Daily Filing Digest — Thursday, 15 Oct 2026

Fairfax, chosen a day earlier as the buyer of 60.72% of IDBI Bank, said it plans to put its stakes in Go Digit and IIFL Capital into the bank. The RBI's inspection found that Indian Bank had overstated its capital: its capital ratio at 31 March was 16.53% on the RBI's count, not 17.93%. An income-tax tribunal ruled mostly in Maruti Suzuki's favour on eight years of tax; the company puts the positive tax impact, including interest, at about ₹13,000 crore. And Nestlé India's sales rose 20.5% and its profit 36.3%, while it raised advertising by 46%.

The ones to read first

• Go Digit General Insurance forwarded a Fairfax Financial Holdings release of 14 October. Fairfax's purchaser, chosen by the government as the buyer of 60.72% of IDBI Bank (reported on 14 October), bid ₹81 a share, about ₹52,878 crore in all (INR 528.78 billion), which the release puts at about 23% above IDBI Bank's book value at 30 June 2026.
  • Fairfax proposes to contribute all its interests in Go Digit General Insurance, Go Digit Life Insurance and IIFL Capital Services to IDBI Bank, at their market prices. This needs the approval of the RBI and SEBI, and for Digit also of the insurance regulator, IRDAI.
  • It plans to keep Rakesh Sharma as IDBI Bank's managing director and chief executive, and to bring in N. S. Kannan as chairman and C. VR. Rajendran, all subject to RBI approval.
  • The release states that no binding agreements have been signed for the purchase or the contributions, and that the purchase could happen without one or both of the contributions.
  • Separately, CSB Bank told NSE that it has no information on a Livemint report of 15 October that a merger with IDBI Bank was likely, and is not involved in any such negotiations or discussions.
• Indian Bank disclosed that the RBI's 2026 supervisory inspection found it had wrongly counted ₹2,470 crore as Tier 2 capital (the lower-quality layer of a bank's capital) and had understated its credit risk-weighted assets (loans weighted by riskiness, against which capital is measured) by ₹22,079 crore, by not applying a conversion factor to undrawn limits that it could cancel at will.

• The bank states there is no impact on the profit it reported for 2025-26, that both ratios remain well above the RBI minimums of 5.50% and 11.50%, and that it has already applied the RBI's view in its September-quarter figures.
• The same day it reported standalone net profit of ₹3,462.24 crore against ₹3,018.22 crore. Other income of ₹3,952.79 crore includes ₹1,386.67 crore on account of the listing of its NSE shares. Provisions rose to ₹2,222.40 crore from ₹738.60 crore. Gross bad loans fell to 1.61% from 2.60%. The board approved up to ₹5,000 crore of long-term infrastructure bonds.
• Maruti Suzuki India received an Income Tax Appellate Tribunal order covering eight years, financial years 2013-14 to 2019-20 and 2021-22, in which the issues were mostly allowed in its favour. The filing puts the positive tax impact, including interest, at about ₹13,000 crore (₹130,000 million). It will cut its contingent liability (a possible liability disclosed in the notes, not provided for in the accounts) by about ₹6,300 crore, mainly interest, and will ask the assessing officer to give effect to the order. The filing states there is no major impact on its financials.
• Nestlé India reported Q2 FY27, standalone (converted from the ₹ million figures filed):

• The company says growth was driven by double-digit volume growth, and that advertising and marketing spending rose 46%. Domestic sales grew 20.4%.
• Its commodity outlook: coffee and wheat range-bound, sugar and edible oils stable at high levels, cocoa volatile, and milk prices up for the season but expected to ease. The auditors' report is unmodified.
• Yes Bank: the filing states that on 15 October the Supreme Court pronounced its judgment in the appeals over the March 2020 write-down of ₹8,415 crore of Additional Tier-1 (AT-1) bonds, a kind of bond that can be written off to protect a bank's capital. The Bombay High Court had set the write-down aside on 20 January 2023, and its order had been stayed while the appeals were heard.
  • The bank says it is obtaining and examining the final order copy and its implications, and will disclose more as required. The filing does not say what the court decided.

Q2 results

• Persistent Systems reported audited consolidated revenue of ₹4,663.90 crore against ₹3,580.72 crore, up 30.3% (our arithmetic), and profit of ₹351.51 crore against ₹471.47 crore (converted from ₹ million). Other expenses rose to ₹934.61 crore from ₹414.06 crore; a note says the regulatory advisory, due diligence, valuation and other costs of the Nagarro takeover are in that line. The filing's table of those costs was not legible in our copy, so no amount is given. It held 94.04% of Nagarro on 6 October, as we reported on 9 October. The auditors' opinion is unmodified.
• Tech Mahindra reported consolidated revenue of ₹16,180 crore, up 15.6%, and profit attributable to the company's shareholders of ₹1,586 crore, up 32.7% (₹1,610 crore including minority shareholders' share, converted from ₹ million). The EBIT margin was 14.8%, about 2.6 points higher than a year ago. It declared an interim dividend of ₹15 a share and recommended a 1:1 bonus issue. The audit reports are unmodified; the auditors draw attention to matters relating to the former Satyam Computer Services.
• Wipro reported gross revenue of ₹24,750 crore (₹247.5 billion), up 9.1%, and net income of ₹3,199.7 crore against ₹3,262.4 crore (converted from ₹ million). The IT services operating margin was 16.5%, 0.2 points lower than a year ago and 0.5 points higher than in the June quarter. Large deal bookings were US$674 million, down 58.6% from the June quarter in constant currency. It expects December-quarter IT services revenue of US$2,571 million to US$2,625 million.
• HCLTech, whose results we reported on 12 October, filed its call transcript. The CFO split the 131 basis point rise in the EBIT margin from the previous quarter to 18.2% (100 basis points make one percentage point): its cost programme, Project Ascend, added 73, higher-margin Advanced AI services 32, overhead leverage 50 and currency 23, against 22 for restructuring and 25 for the HPE Telco deal. Advanced AI revenue was US$219 million. The margin guidance for the year stays at 17.5% to 18.5%.
• Polycab India reported consolidated revenue of ₹9,898.90 crore against ₹6,477.21 crore and profit of ₹990.00 crore against ₹692.96 crore (converted from ₹ million). Its presentation shows the EBITDA margin at 14.4% against 15.8%: the cost of goods sold was 76.4% of revenue against 72.9%, and operating expenses 9.2% against 11.4%. Net cash was ₹4,519.9 crore against ₹2,941.6 crore. A note on the Asier Metals insolvency case (reported 7 to 14 October) puts the alleged debt at ₹2.79 crore (₹27.9 million) and says the company expects no material impact. The review conclusion is not modified.
• HDFC Life Insurance reported its half year: value of new business (the expected profit on policies sold) of ₹2,037 crore, up 12%, at a margin of 24.7% against 24.5%, and profit after tax of ₹1,119 crore against ₹994 crore. Participating policies fell to 13% of individual new business from 29%. The solvency ratio was 180%. The board gave in-principle approval to raise up to ₹500 crore through subordinated debentures, and approved an office at GIFT City, which still needs the approval of the insurance regulator, the IFSC Authority and shareholders.
• HDFC Asset Management reported standalone revenue from operations of ₹1,168.9 crore, up 14%, and profit of ₹749.9 crore against ₹717.9 crore, when the year-ago figure included a ₹46.8 crore tax reversal (converted from ₹ million). Quarterly average assets managed were ₹9,69,100 crore against ₹8,81,400 crore.
• 360 ONE WAM reported consolidated revenue of ₹853 crore against ₹813 crore and profit, including other comprehensive income, of ₹302 crore against ₹316 crore. Annual recurring revenue rose 27.5% to ₹706 crore. Second interim dividend ₹7.50 a share, record date 23 October. The auditors draw attention to an income-tax demand; their conclusion is not modified.
• Canara Robeco Asset Management's call transcript gives its yield on assets under management for the quarter: 37 to 38 basis points overall, about 40 on equity, 28 on fixed income and 2 on liquid funds. Equity is about 91% of assets under management. Quarterly profit was ₹59.2 crore against ₹48.7 crore.
• Angel One reported consolidated gross revenue of ₹1,431.5 crore, up 18.9%, and profit of ₹335 crore, up 58.2% (converted from ₹ million). Its share of retail equity turnover was 19.7% against 20.5%. It declared a second interim dividend of ₹1.40 a share, record date 22 October, payable by 14 November.
• 5paisa Capital reported consolidated total income of ₹86.46 crore against ₹77.30 crore and profit of ₹7.06 crore against ₹9.48 crore (converted from lakh). The auditor draws attention to a ₹33.02 crore income-tax demand under appeal; the conclusion is not modified.
• Karur Vysya Bank reported net profit of ₹788 crore against ₹574 crore, net interest income of ₹1,497 crore against ₹1,261 crore and gross bad loans of 0.69% against 0.76%. The press release puts the net interest margin at 4.34%; the presentation gives 4.26% after excluding a one-off item of ₹28.35 crore; for the half year it describes the one-off, ₹52.98 crore, as interest recovered from technically written-off accounts. The release does not say whether its figure includes that item.
• South Indian Bank reported net profit of ₹426.13 crore, up 21.28%, its highest for a quarter. Net interest income rose to ₹1,116 crore from ₹809 crore and provisions to ₹159 crore from ₹63 crore. Gross bad loans fell to 1.24% from 2.93%.
• UCO Bank reported net profit of ₹786 crore against ₹620 crore. Advances grew 24.70%, against its guidance of 12% to 14% for the year. Gross bad loans were 1.96% and the global net interest margin 3.00%.
• Indian Railway Finance Corporation reported total income of ₹7,924.46 crore against ₹6,371.91 crore and profit of ₹1,958.48 crore against ₹1,776.98 crore. Interim dividend ₹1.15 a share, record date 23 October.
• L&T Finance reported consolidated profit attributable to owners of ₹975.10 crore against ₹734.84 crore; the joint auditors' report is unmodified. Its release puts the loan book at ₹1,36,635 crore against ₹1,07,096 crore, gross Stage 3 (bad) loans at 2.75% against 3.29%, and gold loans at ₹5,043 crore against ₹1,475 crore.
• IIFL Finance reported consolidated revenue from operations of ₹4,246.45 crore against ₹3,305.11 crore and profit of ₹805.01 crore against ₹417.94 crore. Its release puts gold loans at ₹65,729 crore, up 90%, and says Fitch raised its long-term issuer rating to BB- from B+, outlook stable. The review conclusion is not modified.
• Fedbank Financial Services reported profit of ₹130.8 crore, up 63.1%, with assets under management of ₹22,035 crore, up 36.6%. Gold loans grew 77.0% to ₹11,917 crore; gross Stage III loans were 1.8%.
• Jio Financial Services reported consolidated total income of ₹1,699.41 crore against ₹1,002.40 crore and profit of ₹340.44 crore against ₹695.04 crore; the year-ago quarter included ₹268.97 crore of dividend income. Interest income was ₹1,257.68 crore against ₹392.37 crore and finance costs ₹577.73 crore against ₹135.82 crore. The review report is unmodified.
• Jio Credit (debt-listed), its lending subsidiary, reported total income of ₹920.49 crore against ₹302.28 crore and profit of ₹119.72 crore against ₹49.95 crore. Loans were ₹37,493.41 crore against ₹25,710.80 crore at 31 March; gross bad loans 0.07%. A note recalls the 12 August agreement under which a Bank of America subsidiary may invest up to ₹18,268.22 crore and hold 49.90% after its warrants convert.
• Aditya Birla Housing Finance (debt-listed) reported profit of ₹260.64 crore for the quarter and ₹493.69 crore for the half year. Gross and net Stage 3 loans were 0.37% and 0.16%; debt was 4.79 times equity.
• TMF Holdings (debt-listed; a Tata Motors group finance holding company) reported a standalone loss of ₹750.26 crore against a loss of ₹1,960.26 crore a year ago and a profit of ₹1,080.11 crore in the June quarter. The quarter carries a ₹706.74 crore net loss on fair-value changes (changes in the value of investments it holds), against a ₹1,134.58 crore gain in the June quarter. Half-year profit was ₹329.85 crore against a loss of ₹2,006.30 crore. The covering letter says the review opinion is unmodified. The filing is a scanned image; we read the figures from the page image.
• Tips Music reported revenue of ₹120.1 crore, up 35%, and profit of ₹65.5 crore against ₹53.2 crore. Its operating EBITDA margin fell to 70.5% from 76.0%. Content cost rose 97% to ₹26.2 crore. Interim dividend ₹6.50 a share; it completed a ₹44.44 crore buyback.
• Orient Electric reported revenue of ₹879.3 crore against ₹702.6 crore and profit of ₹27.1 crore against ₹12.1 crore. The gross margin fell to 29.0% from 31.5%, and the EBITDA margin rose to 6.5% from 5.4%. Employee costs rose 10.1% and other expenses 6.7%, against revenue growth of 25.2%.
• Butterfly Gandhimathi Appliances reported standalone revenue of ₹331 crore, up 13.1%, and profit of ₹20 crore against ₹17 crore. Its material margin fell 1.6 points to 36.2%, which it puts down to commodity inflation partly offset by price increases.
• Heritage Foods reported consolidated revenue of ₹1,319.6 crore, up 19%, and profit of ₹30.9 crore against ₹51.0 crore, which included a ₹9.4 crore exceptional item (converted from ₹ million). The EBITDA margin was 5.6% against 6.9%. The price it paid to buy milk rose 11% to ₹47.73 a litre.
• Metro Brands reported consolidated revenue of ₹730 crore against ₹651 crore, an EBITDA margin of 27.1% against 26.2%, and profit of ₹77 crore against ₹69 crore. It ended with 1,053 stores.
• Sri Lotus Developers and Realty reported consolidated revenue of ₹269 crore against ₹176 crore and profit of ₹89 crore against ₹46 crore. Pre-sales (sales booked, including a commercial project) were ₹879 crore in the half year, but collections were ₹209 crore and operating cash flow was negative ₹201.3 crore.
• Kabra Extrusiontechnik reported consolidated revenue of ₹221.0 crore, up 64.2%, and profit of ₹3.9 crore against ₹0.3 crore (converted from ₹ million). Its battery business, Geon, gave ₹165.9 crore, 75% of revenue.
• Cyient DLM reported revenue of ₹393.1 crore, up 26.5%, and an EBITDA margin of 8.7%, down 1.35 points. Reported profit of ₹34.0 crore includes an ₹18.2 crore one-off reversal of an earn-out (a deferred acquisition payment); without it, profit was ₹15.8 crore (converted from ₹ million).
• Sterling and Wilson Renewable Energy reported consolidated revenue of ₹1,527.50 crore against ₹1,748.60 crore and profit of ₹16.82 crore against a loss of ₹477.62 crore. The auditor draws attention to uncertainty over recovering bank guarantees of ₹519.98 crore and ₹110.75 crore that customers invoked, and ₹25.39 crore of remediation costs; management says the invocations were wrongful and is confident of recovering the amounts. The review conclusion is not modified. Its presentation puts the EBITDA margin at 4.3% against 6.3% and unexecuted orders at ₹12,481 crore; international project revenue for the half year was ₹165 crore against ₹929 crore.
• Tata Communications reported consolidated income from operations of ₹6,687.89 crore against ₹6,099.75 crore and profit of ₹335.61 crore against ₹183.21 crore, after ₹36.54 crore of staff restructuring charges. The EBITDA margin was 21.3% against 19.2%. The board approved moving its Kaleyra shares to a wholly owned subsidiary.
• Alok Industries reported a consolidated loss of ₹208.42 crore against ₹162.38 crore, on revenue of ₹1,077.76 crore against ₹941.09 crore, including a net exceptional loss of ₹35.73 crore: a ₹62.19 crore loss on selling Mileta a.s., less a ₹26.46 crore insurance-claim gain. It states EBITDA of ₹11.08 crore.
• CCL Products reported consolidated half-year revenue of ₹2,411.21 crore against ₹2,182.37 crore and quarterly profit of ₹130.11 crore against ₹100.86 crore (converted from lakh). Standalone quarterly profit fell to ₹43.06 crore from ₹112.26 crore, when the year-ago figure included ₹70.42 crore of other income from its Vietnamese unit, Ngon Coffee.
• Oriental Hotels reported standalone revenue of ₹116.80 crore against ₹109.65 crore and standalone profit of ₹11.62 crore against ₹12.66 crore, after ₹70 lakh of costs for its proposed merger into Indian Hotels. Consolidated revenue was ₹117.75 crore against ₹110.48 crore, and consolidated profit after its share of associates and joint ventures ₹8.59 crore against ₹7.96 crore (converted from lakh).
• Mangalam Worldwide reported consolidated profit of ₹13.82 crore against ₹10.56 crore. Its release says exports rose 355% to ₹63.86 crore. The results filing states NSE returned, on 17 September, its applications for approval of a merger with its subsidiary and of a warrant issue.
• Popular Vehicles and Services gave a business update for the September quarter: revenue grew about 40%, or 26% without acquisitions, and new-vehicle volumes about 51%. The company's growth figures are approximate and leave out Honda and Piaggio, which it accounted for only until August 2025.
• Waterways Leisure Tourism (Cordelia Cruises) filed its call transcript: fuel cost per available passenger cruise day was ₹2,471 in the September quarter against ₹1,434 a year earlier, and the CFO put the fuel impact on profit over the half year at about ₹28 crore. It now charges a fuel surcharge of US$15 to US$20 a person a day. Its new ship, Sky (2,400 guests), reached Mumbai on 9 October.
• Bombay Super Hybrid Seeds reported standalone half-year revenue of ₹268.43 crore against ₹179.79 crore and profit of ₹16.66 crore against ₹14.51 crore (converted from lakh; read from the page image). The review conclusion is unmodified.
• Smaller companies: SBC Exports revenue ₹164.33 crore against ₹84.70 crore, profit ₹11.38 crore against ₹8.30 crore; Ambani Orgochem (NSE Emerge) half-year revenue ₹171.22 crore against ₹110.56 crore, profit ₹2.77 crore against ₹0.19 crore, with the auditor drawing attention to an ₹8.18 crore insurance claim not yet settled; Infollion Research (NSE Emerge) half-year revenue ₹59.04 crore against ₹51.09 crore, profit ₹6.74 crore against ₹7.30 crore; ArMee Infotech's first results since listing on 30 September, for the June quarter: revenue ₹275.79 crore and profit ₹1.82 crore. Lakh figures above are converted to crore.

Deals and capital

• Mankind Pharma will buy 70% of Armed Cell Therapeutics, a Belgian company developing CAR-T cell therapies for cancer, through its Dutch subsidiary, for an investment of EUR 48 million paid in instalments. The board raised its investment limit in the subsidiary to EUR 50 million from EUR 5 million.
• Prestige Estates Projects: CPP Investment Board completed the first of three tranches of its investment in the subsidiary Prestige Hospitality Ventures, buying 10% from Prestige for ₹950 crore and 5.79% through new preference shares for ₹550 crore, 15.79% for ₹1,500 crore in all (our arithmetic).
• Power Finance Corporation and REC each said the RBI issued a no-objection certificate on 15 October, with conditions, for the proposed merger of REC into PFC (PFC, REC). The scheme still needs other approvals, including those of both companies' shareholders and creditors.
• Solar Industries India: its subsidiary Solar Explochem agreed to buy all of Sivasakthi Industrial Explosives for ₹115.02 crore in cash, within 12 months. The target had no turnover in 2025-26.
• Premier Energies: its subsidiary signed a shareholders' agreement with RCT Nexor Energy, part of Germany's RCT Group, for a 12 GWh factory at Seetharampur, Telangana, that will make battery energy storage systems. The first 6 GWh of capacity is expected in 2027-28. RCT is to get 15% of the venture in four tranches.
• Tata Consultancy Services completed its purchase of all the partnership interest in BBY Services India LLP on 15 October. No price is given.
• Hitech Corporation's voluntary delisting succeeded: 30,09,693 shares were tendered against the minimum of 25,29,733, and the exit price is ₹426 a share. The promoter group will hold 91.96%. Payment is due on or about 23 October; holders who did not tender can sell at the same price for a year. We reported the bidding on 13 October.
• Aeroflex Neu will raise its stake in Stilonn Valves and Controls to 51.01% from 19.58%, buying 7,27,040 shares for about ₹16 crore in cash; the filing states it is a related-party transaction at arm's length. Its parent, Aeroflex Enterprises, filed the same decision.
• Magson Retail and Distribution (NSE Emerge) allotted 33,46,166 shares at ₹93.25 on conversion of warrants. The promoter group's stake rises to 31.39% from 19.73%, which the filing says obliges an open offer.
• Fujiyama Power Systems' board approved raising up to ₹1,200 crore through a share sale to institutions (QIP), to reach and keep the minimum public shareholding. Shareholders vote by postal ballot.
• Share issues to investors: Tega Industries allotted 4,78,435 shares at ₹1,994 to AP Jupiter Holdings II, about ₹95.40 crore; Virtuoso Optoelectronics allotted 16,89,859 shares at ₹503, about ₹85 crore, led by ICICI Prudential SmallCap Fund; Prostarm Info Systems allotted 28,98,717 warrants at ₹147, ₹42.61 crore in all, with 25% paid now.
• Baazar Style Retail allotted 20,00,000 shares at ₹328.25 to Cupid on conversion of warrants, bringing in ₹65.65 crore. Cupid's own letter says it has now converted 45,00,000 of its 1,01,00,000 warrants, with 56,00,000 outstanding; it describes this round as 30,00,000 warrants, where Baazar's filing allots 20,00,000.
• Ujjivan Small Finance Bank sold a pool of unsecured loans not classed as bad loans, a sale known as a direct assignment. The filing states the loans qualify as priority-sector lending (lending to sectors the RBI asks banks to favour) under RBI rules. It received a first tranche of ₹500 crore on 15 October. The total and the buyer are not given.
• Power Mech Projects gave a corporate guarantee of up to ₹469 crore for loans to its subsidiary Kalyaneswari Tasra Mining from RBL Bank (₹175 crore) and IDFC First Bank (₹294 crore).
• VRL Logistics moved the record date for its buyback to 22 October from 16 October.
• Promoter holdings: Avalon Technologies' promoter Bhaskar Srinivasan and two family trusts sold 6.00% in a block deal on 30 September, cutting their combined stake to 9.42% from 15.42%. At Electrosteel Castings, promoter-group members bought 5.00% on the market since March, 4.39% of it on 28 and 29 September, taking the group to 54.53% from 49.53%. At Oil Country Tubular, promoter-group shareholder United Steel Allied Industries transferred 9.30% to Kamineni Hospitals on 28 September to settle a ₹31.35 crore inter-corporate deposit, cutting its holding to 28.87% from 38.17%.

Orders

• Bharat Dynamics signed a contract with the Indian Navy for heavyweight torpedoes worth about ₹1,307 crore before taxes, to be supplied within 42 months.
• Agastya Energy and Infrastructure received a ₹106.04 crore contract, including taxes but excluding operation and maintenance charges, to build and then run a 47.8 MW solar plant across 15 sites for IMC Solar BDN LLP, its own step-down subsidiary; the filing states it is a related-party deal at arm's length.
• G R Infraprojects' subsidiary signed a concession agreement for a multi-modal logistics park at Varanasi, a ₹91.60 crore project before GST, with one year to build and a 45-year concession.
• Parth Electricals & Engineering (NSE Emerge) won about ₹85 crore of orders, before GST, for ring main units; its order book is about ₹471 crore.
• DEE Development Engineers won contracts of about ₹46 crore from an international EPC company it does not name, for delivery by July 2027.
• Vikram Solar won an order for 187 MW of solar modules for projects in Karnataka and Tamil Nadu, to be executed by December 2026. No value is given.

Capacity and operations

• Jindal Steel's subsidiary Jindal Paradip Port began commercial operations of its first phase, 12.5 million tonnes a year, on 15 October. The concession is for 25 million tonnes in two phases, at a total cost of ₹3,393 crore.
• Aegis Logistics commissioned an LPG bottling plant of 35,000 tonnes a year at Jawaharlal Nehru Port, part of a terminal project that will later pass to Aegis Vopak Terminals.
• Zydus Lifesciences' proposed joint venture with Sunshine Healthcare signed an agreement with Sri Lanka's Board of Investment for a drug plant at Horana, with over US$20 million to be invested in phases and operations expected from 2028.
• Tinna Rubber and Infrastructure registered 19 acres of a 40-acre site in Andhra Pradesh for a tyre and plastic recycling complex, where it expects to invest up to ₹250 crore over three years.

Regulators and incidents

• IRCTC: the filing states the GST Appellate Tribunal, by a final order of 14 October, accepted an anti-profiteering report and directed it to deposit ₹50.41 crore (₹50,41,44,461) with 18% interest from 28 June 2019 within a month, with a further 10% penalty if not paid in 30 days. It is preferring an appeal. The same tribunal, also on 14 October, directed Praxis Home Retail to pass on or deposit ₹3.68 crore with 18% interest over the 2017 GST rate cut, without a penalty.
• Akums Drugs and Pharmaceuticals: its subsidiary Pure and Cure Healthcare received a demand notice from the National Pharmaceutical Pricing Authority for ₹52.75 crore (₹52,74,68,193), sent to three parties: overcharging of ₹18.95 crore, an equal penalty and ₹14.85 crore of interest on Lanol 1000 mg injection. The filing states the marketer, Hetero Healthcare, has the prime responsibility to respond.
• Afcons Infrastructure: the GST Commissioner (Appeals) in Thane confirmed a demand of ₹38.82 crore of tax and an equal penalty, plus interest, for July 2017 to March 2019. The company says it intends to appeal to the GST Appellate Tribunal and does not expect a material adverse impact.
• Refex Industries: the GST Commissioner (Appeals) in Bhopal set aside a demand of ₹29.32 crore in tax and penalty, plus interest, over input tax credit on invoices from suppliers said not to exist. ₹5.87 crore paid under protest becomes refundable; the department may appeal.
• HEG Advanced Materials (formerly HEG Limited) forwarded a letter from HEG Limited (formerly HEG Graphite), the resulting company in the group's demerger. It states that the GST authority in Mandideep, by an order of 15 October, dropped proceedings for 2020-21 in which a show-cause notice had proposed recovering IGST refunds along with a penalty amounting to ₹282.34 crore.
• Rajesh Exports: the filing states SEBI's order of 14 October, after its interim order of 3 June, levies no fine or penalty and directs the company to keep cooperating with the investigating authorities and to keep making true, fair and complete disclosures.
• Teerth Gopicon (NSE Emerge): the appellate tribunal on 14 October stayed the insolvency admission of 10 August until its next hearing on 23 November, on an appeal by two directors who say the default is below the ₹1 crore threshold.
• Jet Freight Logistics: the GST intelligence directorate searched its Mumbai office on 13 and 14 October. The filing states no violation has been communicated and there is no material impact. Stallion India Fluorochemicals said Maharashtra GST officials inspected its Mumbai office from 9 to 14 October over input tax credit; it has paid the tax and interest communicated and gives no amount.
• Metro Brands disclosed a cybersecurity incident involving unauthorised activity in its IT systems, including its Active Directory environment. It says no material financial loss has been found so far; the full extent, including any data exposure, is under investigation, and it has notified CERT-In. Yash Optics & Lens (NSE Emerge) reported a cyber-attack on its IT systems, giving no impact or dates.

Ratings

• Deepak Fertilisers and Petrochemicals: ICRA moved its outlook to positive and reaffirmed AA- on a ₹2,186 crore term loan, removing it from watch. ICRA cites gas supply from Equinor starting on schedule, and notes that the company expects the Gopalpur ammonium nitrate and Dahej nitric acid plants to start production in the December quarter.
• LEAP India: India Ratings upgraded its bank loans to A+ from A and to A1+ from A1, on ₹1,050.97 crore of facilities, citing its August IPO and the debt it prepaid afterwards.
• Shankara Buildpro: Crisil upgraded the ratings on its bank loans to A/Stable from A-/Stable (long term) and to A1 from A2+ (short term). The loans rated rose to ₹820 crore from ₹745 crore.

Governance

• Vivimed Labs, in insolvency since 15 April 2026, filed audited results for 2025-26: a standalone loss of ₹171.61 crore against ₹31.50 crore and negative equity of ₹112.19 crore (converted from ₹ million). The filing states the auditor's opinion is qualified on six grounds: about ₹62.57 crore of interest was not recorded, so the loss and liabilities are understated; the auditor could not get outside confirmation of the borrowings; balances with creditors, debtors and banks are still being reconciled; not all vendors that are small enterprises have been identified, so any interest owed to them is unknown; it could not judge whether a ₹37.27 crore advance for land can be recovered; and it could not verify ₹5.44 crore of accrued commission. The auditor also draws attention to uncertainty over whether the company can continue as a going concern, citing cash losses and loan defaults; its opinion is not modified for that matter.
• Saksoft issued a postal ballot to grant up to 66,27,562 stock options, 5% of its fully diluted capital, to Gurmeet Chahal, chief executive of its US subsidiary. Voting runs from 16 October to 14 November.
• Leela Palaces Hotels & Resorts asks shareholders to approve putting up to ₹450 crore over a year into Leela BKC Holdings, a 50:50 venture with a Brookfield affiliate that is building a hotel and offices in Bandra Kurla Complex; ₹297.5 crore of the limit is new. Voting runs from 17 October to 15 November.
• Allcargo Terminals' postal ballot gives the amounts behind the ratification we reported on 14 October: its 2024-25 dealings with Allcargo Logistics came to ₹79.17 crore against a ₹73.30 crore threshold for shareholder approval. The filing calls it a procedural deviation. Voting runs from 17 October to 15 November.
• Allcargo Logistics: SEBI exempted the Shashi Kiran Shetty Family Trust from an open offer on its proposed acquisition of 34.41% from promoter Shashi Kiran Janardhan Shetty. The filing states it is a family-succession reorganisation with no change in control or in the promoters' total of 40.28%.
• Mukta Arts seeks approval for up to ₹107.69 crore of related-party dealings with its 70%-owned Mukta A2 Cinemas in 2026-27, ₹100.15 crore of it by converting loans into preference shares. Mukta A2 lost ₹9.41 crore in 2025-26 and had negative net worth of ₹105.93 crore.
• Galaxy Surfactants put to a postal ballot the appointment of the managing director's daughter at its US subsidiary for three years at up to US$160,000 a year; the notice states the MD and his relatives and related parties are not entitled to vote in favour of it.

People

• Jyoti Structures: Abdul Hameed Khan gave up the post of CFO and stays a whole-time director; Deepak Dinkar Salunke, at the company for about 36 years, is the new CFO.
• EPW India (NSE Emerge): CFO Syed Najafimam Hussani resigned for personal reasons, to be relieved on 12 January 2027. No successor is named.
• Indegene: director Mark Dzialga will leave the board on 29 October after Brighton Park Capital and its affiliates sold their entire holding. The filing gives no size or price for the sale.

Dates to note

• 22 October: record dates for Angel One's ₹1.40 dividend and VRL Logistics' buyback.
• 23 October: record dates for the interim dividends of Tech Mahindra (₹15), IRFC (₹1.15) and 360 ONE WAM (₹7.50); payment due on or about this date in Hitech Corporation's delisting.
• By 14 November: Angel One pays its dividend; IRCTC's deposit is due within a month of the 14 October order.
• 14 to 17 November: postal ballots close at Saksoft (14 November), Leela Palaces and Allcargo Terminals (15 November), and Galaxy Surfactants and Mukta Arts (17 November).
• 23 November: next appellate-tribunal hearing in Teerth Gopicon's insolvency appeal.
• December 2026: Vikram Solar's 187 MW order due.
• 2027-28: the first 6 GWh of Premier Energies' battery storage factory; 2028: Zydus' Sri Lanka plant.

What we're not reporting

• The rest of NSE's day: earnings-call, board-meeting and trading-window notices, call recordings, quarterly depository certificates, half-yearly debt statements, newspaper copies of results, ESG scores, stock options, routine changes of directors, senior managers and company secretaries, and repeat copies of the filings above. Small orders, fines and investments, routine debenture issues and repayments, and ratings on small or proposed facilities are also left out. The list, with a reason for each, is in our coverage notes.
• D.B. Corp's results filing could not be read: the document on NSE is truncated. Mahindra EPC Irrigation's results are images we did not read.
• No BSE document was opened, and no list of BSE-only headlines was available for the day.

Educational research, not investment advice. Every item above is drawn from the company's own filing on NSE, 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.