ₹1,800 crore). The issue opened on 6 October and closed on 9 October.

  • Smallcap World Fund took 19.21% of the issue and Fidelity Blue Chip Growth Fund 11.57%; three other Fidelity funds took between 5.60% and 7.43% each.

• Hexaware Technologies: all eight postal-ballot resolutions passed, but public institutions voted heavily against the stock plans.

  • On the Restricted Stock Unit Plan 2026, 77.50% of institutional votes were against (88,321,995 against, 25,638,017 for). Promoters voted all 453,988,884 of their shares in favour, and the resolution passed with 84.59%.
  • Institutions also voted 72.18% against amending the 2024 stock option plan.
  • An ordinary resolution to amend the incentive payment agreement with R. Srikrishna, on which promoters did not vote, passed with 59.88% in favour; 41.95% of institutional votes were against.
  • On 30 September we reported Hexaware's rebuttals to the proxy advisers IiAS and ISS on this ballot.

• Thermax said it is evaluating strategic opportunities to attract a growth partner for its renewable portfolio under First Energy, a wholly owned subsidiary, in reply to a media report. It named no partner, terms or timeline, and said nothing needs disclosure under Regulation 30 at this stage.

• Siemens Energy India: the Chairman of the Supreme Court of Russia rejected its appeal against a St. Petersburg arbitration court order to pay ₹443.76 million (about ₹44.4 crore; USD 5,165,129.62) plus 8% yearly interest from 30 May 2025. Court proceedings in Russia have ended. The company says it will resist any attempt to enforce the order in Indian courts.

Q2 results

• Poonawalla Fincorp reported profit after tax of ₹375 crore, against ₹308 crore in the June quarter. Assets under management were ₹74,008 crore.
  • A year earlier, consolidated profit after tax was ₹74.20 crore, on total income of ₹1,542.77 crore against ₹2,624.84 crore now (results filing).
  • Gross NPA was 1.20% against 1.37% in June, and net NPA 0.61% against 0.70%. Return on assets was 2.18%; capital adequacy 18.68%.
• Anand Rathi Wealth reported Q2 profit after tax of ₹122 crore, up 22%, on its own measure, which leaves out fair-value gains on investments and ESOP costs. Including those, reported profit after tax was ₹89.3 crore against ₹99.8 crore a year earlier.
  • Assets under management were ₹1,08,377 crore, up 18%; net inflows in the quarter were ₹4,186 crore, up 39%.
  • Interim dividend: ₹4 a share, record date 15 October.
• Canara HSBC Life reported half-year profit after tax of ₹71.2 crore against ₹64.2 crore a year earlier. The value of new business was ₹266 crore, up 24%. Total premium income was ₹4,742 crore.
  • Embedded value was ₹7,622 crore. The solvency ratio was 180%, against 198% a year earlier.
  • The board approved raising up to ₹287.50 crore through subordinated debentures.
• Canara Robeco Asset Management reported Q2 profit after tax of ₹59.19 crore against ₹48.71 crore a year earlier, on revenue from operations of ₹121.59 crore against ₹103.92 crore. Interim dividend: ₹2 a share, record date 16 October.
• Can Fin Homes reported Q2 profit after tax of ₹275 crore against ₹251 crore a year earlier. Half-year net profit was ₹543 crore, up 14%.
  • The loan book was ₹43,539 crore, up 10% from ₹39,657 crore. Gross NPA was 0.90% against 0.94% a year earlier.
  • Q2 disbursements were ₹2,373 crore against ₹2,545 crore a year earlier.
• Waterways Leisure Tourism (Cordelia Cruises) reported Q2 profit after tax of ₹584.96 million (about ₹58.5 crore) on revenue of ₹1,329.00 million (₹1,015.36 million a year earlier). The year-ago quarter was a loss of ₹89.34 million.
  • The profit includes an exceptional item: USD 5.2 million of compensation a subsidiary received for the early handover of the ship Sky (results filing).
  • Year-ago figures come from restated financials prepared for its IPO. Cordelia Sky is scheduled to start operations on 23 October.

Q2 updates

• Ajmera Realty reported Q2 pre-sales of ₹224 crore, down 69% from ₹720 crore a year earlier. Collections were ₹190 crore against ₹220 crore.
• Kalpataru Limited reported Q2 pre-sales of ₹1,258 crore against ₹1,329 crore a year earlier, down 5%. Half-year pre-sales were ₹2,587 crore against ₹2,577 crore, and collections ₹2,554 crore, up 9%.
• S H Kelkar said Q2 consolidated revenue was ₹632.7 crore, up 15%. It said gross margins for the quarter are expected to be broadly stable against the year-earlier quarter, with volatility in global supply chains and commodity markets creating inflationary pressure. Net debt was ₹911 crore at 30 September. The figures are provisional.

Deals and capital

• Mahindra & Mahindra said its step-down subsidiary Mahindra Defence Systems agreed to sell 51% of Novavayu Aerospace to Embraer S.A. of Brazil for about ₹5,10,000 (₹5.1 lakh). Novavayu, incorporated on 29 July 2026, has no revenue yet; it becomes an associate of Mahindra Defence Systems. Closing is expected by 1 December 2026.
• Emami closed its buyback on 9 October, having bought 73,00,000 shares on the market for about ₹281.24 crore, 99.73% of the maximum size. The promoters' stake moves from 54.84% to 55.78%.
• Ballarpur Industries' board approved raising its borrowing limit from ₹1,000 crore to ₹2,000 crore and issuing up to ₹400 crore of listed, unsecured non-convertible debentures.
• Federal-Mogul Goetze approved a capacity addition at three locations for ₹3,351 million (₹335.1 crore), funded from internal accruals, to be added within 18 months. It gives current capacity utilisation as 100%.
• Rossell Techsys holds an EGM on 15 October on a preferential issue of 25,72,898 shares, just under ₹300 crore in all, to schemes of SBI Mutual Fund and SBI Alternative Equity Fund. A corrigendum to the notice adds the scheme-wise split.
• ideaForge signed a ₹151 crore term loan agreement with the Technology Development Board for its YETI heavy-lift aerial logistics vehicle project. The loan is to be drawn in tranches; the filing shows the amount as yet to be disbursed.
• Suryoday Small Finance Bank allotted ₹200 crore of unsecured Lower Tier II debentures at a 10.05% coupon, maturing on 9 October 2036.
• National Highways Infra Trust: the board of its investment manager approved credit facilities of up to ₹2,000 crore from banks and financial institutions, for its projects and major maintenance.
• Niva Bupa Health Insurance will call its ₹150 crore of 10.70% subordinated debentures; holders are repaid at par on 13 November 2026.
• CP Capital (formerly Career Point): the board approved up to 16,45,000 convertible warrants for its promoters and promoter group, up to ₹25,00,40,000 in all. Shareholders vote on 2 November.
• RMC Switchgears approved a rights issue of up to ₹30 crore. Price, ratio and record date are not set.
• Lodha Developers: shareholders and secured creditors approved merging Roselabs Finance and National Standard (India) into Lodha. Lodha's shareholders voted 99.9543% in favour. The scheme still needs NCLT sanction.
• Triveni Engineering: Triveni Power Transmission, whose shares were allotted under the group's composite scheme of arrangement, lists on 12 October, with 10,47,54,338 shares, under the NSE symbol TRIVENIPT.
• Mukka Proteins' Oman subsidiary began commercial production of fish meal, fish oil and fish soluble paste on 9 October. The board approved guarantees and security of up to ₹73.583 crore for the subsidiary's HDFC Bank facilities.
• Alok Industries' step-down subsidiary completed the sale of its 100% stake in Mileta a.s. on 9 October. The filing gives no price or buyer.

Orders

• Premier Energies received ₹4,001 crore of orders in the July-September quarter, for 2,308 MW of solar cells and modules and for EPC projects. Its cell capacity rose from 3.6 GW to 10.6 GW after a 7 GW plant at Naidupeta was commissioned last month.
• SEPC signed the contract for pellet-plant works at SAIL's IISCO Steel Plant, Burnpur, worth ₹854.57 crore net of input tax credit. It follows a letter of acceptance received in August. SEPC says its order book has crossed ₹10,000 crore, against FY26 total income of ₹1,085.8 crore.
• Ashoka Buildcon received a letter of acceptance from North Eastern Railway for traction sub-stations worth ₹290.23 crore including GST. Separately, 45.05 km of its Tumkur-Shivamogga highway project reached commercial operation on 7 October, which makes the project company eligible for NHAI annuity payments every six months over a 15-year operation period.
• Bajel Projects won an order from Tata Power for 220 kV gas-insulated substations at Salsette and Powai in Mumbai. It gives no exact value; it classes the order as ₹200 crore to ₹300 crore.
• Cochin Shipyard, in a rumour-verification filing after a media report of orders for 40 ships, said all its orders are already disclosed and it has no further firm orders to report. Its subsidiary Hooghly-CSL won a repeat order for two luxury river cruise vessels, classed as ₹100 crore to ₹250 crore, for delivery by June 2029 and June 2030.
• LCC Projects received a letter of commitment from Reliance Industries for civil works at a 400 kV substation at Jamnagar: ₹62.32 crore before GST, to be done in nine months.
• BEML received an order of about ₹75.58 crore for the export and maintenance of HMV 12x12 and HMV 8x8 to the Southeast Asian region.
• Jash Engineering received ₹102 crore of orders in September; its order book on 1 October was ₹944 crore, ₹631 crore of it outside India. DEE Development Engineers' order book was ₹2,531.04 crore at 30 September, after order inflow of ₹225.17 crore in the month.

Courts, tax and incidents

• A-One Steels India disclosed two writ petitions in the Bombay High Court that challenge its 11 September red herring prospectus. One alleges the prospectus lacked proper disclosure; the other asks SEBI to examine an amalgamation and its 1:413 share-exchange ratio. On 1 October the court refused interim relief. The next hearing is on 15 October.
• Rubicon Research: the US FDA issued a Form 483 with one observation after an unannounced inspection of its Satara plant from 5 to 9 October. The company calls the observation procedural and says it does not relate to data integrity.
• TCS said it will comply with any US Department of Labor directive on the PERM programme. Its PERM applications were in single digits in the last two years, and it does not expect the suspension to affect its workforce strategy.
• Rane Holdings: the GST authority dropped the whole ₹10.07 crore demand on subsidiary Rane Steering Systems, the notice we reported on 25 September.
• GeeCee Ventures: the income-tax tribunal quashed a reassessment for assessment year 2017-18 that had added ₹13.40 crore to its income.
• Emkay Global: NSE imposed an ₹82.90 lakh penalty over client code changes made through its error account between May and July 2026. Emkay plans to appeal.
• Aastha Spintex reported a fire at its ginning unit at Halvad on the night of 9 October. It says the fire is out, the damage is insured and the loss is being assessed.

Ratings

• Indian Hotels: CARE upgraded its long-term rating to AAA (Stable) from AA+ (Stable), on ₹393 crore of bank facilities. CARE noted a long-pending lease dispute with Mumbai Port Trust, which has raised a cumulative demand of ₹1,874 crore.
• HBL Engineering: CARE upgraded it to AA- (Stable) from A+ (Positive). CARE put the order book at about ₹5,902 crore in September 2026, against ₹2,999 crore on 31 December 2025, driven by railway electronics orders, largely Kavach train-protection and Train Management System projects.
• Embassy Developments: Infomerics upgraded it to IVR A/Stable from IVR A-/Stable and assigned the same rating to ₹160 crore of non-convertible debentures.
• Cords Cable: CARE upgraded it one notch, to BBB+ (Stable) from BBB (Stable).
• Iware Supplychain (SME): CARE assigned B+ (Stable) to ₹73 crore of bank facilities, citing stretched liquidity, including a delay in EMI payments in the 12 months to August 2026.

People

• Embassy Developments: CEO Sachin Shah resigned, effective 31 December 2026, and becomes a senior advisor. Managing director Aditya Virwani takes the combined role of managing director and CEO from 1 January 2027.
• EPL: three non-executive, non-independent directors, Amit Dixit, Dhaval Jitendra Buch and Animesh Agrawal, resigned together from 9 October, citing other professional commitments. Two of them chaired board committees. The filing does not say whose nominees they were.
• Emami Realty: whole-time director Rajesh Bansal sent a resignation letter dated 21 September that the company says it first received on 9 October. It says it appears he has already filed the resignation with the Registrar showing 21 September, and that it is examining the matter.
• SecUR Credentials: statutory auditor JPMD & Associates resigned with immediate effect, citing pre-occupancy of work; Nahar V and Company is appointed to fill the vacancy, subject to shareholder approval. NSE separately announced the company's compulsory delisting (see Exchange notices).
• Supreme Infrastructure India: founder and chairman Bhawani Shankar Sharma died on 9 October.
• United Spirits named Narayan K Seshadri chairperson from 17 October, as V K Viswanathan completes his second term as an independent director.
• Pidilite Industries appointed Amit Agarwal CFO Designate. The filing says nothing about the current CFO.
• Cohance Lifesciences appointed Abhimanyu Ojha CFO from 12 October. He was most recently Global CFO at Intas Pharmaceuticals.
• Fractal Analytics named Vivek Mohan chairman; Rohan Haldea stays on the board as a non-executive director.

Rates

• Bank of Baroda kept its MCLR unchanged from 12 October: 8.75% for one year.

Exchange notices

These are NSE notices to its members. They have no document attached; we read the notice text.

• Poddar Housing and Development, Suumaya Industries and SecUR Credentials: NSE announced the compulsory delisting of all three from 16 October 2026, under Regulation 32(1) of SEBI's delisting regulations.
• AvenuesAI: trading is suspended from 13 October for the consolidation of its shares from Re 1 to ₹10 face value.

Educational research, not investment advice. Every item above is drawn from the company's own filing on NSE, or from NSE's notice, read from the primary document; unit conversions are ours. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.