> ## Content Index > Fetch the complete content index at: https://www.moatmarginresearch.com/llms.txt > Use this file to discover other available public pages before exploring further. # Daily Filing Digest: Monday, 19 Oct 2026 - URL: https://www.moatmarginresearch.com/daily-filing-digest-2026-10-19/ - Published: 2026-10-20T10:00:36.000Z - Updated: 2026-10-20T10:00:34.000Z - Description: 19 Oct 2026: Hindustan Zinc's margin hits 62%; UltraTech's EBITDA ₹974 a tonne; Bajaj Finance, Union Bank report; Jaiprakash Power agrees a NARCL deal. - Author: A K Karthikeyan - Tags: Daily Filing Digest **A heavy results Monday. Hindustan Zinc's quarterly profit rose to ₹6,412 crore from ₹2,649 crore at a 62% operating margin, with silver sales up 141%. UltraTech Cement's consolidated profit rose about 21% (our arithmetic), with operating EBITDA of ₹974 a tonne. Bajaj Finance's profit rose 29% and its bad-loan ratios improved. At Union Bank of India, loans grew 18.53% in a year against deposits up 6.87%. And Jaiprakash Power Ventures set aside ₹511 crore to settle a claim from NARCL (a buyer of bad loans) on a guarantee it gave for Jaiprakash Associates' loans, subject to conditions. Its auditors again qualified their review over a ₹5,697 crore lenders' claim.** ## The ones to read first - **Hindustan Zinc** [reported](https://nsearchives.nseindia.com/corporate/HINDZINCNSE%5F19102026154508%5FSEintimationpressrelease.pdf) its highest quarterly profit. The release puts the rise down to higher metal prices, more metal produced, a lower cost of production, better by-product realisation and a stronger dollar. Consolidated, September quarter: | | Q2 FY26 | Q2 FY27 | | --------------------------------------- | -------------- | -------------------------- | | Revenue from operations | ₹8,549 crore | ₹15,093 crore (+77%) | | EBITDA (operating profit) | ₹4,467 crore | ₹9,285 crore (+108%) | | EBITDA margin | 52% | 62% | | Net profit | ₹2,649 crore | ₹6,412 crore (+142%) | | Silver sales | ₹1,706 crore | ₹4,111 crore (+141%) | | Zinc cost of production, before royalty | US$994 a tonne | US$703 a tonne (29% lower) | - Silver production was 173 tonnes, up 20%. For the half year the company says silver contributed about 45% of its overall profitability. - Gross investments and cash were ₹17,439 crore at 30 September, against borrowings of ₹6,171 crore. - Its [results presentation](https://www.bseindia.com/xml-data/corpfiling/AttachLive/9d28cec3-e812-4af2-b066-14920c33e5ec.pdf) lists four blocks under India's Critical Mineral Mission: composite licences granted for potash at Jhandawali-Satipura, Rajasthan, and rare earths at Nawatola-Laband, Uttar Pradesh, with mining planned for April 2030 and June 2030; tungsten exploration under way at Balepalyam, Andhra Pradesh (mining planned for September 2030); and a letter of intent as preferred bidder for rare earths and yttrium at Gundlupet, Karnataka. - **UltraTech Cement** [reported](https://nsearchives.nseindia.com/corporate/ULTRACEMCO1%5F19102026134753%5FOutcome%5Fof%5FBM%5F-%5FFinancial%5FResults.pdf) consolidated revenue from operations of ₹23,295.07 crore against ₹19,606.93 crore, up 18.8%, and net profit of ₹1,501.38 crore against ₹1,237.98 crore, up 21.3% (both our arithmetic). The filing prints an operating margin of 16%, the same as a year earlier. The review conclusion is not modified. The auditors draw attention to Competition Commission of India penalties of ₹1,804.31 crore and ₹68.30 crore, under appeal; the filing states no provision has been made for them. - Its [presentation](https://nsearchives.nseindia.com/corporate/ULTRACEMCO1%5F19102026140953%5FSEinvestorpresentation.pdf) puts operating EBITDA at ₹974 a tonne, ₹60 more than a year earlier, on consolidated sales of 38.22 million tonnes, up 12.9%. Capacity utilisation was 71%, up 5 percentage points. It commissioned 4.6 million tonnes a year of grey cement capacity in the quarter, taking the total to 210.1 million tonnes a year. - Managing Director K. C. Jhanwar's term ends on 31 December 2026\. The board [approved](https://nsearchives.nseindia.com/corporate/ULTRACEMCO1%5F19102026135017%5FSE%5FIntimation%5FChange%5Fin%5Fboard%5Fcomposition.pdf) making him non-executive vice chairman from 1 January 2027, when vice chairman K. K. Maheshwari steps down from that post, citing current engagements and personal commitments. The filing does not name a new managing director. - The board also [approved a corporate guarantee](https://nsearchives.nseindia.com/corporate/ULTRACEMCO1%5F19102026135333%5FOutcome%5Fof%5FBM%5F-%5FCorporate%5FGuarantee.pdf) of up to US$55 million for a loan to its associate UHG Holdings IFSC, in which promoter Grasim Industries holds 9% and promoter-group company Hindalco 50%. The filing states the deal is at arm's length; it is a contingent liability (a possible future obligation) for UltraTech. - **Bajaj Finance**: consolidated profit after tax rose 29% to ₹6,367 crore in the September quarter, its [investor presentation](https://nsearchives.nseindia.com/corporate/BAJFINANCE%5F19102026172612%5FSEIntimation%5FInvestorPPT%5F19102026.pdf) says. Assets under management rose 26% to ₹5,84,624 crore. Gross and net bad loans improved to 1.06% and 0.42%, from 1.24% and 0.60% a year earlier. - Loan losses and provisions were ₹2,166 crore against ₹2,080 crore in the September 2025 quarter. They include a "prudent management and macro-economic provision" of ₹337 crore; before it, profit after tax rose 34% to ₹6,619 crore. - Loans showing stress (Stage 2 and 3) rose to 2.02% of loans from 1.87% in the June quarter, including a ₹1,047 crore rise in gold loans that the company ties to short-tenor schemes it no longer offers. - Annualised return on assets was 4.6% and return on equity 20.6%, against 4.5% and 19.1% a year earlier. - The presentation restates the board's approval of 1 October, subject to shareholders, to raise up to ₹11,700 crore from institutions and up to ₹5,800 crore through warrants (rights to buy shares later at a fixed price) to Bajaj Finserv, its promoter and holding company. - **Union Bank of India**'s [press release](https://nsearchives.nseindia.com/corporate/UNIONBANK%5F19102026122544%5FPress%5FRelease%5FSept2026.pdf) shows loans growing much faster than deposits. Gross advances rose 18.53% in a year to ₹11,55,876 crore; deposits rose 6.87% to ₹13,19,455 crore. The credit-deposit ratio (loans as a share of deposits) rose to 88.13% from 79.67% a year earlier. The net interest margin (interest earned less interest paid, as a share of the assets that earn it) was 2.86%, against 2.80% in the June quarter. - The [results statement](https://nsearchives.nseindia.com/corporate/UNIONBANK%5F19102026120305%5FResults%5FSept2026.pdf) gives standalone profit of ₹5,537.20 crore against ₹4,249.08 crore a year earlier, up 30.3% (our arithmetic; converted from lakh). Gross bad loans fell to 2.42% of advances from 3.29% a year earlier, and net bad loans to 0.42% from 0.55%. The capital adequacy ratio (capital as a share of risk-weighted assets) was 17.94%. - **Jaiprakash Power Ventures** [provided ₹511.00 crore](https://nsearchives.nseindia.com/corporate/JPPOWER%5F19102026200955%5FOutcome.pdf) as an exceptional item in the September quarter to settle a claim by NARCL (National Asset Reconstruction Company, a buyer of bad loans). The filing calls it full and final payment, subject to conditions and definitive agreements. - The results notes, a scan read from the page images, explain the claim. The company had given State Bank of India a corporate guarantee of USD 1,500 lakh (US$150 million, our arithmetic) for loans to Jaiprakash Associates, which Adani Enterprises acquired through the insolvency process in March 2026\. SBI assigned the loans to NARCL, which applied to the company law tribunal in the June quarter to start insolvency proceedings against the company over the guarantee. The company says lenders had agreed in 2019 to release the guarantee; the proceedings are to be withdrawn once the settlement conditions are met. - Standalone figures from the scanned results page (converted from lakh): revenue from operations ₹1,512.12 crore against ₹1,438.30 crore; profit before exceptional items and tax ₹521.39 crore against ₹291.73 crore; net profit ₹33.31 crore against ₹182.03 crore. - The auditors' review conclusion on the standalone results is qualified. The basis: no provision against a recompense claim (a lenders' claim to recover concessions made in a debt restructuring) of ₹5,69,651 lakh, about ₹5,697 crore, by lenders led by ICICI Bank. The company disputes the amount; management says nothing is payable at 30 September and any amount would be recoverable under its power purchase agreements. The same matter was qualified in the 2025-26 audit and the June-quarter review. - The notes also state that at 30 September the company had received 322 show-cause notices from district mining offices (about ₹8,573 crore) and 74 demand notices (about ₹3,479 crore) alleging illegal sand mining. The Andhra Pradesh High Court has granted an interim (temporary) stay on all the demand notices, and the company disputes the allegations. - Jigar Dalal becomes chief financial officer on 1 November and Paresh Patel company secretary on 1 December. ## Q2 results - **Delta Corp** [reported](https://nsearchives.nseindia.com/corporate/DELTACORP%5F19102026203203%5FDCL.pdf) a standalone loss of ₹80.02 crore for the September quarter against a profit of ₹22.41 crore a year earlier, on revenue of ₹126.94 crore against ₹131.05 crore. It charged ₹118.98 crore as an exceptional item for GST (goods and services tax) on its casino transactions and on mixed supplies, worked out under a Supreme Court judgment of 27 May 2026 on GST for gaming, betting and casinos. With interest, the provision is ₹319.60 crore over the half year, ₹200.62 crore of it in the June quarter. The filing states management has concluded it will no longer have to indemnify the buyer of its stake in DGL for GST. It closed its Sikkim casino last quarter, and flooding shut its Daman hotel for 37 days. The review conclusion is not modified. - **Piramal Finance** [reported](https://nsearchives.nseindia.com/corporate/Piramalcapital%5F19102026155546%5F04%5FPFL%5FSE%5FIntimation%5FPress%5FRelease%5Fsd.pdf) consolidated profit after tax of ₹545 crore against ₹327 crore a year earlier, and total income of ₹1,767 crore against ₹1,328 crore. Assets under management rose 24% to ₹1,13,112 crore. Cost-to-income fell to 52.1% from 61.2%. Gross and net bad loans were 2.4% and 1.7%. Moody's upgraded it to Ba2 from Ba3\. Its [board outcome](https://nsearchives.nseindia.com/corporate/Piramalcapital%5F19102026153342%5F01%5FPFL%5FSE%5FIntimation%5FOutcome%5Fsd.pdf) records a ₹2,099.99 crore share sale to institutions in the quarter (99,52,606 shares at ₹2,110) and up to 82,94,000 warrants at the same price for promoter entity Nithyam Realty, up to ₹1,750.03 crore; 25% of that, ₹437.51 crore, came in after the quarter. - **HFCL** [reported](https://www.bseindia.com/xml-data/corpfiling/AttachLive/52bcff6e-34cb-4d4b-88ca-a59046342f27.pdf) consolidated revenue of ₹2,541.79 crore against ₹1,043.34 crore a year earlier, and profit of ₹394.22 crore against ₹71.92 crore. The EBITDA margin was 25.89% against 19.49%. The order book exceeds ₹28,900 crore. It plans about ₹1,800 crore of capital spending on optical fibre, cable and preform making, and says it is "evaluating various strategic options" to sharpen business focus and capital allocation. - **L&T Technology Services** [reported](https://www.bseindia.com/xml-data/corpfiling/AttachLive/530476e5-46e7-4b2c-8916-82782171c66f.pdf) consolidated revenue of ₹3,040.4 crore, up 12.1% on a year earlier, and an EBIT (operating profit) margin of 16.3% against 14.1% a year earlier. Net income was ₹548.2 crore against ₹328.7 crore, including a ₹165 crore gain on selling its SWC business; from continuing operations it was ₹379.6 crore against ₹317.2 crore (converted from ₹ million; year-ago figures restated). [Interim dividend](https://www.bseindia.com/xml-data/corpfiling/AttachLive/1fa6581a-8d58-4e19-8564-a6041d4405b0.pdf) ₹20 a share, record date 27 October. - **Waaree Renewable Technologies** [reported](https://nsearchives.nseindia.com/corporate/WAAREERTL%5F19102026205127%5FRelease-s.pdf) consolidated revenue of ₹1,057.84 crore, up 36.53%, but profit of ₹81.48 crore against ₹116.36 crore a year earlier; the EBITDA margin was 15.12% against 20.39%. The CFO points to acquisition financing costs and an added business with a different margin profile. Unexecuted orders exceed ₹5,500 crore. The board also [approved capex](https://nsearchives.nseindia.com/corporate/WAAREERTL%5F19102026181248%5FOutcome.pdf) for a 35 MWp (25 MWac) solar plant at Wardha, Maharashtra, which the filing calls an IPP (independent power producer) plant; no cost is given. - **Just Dial** [reported](https://nsearchives.nseindia.com/corporate/chintan%5F19102026220527%5FPress%5FRelease.pdf) revenue of ₹342.8 crore, up 13.1% on a year earlier; it has no subsidiaries, so the figures are standalone. Operating EBITDA was ₹90.7 crore, a margin of 26.4% against 28.7% a year earlier; the company says AI, automation and B2B expansion took about one-third of the extra spending. Net profit fell 9.7% to ₹107.8 crore, mainly on lower other income of ₹54.6 crore. Paid campaigns rose 5.2% to 6,56,520. - **IREDA** [reported](https://nsearchives.nseindia.com/corporate/IREDAEQ%5F19102026192951%5FOutcomeBM19102026.pdf) audited standalone profit of ₹554.26 crore against ₹549.00 crore. Loans were ₹93,961.30 crore against ₹82,012.15 crore a year earlier. Provisions covered 70.44% of credit-impaired (Stage III, meaning in default) loans at 30 September 2026, against 51.48% a year earlier. The results note that three fraud cases, about ₹672.74 crore in all, were reported to the RBI in the period ended 30 September 2026 (one case of about ₹7.80 crore in the previous period). The note says the ₹672.74 crore relates to two Gensol group cases that were disclosed earlier and are fully provided for. The auditors' opinion is not modified; they draw attention to the audit committee's make-up (one independent and two non-executive directors, pending the government's appointment of independent directors). The scan is garbled in places; only clearly printed figures are used. - **Sobha**'s [press release](https://nsearchives.nseindia.com/corporate/SOBHA%5F19102026180048%5FSOBHALtd%5FQ2FY27%5FPressRelease19102026.pdf) puts sales bookings for April to September at ₹5,862 crore, up 47.2%, which it calls its highest ever. Revenue was ₹1,017 crore in the quarter and ₹2,347 crore in the half year, down 1%; profit was ₹33 crore and ₹84 crore, down 2.6% for the half year (converted from ₹ billion). It puts net debt at minus ₹340 crore (cash above debt); the [presentation](https://nsearchives.nseindia.com/corporate/SOBHA%5F19102026175044%5FSOBHA%5FInvestor%5FPresentation%5FQ2%5FFY%5F2026-27.pdf) prints minus ₹322 crore and adds ₹22,041 crore of revenue still to be recognised from units sold and a projected project-level EBITDA margin above 30% (converted from ₹ billion). The [board approved](https://nsearchives.nseindia.com/corporate/SOBHA%5F19102026174452%5FSOBHA%5FOutcome%5Fof%5FBoard%5FMeeting%5FQ2%5FFY%5F2027.pdf) buying the fire and safety division of a related party, Sobha Projects and Trade, on a slump sale (a whole-business transfer) at arm's length; the filing gives no price. The auditors draw attention to two matters without modifying their conclusion. The first is an Enforcement Directorate complaint alleging irregularities in the allotment and pricing of plots in a Gurugram joint development. Land worth ₹201.6 crore (converted from ₹ million) held by Technobuild Developers, over which Sobha has rights and against which it gave a land advance, is provisionally attached; the attachment was confirmed and Sobha has appealed. The filing states that recovery of the advance is presently uncertain. The second is income tax demands after a 2023 search, which Sobha has appealed. - **SML Mahindra** [reported](https://nsearchives.nseindia.com/corporate/SMLISUZU%5F19102026162533%5F062OutcomeBM19102026SIGNEDPM.pdf) revenue of ₹669.79 crore against ₹555.11 crore a year earlier, but profit of ₹11.70 crore against ₹21.05 crore. A note records its ₹525 crore purchase of Mahindra & Mahindra's truck and bus business, expected to close on or before 31 January 2027, subject to closing conditions. The review report is unmodified. - **Elevate Campuses**, listed on 30 September, [reported](https://nsearchives.nseindia.com/corporate/ELEVATE%5F19102026204356%5FFinancial%5FResults.pdf) consolidated June-quarter results, restated for 14 school companies it bought later: revenue of ₹219.1 crore against ₹166.9 crore in the June 2025 quarter, and profit of ₹34.1 crore against ₹118.7 crore, which included a ₹108.6 crore exceptional gain (converted from ₹ million). The year-ago figures were not reviewed. Its [presentation](https://nsearchives.nseindia.com/corporate/ELEVATE%5F19102026211754%5FInvestor%5FPresentation%5F-%5Ffinal.pdf) says ₹1,829.8 crore of the ₹2,100 crore IPO money has been used: ₹1,083.7 crore on school companies and campuses, ₹711.5 crore on repaying debt and ₹34.6 crore on acquisitions, strategic initiatives and general purposes. It prints an EBITDA margin of 76.1%, which is measured on total income, including other income (our arithmetic). - **A-One Steels India**, listed on 1 October, [reported](https://nsearchives.nseindia.com/corporate/AONESTEELS%5F19102026172407%5F1%5FOutcomeof%5Fthe%5FBM.pdf) consolidated revenue of ₹1,040.55 crore for the June quarter against ₹1,008.14 crore, and profit of ₹47.85 crore against ₹31.99 crore (converted from lakh). A fire on 8 October hit Furnace-4 of its ferro plant at Ballari, Karnataka; the company says the plant is insured and it is assessing the loss. - **Nelco** [reported](https://nsearchives.nseindia.com/corporate/NELCO%5F19102026173350%5FUFRSept2026.pdf) consolidated income from operations of ₹78.14 crore against ₹74.33 crore a year earlier, and profit of ₹1.73 crore against ₹1.62 crore. In the quarter it put ₹191.10 crore (US$20 million) into compulsorily convertible debentures (loans that must later turn into shares) of Elveo Mobile, Inc. (formerly Lunar Holdco). Its long-term borrowings were ₹194.17 crore, against nil at 31 March; total equity was ₹131.13 crore (converted from lakh). - **Bhansali Engineering Polymers** [reported](https://nsearchives.nseindia.com/corporate/BEPL%5F19102026131952%5FFinalsigned.pdf) standalone revenue of ₹403.37 crore against ₹325.10 crore a year earlier, and profit of ₹63.03 crore against ₹40.09 crore (converted from lakh). Its expansion of ABS (a plastic) capacity to 1,00,000 tonnes a year, estimated at ₹200 crore and due in September 2026, is now expected by March 2027; it cites delayed imported equipment and a delayed reactor, which it ties to the Gulf and Russia-Ukraine wars. Second interim dividend Re 1 a share, record date 24 October. - **Tiger Logistics (India)**: its [release](https://nsearchives.nseindia.com/corporate/TIGER%5F19102026194639%5FPress%5Frelease%5Fto%5Fupload.pdf) gives quarterly revenue of ₹225.14 crore, up 33.4%, profit of ₹5.85 crore against ₹8.62 crore a year earlier, and an EBITDA margin of 4.4% against 7.8% (converted from lakh). It does not say whether the figures are standalone or consolidated. We did not report its results on 16 October because the scan could not be read cleanly. - **Mangalam Global Enterprise** [reported](https://nsearchives.nseindia.com/corporate/MGEL%5F19102026175050%5FOUTCOME%5FOF%5FBM%5F19102026%5FSIGNED.pdf) consolidated revenue of ₹982.56 crore against ₹705.80 crore a year earlier. Profit after tax was ₹9.25 crore against ₹17.80 crore. The year-ago quarter included a ₹10.64 crore exceptional gain; before that item, profit before tax was ₹12.27 crore against ₹8.65 crore (all converted from lakh). Its [release](https://nsearchives.nseindia.com/corporate/MGEL%5F19102026183106%5FPRESS%5FRELEASE%5F30092026%5FSIGNED.pdf) puts adjusted EBITDA at ₹23.10 crore, a 2.35% margin against 2.36%. - **AksharChem (India)** [reported](https://nsearchives.nseindia.com/corporate/AKSHARCHEM%5F19102026173538%5FOutcome.pdf) standalone revenue of ₹160.48 crore against ₹89.30 crore a year earlier, and profit of ₹13.32 crore against a loss of ₹1.37 crore (converted from lakh). The board approved the re-appointment of Munjal M. Jaykrishna as managing director and CEO for three years from 19 October, subject to shareholders' approval. - **Tatva Chintan Pharma Chem** [says](https://nsearchives.nseindia.com/corporate/TATVA%5F19102026211310%5FIRF.pdf) the quarter brought what it calls "historic revenues" while EBITDA stayed at nearly the same level. It puts this down to short supplies that lifted some solvent prices by 60% to 100%, and to freight costs up more than 100% in certain sectors of the US and Europe. It expects both to normalise within the third quarter. Its results tables are images, so we give no revenue or profit. The filing corrects two half-year ratios in its presentation: return on equity 6.3% (not 2.6%) and debt to EBITDA 1.16 (not 4.30). - **Polycab India**'s [call transcript](https://nsearchives.nseindia.com/corporate/POLYCAB%5F19102026163912%5FIntimation%5Fof%5FEarnings%5FCall%5FTranscript.pdf) (15 October; results reported 15 Oct): wires and cables revenue rose 47% at a 14.2% EBIT margin, with volumes up in the mid to high single digits in the quarter. Asked about the segment, management said wires grew at an early double-digit rate in volume and cables at a mid-single-digit rate. Revenue from fans, lights, switches and solar products (FMEG) rose 124%, and that segment's EBIT margin passed 10% for the first time, at 10.1%, helped by premium products, now about 33% of fans and 38% of lights. The average working-capital cycle fell to about 11 days, helped by longer supplier credit through letters of credit; management expects it to move back toward 45 to 50 days. Net cash was ₹4,520 crore (converted from INR 45.2 billion). - **Tata Technologies**' [call transcript](https://nsearchives.nseindia.com/corporate/TTLNSE%5F19102026095926%5FInvestorcalltranscript%5FS.pdf) (14 October; results reported 14 Oct): from 1 July, revenue from certain "OEM-hosted SaaS" (online software) licences in its product business is booked over the licence term instead of upfront, in line with accounting guidance. That cut the quarter's revenue by ₹12.6 crore; without it, revenue would have grown 2.8% on the June quarter instead of 2.1%. The operating EBITDA margin held at 16.1% while absorbing annual pay rises that management says were a headwind of more than 100 basis points (1 percentage point). - **Tata Elxsi**'s [call transcript](https://www.bseindia.com/xml-data/corpfiling/AttachLive/211a23af-40e5-4714-a87f-98b232e17654.pdf) (13 October; results reported 13 Oct): the EBITDA margin rose 70 basis points from the June quarter, to 21.9%. The CFO said about 60 to 70 basis points came from currency moves and 10 to 20 from operating leverage (costs growing more slowly than revenue) and fading one-off costs, and that this was in large part offset by wage rises. Utilisation (the share of staff time billed) was about 78%, against a past peak of about 81% to 82%. - **Heritage Foods**' [call transcript](https://nsearchives.nseindia.com/corporate/HERITGFOOD%5F19102026171125%5FQ2%5FConcall%5FTranscript.pdf) (16 October; results and the 11% rise in milk cost reported 15 Oct): its overall selling price rose about 8%, milk about 6%. Value-added products, including ghee and butter, were 42.5% of revenue against 37.9% a year earlier. Management said an "INR0.5 reduction in milk procurement prices will improve our bottom line by 0.7%". - **GTPL Hathway**'s [call transcript](https://www.bseindia.com/xml-data/corpfiling/AttachLive/6d4923df-1e35-4a1e-90c2-cb2e4b6efbe4.pdf) (14 October; results reported 13 Oct): the ACT Group cable business it bought for ₹35.55 crore, with about 6 lakh subscribers, earns a 12% operating margin against 20% for the company; management expects 25% to 26% after integration. Digital cable subscribers reached 11 million. - **Karur Vysya Bank**'s [call transcript](https://www.bseindia.com/xml-data/corpfiling/AttachLive/3C68947C-2C10-40EF-9CC6-3368A760F8CE-082649.pdf) (15 October; results reported 15 Oct): an analyst put its insurance-sales commission at about ₹165 crore last year, 18% to 19% of fee income. The chief executive said the insurance regulator's guidelines are still fluid and, on a rough estimate, some commissions could fall by 60% to 70%. - **Sri Lotus Developers and Realty**' [call transcript](https://nsearchives.nseindia.com/corporate/SRILOTUS%5F19102026193305%5FIntimation%5FEarnings%5FCall%5FTranscript%5FSd.pdf) (16 October; results reported 15 Oct): management credited its 39.9% EBITDA margin to having no net debt, very limited marketing, projects finished in 2.5 to 3.5 years and premium pricing. Guidance for 2026-27: pre-sales of ₹1,800 crore to ₹2,000 crore, and revenue and profit up 55% to 60%. - **Sejal Glass**' [presentation](https://nsearchives.nseindia.com/corporate/SEJALLTD%5F19102026144623%5FSE%5FFinal.pdf) (results reported 13 Oct) says made-to-order pricing passes on 70% to 90% of changes in glass prices, and that insulated and laminated glass rose to 68% of India standalone sales in 2025-26 from 63%. - **Rossari Biotech** (results filed 17 Oct and reported in our 18 Oct digest): its [release](https://nsearchives.nseindia.com/corporate/ROSSARI%5F19102026004611%5F20261019%5FIntimation%5Fof%5FPress%5FRelease%5FQ2%5FH1%5FFY27.pdf) puts consolidated EBITDA at ₹87.0 crore, up 20.9% on a year earlier, a 12.5% margin, and net debt at ₹221 crore against ₹281 crore in March; its [presentation](https://nsearchives.nseindia.com/corporate/ROSSARI%5F19102026003706%5F20261019%5FIntimation%5Fof%5FEarnings%5FPresentation%5FQ2%5FH1%5FFY27.pdf) says the margin was 14.1% excluding its institutional and consumer businesses. - **ArMee Infotech** (June-quarter results reported 15 Oct): its [presentation](https://nsearchives.nseindia.com/corporate/ARMEEINFOTECH%5F19102026170520%5FInvestor%5FPresentation%5FQ1%5F30th%5FJune.pdf) gives a consolidated order book of ₹2,609.41 crore at 30 June and a consolidated EBITDA margin of 2.52% against 1.12% a year earlier (standalone: 2.83% against 1.74%). - **ICICI Lombard** (our companion article ran 14 Oct): its [call transcript](https://nsearchives.nseindia.com/corporate/ICICIGI%5F19102026131424%5FSE%5FIntimation%5FEarnings%5Fcall%5Ftranscript.pdf) puts its June-quarter motor combined ratio (claims and costs as a share of premium) at 108.3%, against 131.4% for the industry. - Smaller companies: **Modern Dairies** [standalone revenue](https://www.bseindia.com/xml-data/corpfiling/AttachLive/58b044d9-136f-4179-a05a-b27a5c91ec5d.pdf) ₹74.39 crore against ₹81.96 crore a year earlier, profit ₹2.25 crore against ₹1.69 crore (converted from lakh); **Bajaj Healthcare**, from its [newspaper extract](https://nsearchives.nseindia.com/corporate/BAJAJHCARE%5F19102026115559%5FIntimation%5Ffor%5FNewspaper%5FPublication.pdf), total income from operations ₹175.90 crore against ₹147.91 crore a year earlier, profit ₹14.38 crore against ₹12.45 crore (converted from lakh; the extract does not say standalone or consolidated). ## Deals and capital - **Transrail Lighting**, a power-line construction company, [will buy 49%](https://nsearchives.nseindia.com/corporate/TRANSRAIL%5F19102026194259%5FTLLPressrelease19102026.pdf) of NOPL Pace Green Energy for up to ₹20 crore in cash, and may later raise its stake to 100%. The filing states the deal is structured to give Transrail financial and project management control under its arrangements with the other shareholder, Onix Renewable. NOPL is developing about 990 MW (AC) of solar plants in Maharashtra under the government's PM-KUSUM solar scheme for farm power, at a project cost of about ₹3,900 crore. It has a 25-year agreement to sell power to Maharashtra's state distribution company (MSEDCL) at a fixed ₹3.10 a unit. NOPL has no revenue yet; the [board outcome](https://nsearchives.nseindia.com/corporate/TRANSRAIL%5F19102026190308%5FOutcomeBM19102026.pdf) says completion is due within 180 days of NOPL's own board approving it, and needs the consent of the lender that sanctioned the project debt. - **Cemindia Projects** (formerly ITD Cementation India) [closed its share sale to institutions](https://nsearchives.nseindia.com/corporate/ITD%5F19102026215609%5FStock%5Fexchange%5FIntimation%5Fof%5FIssue%5Fclosing%5Fand%5Fpricing%5FSigned.pdf) on 19 October, allocating 1,26,35,379 shares at ₹1,108, a 4.37% discount to the floor price of ₹1,158.58: about ₹1,400 crore (our arithmetic). We reported the opening on 14 October. - **Imagicaaworld Entertainment**'s [business update](https://nsearchives.nseindia.com/corporate/IMAGICAA%5F19102026124453%5FCovLetter.pdf) says its board approved selling the Novotel Imagicaa hotel to Juniper Hotels for ₹248 crore, with a binding MoU signed in the first week of October. It received the last ₹129.45 crore due on 2,34,82,500 warrants issued at ₹73.50 to the promoter and other investors, so none remain. Visitors fell 6% to 2.1 lakh in the quarter, which it puts down to heavy rain. - **Quality Power Electrical Equipments**' shareholders [met](https://nsearchives.nseindia.com/corporate/QPOWER1234%5F19102026195328%5FOutcomeEOGM19102026.pdf) on 19 October to vote on three items: buying Winwin Speciality Insulators for shares; a share sale to institutions of up to ₹700 crore; and a promoter bridge loan (a stop-gap loan) of up to ₹175 crore at 9% a year for 11 years. The result is due within 48 hours. - **Dhampur Bio Organics** [signed a 10-year licence](https://nsearchives.nseindia.com/corporate/DBOLTD%5F19102026175326%5FIntimation%5Fof%5FTLA%5FAgreement.pdf) with Planetary SA of Switzerland to make mycoprotein, a protein food ingredient, in India, using sugar and molasses as feedstock. It will pay a royalty of 10% of after-tax revenue each quarter plus one-time launch and IT set-up fees (amounts not stated); a joint venture to sell the product is planned. - **Indiqube Spaces** [will invest up to ₹35 crore](https://nsearchives.nseindia.com/corporate/INDIQUBE%5F19102026181741%5FINDIQUBE.pdf) for up to 49% of SaiEdge Realty, set up in July with no turnover, which will develop office space that Indiqube intends to lease. The filing states the investment is not a related-party deal, but SaiEdge becomes a related party once it completes; the planned lease is to be at arm's length and needs the audit committee's prior approval. - **CARE Ratings** [agreed to sell](https://nsearchives.nseindia.com/corporate/CARERATINGS%5F19102026141810%5FCARE.pdf) 9.90% each of its subsidiary CareEdge Global IFSC to State Bank of India and NSE IFSC; it will keep 80.20%. No price is given. - **Indo Borax & Chemicals** [pledged](https://nsearchives.nseindia.com/corporate/INDOBORAX%5F19102026155904%5FIntimationregulation30.pdf) 51,94,560 shares of its subsidiary Kronox Lab Sciences, about 14% of Kronox, to secure a term loan of about ₹225 crore taken to buy Kronox shares. It holds 64.26% and says control is unchanged. Its postal ballot on such security, reported on 12 October, closes on 11 November. - Share and warrant issues: **Mangal Credit and Fincorp** [allotted 25,00,000 warrants](https://nsearchives.nseindia.com/corporate/MCFL%5F19102026175117%5FOutcome.pdf) at ₹247 (₹61.75 crore) to five promoters and one non-promoter, a quarter paid now; **Kaya** [received in-principle approval](https://nsearchives.nseindia.com/corporate/KAYA%5F19102026191403%5FIP%5Fapproval%5Fintimation.pdf) for 18,24,150 shares at ₹274.10 (about ₹50 crore) for Axana Estates LLP and Plutus Investments India; **Swaraj Suiting** [corrected its EGM notice](https://nsearchives.nseindia.com/corporate/SWARAJ%5F19102026213513%5FRegu30EGMCorrigendum19Oct2026.pdf) for issues at ₹335 to public (non-promoter) investors, ₹117.25 crore of shares, mostly for working capital, and ₹56.95 crore of warrants, ₹30 crore of it for new capacity; **Solex Energy**'s subsidiary [approved up to ₹150 crore](https://nsearchives.nseindia.com/corporate/SOLEX%5F19102026160558%5FIntimation%5Funder%5FReg%5F30.pdf) of compulsorily convertible debentures, which the investor (not named) may choose to swap into Solex Energy shares, subject to Solex Energy's board approval; **Affle 3i** [allotted 17,04,324 shares](https://nsearchives.nseindia.com/corporate/AFFLE%5F19102026125518%5FAllotment%5Fintimation%5Fwarrants%5Fconversion%5Fsigend.pdf) to its promoter on converting warrants (the payment was reported on 16 Oct; shares for a further US$14.99 million await currency conversion). - **Gabriel India**'s seating joint venture with Faurecia [was incorporated](https://nsearchives.nseindia.com/corporate/GABRIEL%5F19102026193810%5FSEIntimation%5Fsigned.pdf) as Faurecia Anand Seating India, with ₹20 crore of initial investment; Gabriel holds 50% less one share. - Mergers and sales: **CL Educate** [will merge](https://nsearchives.nseindia.com/corporate/CLEDUCATE%5F19102026145210%5Fmerger%5Fintimation-SD.pdf) its wholly owned DEXIT Global into itself, with no shares issued; DEXIT's 2025-26 turnover was ₹223.47 crore, against ₹275.28 crore for CL Educate standalone. **EPL** [received the exchanges' no-objection letters](https://nsearchives.nseindia.com/corporate/Sonia%5FGupte%5F19102026151455%5FSEIntimationNoObjectionLetterSd.pdf) on merging Indovida India into itself and can now file the scheme with the tribunal. **G-TEC Jainx Education** [approved selling](https://nsearchives.nseindia.com/corporate/KEERTI%5F19102026154619%5FOUTCOMEOFBM.pdf) all four of its company-owned centres; no buyer or price is given. - Open offers (offers to buy shares from the public, required when a buyer takes control or a large stake): **Kuber Udyog**'s [letter of offer](https://www.bseindia.com/xml-data/corpfiling/AttachLive/26F252EB-C79E-4BC4-AA7E-616DF8CADFE0-113652.pdf) seeks 26% at ₹23.35 a share from 28 October to 11 November. The buyers are to receive 7,62,85,000 new shares for selling the company Golden Ikon Fleet Management, whose audited total income was ₹307.92 crore in 2025-26 against ₹238.80 crore, and profit ₹11.12 crore against ₹15.08 crore (converted from lakh; [corrigendum](https://www.bseindia.com/xml-data/corpfiling/AttachLive/BC73B094-F456-4131-ADA0-8C00FBCB0BF1-125912.pdf)). Its [committee of independent directors](https://www.bseindia.com/xml-data/corpfiling/AttachLive/5c9379b5-3134-4981-9a53-2c9820a5d160.pdf) filed its recommendation on the offer, as the takeover rules require. **RR Metalmakers India**: the [offer](https://www.bseindia.com/xml-data/corpfiling/AttachLive/874c9ab5-9f2f-4943-805e-891f4706f1b0.pdf) for 26% is at ₹36.83 a share, including ₹12.98 of interest; SEBI directed the rise from ₹23.85 after noting that the sellers' share purchases in 2019-20 and 2021-22 had triggered open offers they did not make, the filing states. **Genomic Valley Biotech**: two buyers [agreed](https://www.bseindia.com/xml-data/corpfiling/AttachLive/A6BB17E8-BC98-4116-995C-CFCF7B45449B-175642.pdf) to buy 46.06% from the promoter at ₹30 a share and will offer ₹30 for another 26%. **Inani Securities**: Aikyam Financial Services [offers](https://www.bseindia.com/xml-data/corpfiling/AttachLive/7FF692DE-87C0-437A-9CDD-7A5ED805DB61-120431.pdf) ₹60 a share for 26%, after agreeing to buy 56.92% from the promoters. **Hiliks Technologies**: Enact Technologies and others filed a [draft offer](https://www.bseindia.com/xml-data/corpfiling/AttachLive/5CE12007-BE7C-4F72-84CF-159374C72FD3-165522.pdf) for 26% at ₹72 a share, about ₹26.58 crore if fully taken up (our arithmetic). - **Laser Diamonds**: Sangita, a shareholder the filing marks as not a promoter, [sold 13.50%](https://www.bseindia.com/xml-data/corpfiling/AttachLive/385DE7EF%5FB73A%5F455C%5F9530%5F862286E5DCC3%5F160907.pdf) on 14 October, cutting her holding to 9.64% from 23.14%. The buyer is not named. ## Orders - **Larsen & Toubro** [received a limited notice to proceed](https://nsearchives.nseindia.com/corporate/PAM%5F19102026101805%5FPressRelease19102026.pdf) from the consortium building the New Tashkent International Airport in Uzbekistan, for a passenger terminal and landside works designed for about 17 million passengers a year. A limited notice to proceed is a partial go-ahead to start early work. L&T labels the project ultra-mega, its class for orders above ₹15,000 crore. The full notice to proceed is awaited. - **Power Mech Projects** [won a ₹327.35 crore order](https://nsearchives.nseindia.com/corporate/POWERMECH%5F19102026123348%5FDISCLOSURE%5F%5F%5F1%5F.pdf), excluding GST, from Vedanta Aluminium Metal to operate and maintain a coal-fired co-generation plant at Lanjigarh, Odisha, for 48 months. - **Tara Chand InfraLogistic Solutions** [won crane-hire contracts](https://nsearchives.nseindia.com/corporate/TARACHAND%5F19102026161432%5FBusiness%5FUpdate.pdf) of about ₹45.73 crore including taxes: ₹28.70 crore from BHEL and ₹17.03 crore from Adani Power. ## Capacity and operations - **Allied Blenders and Distillers** [began commercial operations](https://nsearchives.nseindia.com/corporate/ABDINDIA%5F19102026103057%5FSE%5FIntimation%5F-%5FPress%5FRelease%5FUP%5FBottling%5FUnit%5Fsd.pdf) at its bottling plant in Moradabad, Uttar Pradesh, with an initial capacity of 6 million cases a year. The plant is part of assets bought in January for about ₹70 crore and upgraded for about ₹40 crore. The company expects savings from bottling more in-house, including on franchise fees. - **Ceigall India**: a subsidiary [received a provisional completion certificate](https://nsearchives.nseindia.com/corporate/ceigall%5F19102026135659%5FIntimation%5FPre%5FCOD%5F19102026.pdf) for a four-lane stretch of NH-152G in Haryana, provisionally complete from 27 August. It was built for NHAI under a model where the authority pays in instalments (bid cost ₹684 crore). Its wholly owned subsidiary Jam Khambhaliya Jamnagar Power Transmission (we reported on 12 October that Ceigall had signed to buy it) [signed the transmission service agreement](https://nsearchives.nseindia.com/corporate/ceigall%5F19102026153409%5FTransmission%5FService%5FAgreement%5FJKJPTL.pdf). The lines will carry power from Lakadia, Khambhaliya and Jamnagar. No project cost is given. ## Regulators and incidents - **R M Drip and Sprinklers Systems**: the Enforcement Directorate [searched](https://nsearchives.nseindia.com/corporate/RMDRIP%5F19102026102911%5FIntimation.pdf) its registered office and the promoter's home from 7.15 am on 16 October to 2.35 am on 17 October. The filing states the authority has not yet told it of any violation, and that there is no material impact on its finances or operations at present. - **Dharan Infra-EPC**: on 16 October the company law tribunal in Mumbai [dismissed the application](https://nsearchives.nseindia.com/corporate/KBCGLOBAL%5F19102026143046%5F19102026.pdf) to withdraw its insolvency process, the company states. The withdrawal rested on Tata Capital Housing Finance accepting ₹10 crore against a claimed default of ₹28.05 crore, as the [order](https://nsearchives.nseindia.com/corporate/KBCGLOBAL%5F19102026151210%5F1792387883.pdf) records; six financial creditors had filed petitions to oppose it. The process, admitted on 12 December 2025, continues. - **JSW Dulux** (formerly Akzo Nobel India): a Karnataka GST [order](https://nsearchives.nseindia.com/corporate/AKZOINDIA%5F19102026195843%5FJSWDuluxRegulation30Disclosure%5FKAGST%5F5thAugUpdate19Oct2026.pdf) on a show-cause notice over input tax credit (GST paid on purchases, set off against GST due) for 2020-21 set the demand at ₹42.04 crore, against ₹118.33 crore in the notice (converted from rupees). The company is responding. - **Atul**: the Gujarat Pollution Control Board [directed it](https://nsearchives.nseindia.com/corporate/ATUL1%5F19102026172116%5FIntimation%5Fto%5Fstock%5Fexchanges%5FGPCB%5FDirections.pdf) under the Water Act to submit a repair plan, incident details and stronger monitoring for its damaged treated-effluent pipeline. It must also give a ₹10 lakh bank guarantee, with compensation to be set later. The company says the pipeline is repaired and expects no material impact. We reported the damage on 16 October. - **Central Bank of India** [said](https://nsearchives.nseindia.com/corporate/CENTRALBK%5F19102026221013%5FSE%5FRTGS.pdf) its outward RTGS system (for large fund transfers) had a technical glitch from 15 to 17 October. It shut down and isolated the affected systems and is still finding the root cause; it states that no customer lost money. - **Zen Technologies**: a fire on 18 October at its subsidiary Unistring Tech Solutions' Hyderabad production centre [damaged two testing chambers](https://nsearchives.nseindia.com/corporate/ZENTEC%5F19102026091454%5FZenReg30IntimationUTSFire.pdf). The first estimate of the loss is up to ₹4 crore; the assets are insured. - **Nuvama Wealth Management**'s asset-management subsidiary [received SEBI approval](https://nsearchives.nseindia.com/corporate/NWML%5F19102026181731%5FSE%5FSIF%5Fapproval%5FF.pdf) to set up a Specialized Investment Fund under the mutual fund rules, to be offered as Numa SIF. ## Ratings - **Force Motors**: Crisil [reaffirmed](https://nsearchives.nseindia.com/corporate/FORCEMOTORS%5F19102026183912%5FIntimation%5FCredit%5FRating%5Fto%5FStock%5FExchanges.pdf) AA+/Stable and A1+ on ₹765 crore of bank loans. Its note says operating revenue rose about 12% to ₹9,073 crore in 2025-26 at a 16.5% operating margin. The margin fell to 13.4% in the June 2026 quarter from 14.5% a year earlier; Crisil links the fall to higher material costs after the West Asia crisis. Capital spending of ₹600 crore to ₹700 crore a year over the next two to three years is to be funded from internal accruals. - **Atlantaa**: Infomerics [reaffirmed](https://nsearchives.nseindia.com/corporate/ATLANTA%5F19102026173447%5FFinal.pdf) BB+/Stable and A4+ on ₹100 crore of proposed bank facilities (a proposed bank guarantee line). Its note puts standalone operating income for 2025-26 at ₹27.23 crore with EBITDA of minus ₹3.75 crore. Unexecuted work in hand was ₹2,485 crore at 30 June 2026, all from one road project (Bhandara-Gadchiroli). The filing states the disclosure was five days late because the agency's email went to a spam folder. ## Governance - **GOCL Corporation**: the company law tribunal [ordered meetings](https://nsearchives.nseindia.com/corporate/GULFCORP%5F19102026204841%5FBMOutcomeQ219102026Signed.pdf) of shareholders and unsecured creditors on 24 November on merging Hinduja National Power Corporation into it. The auditors draw attention, without modifying their conclusion, to ₹1,316.10 crore (131,610 lakh) of corporate guarantees that were not processed as related-party transactions, so the prior approvals the rules require were not obtained. The audit committee and board ratified them on 29 May and shareholders on 7 July; the filing states the company is applying to the regulators. - **Melstar Information Technologies**: the auditors [qualified their opinion](https://nsearchives.nseindia.com/corporate/MELSTAR%5F19102026180627%5FOutcomeOfBM19102026.pdf) on its audited standalone half-year results (revenue ₹150 lakh against nil; profit ₹90.49 lakh against a loss of ₹98.10 lakh). The basis, as the filing states it: the company was admitted into insolvency in 2019, it is awaiting business licences and clearances to start operations, and on that basis its statements have been prepared as a going concern (on the footing that it will keep operating) for reasons given in a note. The board [proposes](https://nsearchives.nseindia.com/corporate/MELSTAR%5F19102026185927%5FRegulation%5F30%5FAlteration%5Fof%5FMOA%5Fand%5FAOA.pdf) moving its main business to aviation, aerospace and air transport, including aircraft maintenance, drones and airlines, and renaming it Melstarr Aerospace & Technologies, subject to shareholders. - **Malt Land Distilleries**: its results tables are image scans, so we give no figures. The [auditor's review report](https://www.bseindia.com/xml-data/corpfiling/AttachLive/3dc76435-08b9-46b5-9461-b0790f22d33a.pdf), as filed, says the standalone statement was not prepared in line with Ind AS (the Indian accounting standards). It makes an exception: "Interest on loan given and taken is not provided on all lending's and borrowings". - **Choksi Laboratories**' shareholders [did not approve](https://www.bseindia.com/xml-data/corpfiling/AttachLive/0038a0c9-47da-4c58-905a-8be6572aa0e9.pdf) a preferential issue of warrants at an EGM on 17 October; the filing states the promoters and proposed allottees abstained. The company has dropped the issue. - **DCM Shriram Fine Chemicals**: promoter Alok Bansidhar Shriram [received 30.94%](https://nsearchives.nseindia.com/corporate/team%5Fbbodade%5F19102026191318%5FDSFCL.pdf) of the company from Urvashi Tilakdhar at nil price on 9 October, raising his holding to 41.21% from 10.28%. The filing calls it an off-market transfer among promoters and relatives, exempt from an open offer. - **Maharashtra Scooters**, now Bajaj Nivesh, [changed its objects](https://nsearchives.nseindia.com/corporate/MAHSCOOTER%5F19102026170516%5FFinal%5FSE%5Fintimation%5FMOA%5FAlteration%5Famendment.pdf): it drops scooter making, keeps investment as its main object and adds renewable energy. - **Max Healthcare Institute**'s shareholders [approved](https://nsearchives.nseindia.com/corporate/MAXHEALTH%5F19102026215500%5FSE%5FDisclosure%5F%5FPRSU%5FAlteration%5Fof%5FMOA.pdf) a performance-linked stock unit scheme of up to 73,50,000 shares (about 0.76% of capital), exercisable at the ₹10 face value. They also approved new objects: medical colleges, medicines and radiopharmaceuticals made with cyclotrons, and food and beverage services. No units are granted yet. - **ITI**: the Comptroller and Auditor General [appointed S Viswanathan LLP](https://nsearchives.nseindia.com/corporate/ITI%5F19102026171550%5FSE%5FIntimation%5FStatutory%5FAuditor%5FAppointment%5FSigned.pdf) as statutory auditor for 2026-27\. We reported on 13 October that the previous auditor gave no opinion (a disclaimer) on its 2025-26 accounts. - **Ircon International**: NSE [waived fines](https://nsearchives.nseindia.com/corporate/IRCON%5F19102026205422%5FSTXINTIMATIONWAIVERsigned.pdf) for its delay in meeting the rules on audit and nomination committees in each quarter from December 2024 to September 2026; the amount is not stated. - **Maharashtra Seamless** [received approval](https://nsearchives.nseindia.com/corporate/MAHSEAMLES%5F19102026163419%5FMSLIntimationResignationRDOrder.pdf) to move its registered office from Maharashtra to Haryana; the filing gives no reason. - **Riddhi Corporate Services** will ask shareholders on 10 November to [appoint a statutory auditor](https://www.bseindia.com/xml-data/corpfiling/AttachLive/77892561-dcb7-4501-bdc1-c66f14f60e75.pdf) under Section 139(8) of the Companies Act, which covers a casual vacancy; the filing does not name an earlier auditor or give a reason. ## People - **Karnataka Bank**: chief operating officer Raja B S [resigned](https://nsearchives.nseindia.com/corporate/KTKBANK%5F19102026204144%5FCOO%5FResignation%5FSE%5FFiling%5F19102026SD.pdf) with effect from 19 October, after almost 37 years at the bank. No successor is named. - **Fractal Analytics** [named Shilpa Kedia](https://nsearchives.nseindia.com/corporate/FRACTAL%5F19102026124950%5FReg%5F30%5F5%5F%5Fand%5FPress%5FRelease.pdf) chief financial officer after Ashwath Bhat resigned; the filing gives no reason for his exit. - Finance chiefs at smaller companies: **Microse India**'s group CFO Amit Mishra [leaves](https://www.bseindia.com/xml-data/corpfiling/AttachLive/d30def5f-8e1c-4716-8c23-bc032f271828.pdf) on 1 November, for personal reasons. **Dhvija Finance**'s CFO Mahima Jain [resigned](https://www.bseindia.com/xml-data/corpfiling/AttachLive/842e8ede-f1e6-4e22-bc75-b4c5eb44c832.pdf) with immediate effect, with no successor named. At **Koura Fine Diamond Jewelry**, CFO Charmi Lodhiya [resigned](https://www.bseindia.com/xml-data/corpfiling/AttachLive/e3d80314-8695-41d8-b238-6bca4a8c1f0c.pdf) for career growth and stays a whole-time director, replaced by promoter-group member Soham Lodhiya (half-year revenue ₹63.84 crore, profit ₹3.14 crore against ₹0.36 crore; converted from lakh). **Diamond Power Infrastructure** [appointed Kundip S. Thakker](https://nsearchives.nseindia.com/corporate/DIACABS%5F19102026175859%5FCFO%5F-%5FAppointment.pdf) CFO from 20 October, and the previous CFO becomes deputy CFO (the filing states it is not a resignation). ## Dates to note - **22 October to 5 November**: Solara Active Pharma's [final window](https://nsearchives.nseindia.com/corporate/SOLARA%5F19102026181546%5FSE%5FNewspaper%5Fsigned.pdf) for call money on partly paid rights shares. - **24 October**: Swaraj Suiting's EGM; Bhansali's dividend record date. - **26 October**: Sun Granite Export's [extended deadline](https://www.bseindia.com/xml-data/corpfiling/AttachLive/8fdd5ea5-f022-49a4-b11c-5a5ce6c33026.pdf) for expressions of interest from bidders in its insolvency process; RR Metalmakers' open offer opens (to 6 November); JoJo's [board meets](https://www.bseindia.com/xml-data/corpfiling/AttachLive/9d333b65-68eb-465f-b6d8-940e8bb0028c.pdf) on splitting its ₹5 shares into ₹1 shares. - **27 October**: LTTS dividend record date; Genomic Valley's detailed public statement due. - **28 October to 11 November**: Kuber Udyog's open offer. - **29 October**: Monarch Networth Capital's [board meeting](https://www.bseindia.com/xml-data/corpfiling/AttachLive/970dd95b-ecf0-4617-835e-b5dcd06157b8.pdf) on results and a share split. - **1 November**: Jaiprakash Power's new CFO takes over; Microse India's CFO leaves. - **10 and 11 November**: Riddhi Corporate Services' EGM (10th); Indo Borax's postal ballot closes (11th). - **24 November**: GOCL's shareholder and creditor meetings on the Hinduja National Power merger. - **30 November to 11 December**: Hiliks Technologies' open offer (draft dates, subject to SEBI). - **7 to 18 December**: Inani Securities' open offer. - **1 January 2027**: K. C. Jhanwar becomes UltraTech's non-executive vice chairman. - **By 31 January 2027**: SML Mahindra's purchase of Mahindra & Mahindra's truck and bus business is expected to close, subject to conditions. - **By end of March 2027**: Bhansali expects its ABS expansion to be complete (the earlier target was September 2026). ## What we're not reporting - The rest of NSE's day: earnings-call, board-meeting and call-recording notices, depository certificates, newspaper copies of results, debt interest and commercial-paper paperwork, ESG scores, stock-option grants, gifts and transfers between promoters, routine appointments, small orders and investments, and repeat uploads of the same filing. The full list, with a reason for each, is in our coverage notes. - BSE filings whose BSE documents we did not open (downloads paused): 443 in all, some of them copies of filings also made on NSE. Most are board-meeting notices for results, general updates, depository certificates, call notices, newspaper copies and small companies' results. By headline they include a disclosure of a material issue by Mindspace Business Parks REIT (the headline gives no detail), takeover-code disclosures at Bombay Burmah by Nowrosjee Wadia and Sons and Nusli Wadia, SecUR Credentials' plan to appeal to the Securities Appellate Tribunal, and an update on the voluntary winding up of Bilcare INC (US). By BSE short code, they also include OXFORDIN's completed open offer, KPL's land purchase at Amritsar, ICON's manpower-services order and JAYANT's EGM notice. - Two filings flagged by our VIGIL screen were not on the desk and were not read, so we report nothing from them: Punj Lloyd's 2025-26 annual report (flagged for a disclaimer of audit opinion) and Docmode Health Technologies' results (flagged for a qualified audit opinion). --- > Educational research, not investment advice. Every item above is drawn from the company's own filing on NSE or BSE, read from the primary document; derived figures are our arithmetic and are labelled. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.