New Delhi, May 19 – Shares of Protean eGov Technologies plummeted by 20 percent on Monday, hitting the lower circuit limit, after the company failed to qualify for the Income Tax Department’s high-profile 'PAN 2.0' project.

As per agency report, the stock dropped to ₹1,143.05 on the BSE, marking a full 20 percent decline. On the NSE, the shares fell 19.99 percent to close at ₹1,143.20. The sharp fall was triggered by the company’s announcement on Sunday that it did not qualify in the selection round for the PAN 2.0 project bid.

Trading volumes reflected the market's reaction, with 3.57 lakh shares changing hands on the BSE and 13.99 lakh shares on the NSE.

The PAN 2.0 project is seen as a significant opportunity in the government’s digital infrastructure initiatives. Protean’s exclusion from the bid has led to investor concerns over potential revenue loss and future growth prospects.

New Delhi, April 30 — IndusInd Bank has announced the formation of a special committee of senior officials to oversee its operations following the resignation of CEO Sumant Kathpalia. The decision comes in the wake of a major accounting lapse that led to a reported loss of ₹1,960 crore for the financial year 2024–25.

As per agency report, the bank informed stock exchanges that its Board of Directors has constituted an "Executive Committee" to supervise operations until a new Managing Director and CEO is appointed or for a period of three months, whichever is earlier. This move has been approved by the Reserve Bank of India.

Kathpalia stepped down from his role on April 29, citing moral responsibility for the significant accounting discrepancies identified by the bank’s external auditors. The auditors had determined a cumulative adverse impact of ₹1,959.98 crore on the bank’s profit and loss accounts as of March 31, which aligns closely with the earlier figure reported on April 15.

In his resignation letter to the board, Kathpalia stated that he accepted moral accountability for the lapses and requested his resignation be accepted by the end of the business day. His departure follows that of Arun Khurana, the Deputy CEO, who also resigned earlier this week. Khurana was responsible for the bank’s treasury front office operations, which include direct dealings with external markets and clients for executing trades and managing risk.

Khurana cited recent "unfortunate developments" in his resignation, referring to the internal misreporting and misaccounting of futures and options transactions that led to the substantial financial loss.

The dual resignations of the bank's top leadership have raised significant concerns within the financial sector. The executive committee formed by the board is expected to ensure continuity and stability in the bank’s operations during this transitional phase.

Market observers are now closely watching how IndusInd Bank will navigate through this leadership vacuum and regain investor confidence after the disclosure of the accounting irregularities.

New Delhi, April 25 – Coca-Cola India's carbonated water brand Kinley Soda has achieved a significant milestone by generating over Rs 1,500 crore in revenue from the Indian market. With this accomplishment, the brand has emerged as a market leader in its category.

As per agency report, the company stated that Kinley Soda’s growth underscores Coca-Cola India’s commitment to innovation driven by data-based decisions, a strong supply chain, and a focused response to evolving consumer demand in the refreshment segment.

Commenting on the achievement, Vinur Nair, Vice President of Franchise Operations for Coca-Cola India and Southwest Asia, highlighted that the brand's success lies in trust, consistency, and quality.

Coca-Cola remains one of India’s leading beverage companies, and the performance of Kinley Soda marks another notable step in its expanding portfolio.

New Delhi, April 22 – Devyani International Limited (DIL), the operator of well-known quick-service restaurant (QSR) brands such as KFC, Pizza Hut, and Costa Coffee in India, has announced plans to acquire a majority stake in the domestic food chain ‘Biryani By Kilo’ (BBK). As per agency report, the acquisition will be carried out through a controlling interest in Sky Gate Hospitality, the company that owns and manages the BBK brand along with other restaurant ventures.

In a regulatory filing, DIL, promoted by the Jaipuria family, disclosed that it will seek approval from its board of directors in a meeting scheduled for April 24. The board is expected to deliberate and approve the proposed acquisition, including the issuance of equity shares on a preferential basis as part of the payment consideration.

While the exact value of the deal and the number of shares involved were not disclosed, the company confirmed that binding agreements would be finalized in the upcoming board meeting. The acquisition includes the BBK brand as well as other ventures managed by Sky Gate Hospitality, including cloud kitchens and smaller restaurant brands.

Founded in 2015, Biryani By Kilo has grown to become a popular biryani and kebab delivery chain with more than 70 dine-in outlets across over 70 cities in India.

As of December 2024, Devyani International operates more than 900 KFC outlets and over 580 Pizza Hut stores across India, Nepal, and Nigeria. Additionally, the company manages more than 190 Costa Coffee cafés and 70 Vaango outlets throughout India. The acquisition of BBK is seen as a strategic expansion move to strengthen DIL's presence in the Indian dining and delivery market.

New Delhi, April 21 – Interarch Building Products Limited, a leading construction solutions provider, has secured a major order worth over Rs 300 crore from a prominent tyre manufacturing company, as per agency report.

The company informed the stock exchanges on Monday that it has received what is considered the largest single Pre-Engineered Building (PEB) order ever recorded in the Indian PEB industry. The facility will be developed for a major tyre manufacturing firm based in Gujarat.

Interarch has been entrusted with end-to-end execution of the project. This includes design, manufacturing, and on-site installation of the pre-engineered structures. The plant is expected to be completed within the current financial year (2025–26).

Arvind Nanda, Managing Director of Interarch Building Solutions Limited, expressed pride in receiving what is claimed to be the largest single PEB order in the public domain. He noted that the milestone reflects the client's trust in Interarch's engineering excellence and execution capabilities.

The project is expected to further strengthen Interarch’s position as a key player in India’s industrial infrastructure and PEB segment.

New Delhi, April 2 – Reliance’s wholly owned subsidiary, RISE Worldwide, has entered into a strategic joint venture with Denmark-based BLAST Esports to expand the esports business in India. The partnership aims to develop leading intellectual properties (IP) in the Indian market and introduce BLAST’s globally recognized esports events to Indian fans, players, and brands.

As per agency report, the collaboration between Reliance and BLAST seeks to bring premium esports experiences to India, establishing the country as a hub for world-class tournaments. BLAST APS, through its fully owned subsidiary, is known as one of the world’s top esports tournament organizers.

The joint venture is focused on attracting high-caliber events in the future while leveraging the respective strengths of both companies. Reliance will utilize its broad reach and experience in the Indian sports ecosystem, while Jio will contribute its technological and distribution capabilities. RISE will handle event management, marketing, and promotion for tournaments and esports teams.

BLAST CEO Robbie Douek expressed enthusiasm about the partnership, calling it a unique opportunity to elevate India’s esports landscape through collaboration with a trusted and experienced local partner. Devang Bhemjyanai, Head of Reliance Sports, emphasized that the venture marks Reliance’s entry into esports, expanding its footprint in the broader gaming and entertainment sector.

New Delhi, April 1 – Shares of telecom company Vodafone Idea Limited (VIL) jumped over 19 percent on Tuesday following the government's decision to convert spectrum auction dues worth Rs 36,950 crore into equity. The move will significantly increase the government's stake in the financially struggling telecom operator, more than doubling it to 48.99 percent.

As per agency report, the company’s stock closed 18.94 percent higher at Rs 8.10 on the BSE, after touching an intraday high of Rs 8.57, up 25.84 percent. On the NSE, the share ended 19.11 percent higher at Rs 8.10, with an intraday peak of Rs 8.56, marking a similar surge of 25.88 percent.

This sharp rally boosted Vodafone Idea’s market capitalization by Rs 9,209.71 crore, bringing the total valuation to Rs 57,828.36 crore. Trading volumes also saw a significant increase, with 352.1 million shares exchanged on the BSE and 2.3 billion shares on the NSE.

Prior to this move, the government already held a 22.6 percent stake in the debt-ridden telecom firm, making it the largest shareholder. With the new equity conversion, the government's shareholding will exceed that of the company’s promoter groups – Vodafone and the Aditya Birla Group – who currently hold 14.76 percent and 22.56 percent, respectively.

In a regulatory filing on Monday, Vodafone Idea confirmed that the Ministry of Communications has approved the conversion of spectrum auction dues into equity shares, in line with the telecom relief package announced in September 2021. The total amount being converted into equity stands at Rs 36,950 crore, providing the company with crucial support to stabilize its operations.

New Delhi, March 28 – The Indian Renewable Energy Development Agency (IREDA), a public sector enterprise under the Ministry of New and Renewable Energy, has announced the securing of an external commercial borrowing (ECB) facility worth 26 billion Japanese Yen from the Tokyo branch of the State Bank of India (SBI). The facility also includes a green shoe option of 10 billion Yen.

In an official statement released on Friday, IREDA stated that the five-year unsecured loan facility is expected to enhance the agency’s presence in global financial markets. As per agency report, the total landed cost of the loan, after hedging, is anticipated to remain below seven percent, making it more cost-effective compared to similar-term borrowings in the domestic market.

Pradip Kumar Das, Chairman and Managing Director of IREDA, noted that this loan arrangement will allow the organization to diversify its funding sources, optimize borrowing costs, and expand its lending operations aimed at supporting India’s renewable energy sector.

IREDA, a non-banking financial institution, plays a key role in financing renewable and sustainable energy projects across India. The latest agreement with SBI’s Tokyo branch marks another step in the agency’s efforts to tap into international funding avenues to promote green energy growth.

New Delhi, March 28 – Real estate firm Godrej Properties Limited has sold luxury apartments worth over Rs 1,000 crore on the very first day of launching its new residential project in Gurugram, defying the slowdown in housing demand.

According to a regulatory filing submitted by the company to the stock exchanges on Friday, approximately 90 apartments were sold on the launch day of its new project, 'Godrej Astra', located on the prominent Golf Course Road. The project spans an area of 2.76 acres and falls under the premium segment.

As per agency report, the strong response to the project highlights the continued demand for high-end residential units in Gurugram, one of the most sought-after real estate markets in North India.

Gaurav Pandey, Managing Director and Chief Executive Officer of Godrej Properties, emphasized the strategic importance of Gurugram to the company’s long-term growth. He stated that the company plans to further expand its presence in the region in the coming years.

Godrej Properties is among the country’s leading real estate developers, with a diversified portfolio and presence in several key urban markets across India.

New Delhi, March 27 – Jubilant Foods, a leading operator in the quick-service restaurant (QSR) segment, has announced plans to expand its Domino’s Pizza network in India to 3,000 outlets over the next three years. The company also aims to scale up its American fried chicken brand, Popeyes, with the launch of around 250 new outlets during the same period.

According to CEO and Managing Director Sameer Khetarpal, the company is adopting a dual strategy by focusing on smaller towns for Domino’s expansion while targeting metropolitan and mid-sized cities for Popeyes. As per agency report, Jubilant Foods is placing strategic emphasis on Popeyes, expecting it to grow faster than its other brands.

Currently, Jubilant Foods Limited (JFL) operates around 2,100 Domino’s stores in India, making it the second-largest Domino’s network globally after the United States. The company plans to add approximately 50 Popeyes outlets each year, with a target of reaching 200 to 250 stores within three years. At present, there are around 60 Popeyes locations in operation.

Khetarpal emphasized that the focus for Popeyes will be on cities like Coimbatore, Salem, Mysuru, and Bengaluru, where Domino’s already has an established delivery infrastructure. Leveraging this existing network will facilitate the efficient rollout of Popeyes outlets in key urban and semi-urban markets.

In addition to Domino’s and Popeyes, Jubilant Foods also holds franchise rights for Dunkin’ and Hong’s Kitchen, operating about 30 stores combined under these two brands. The company’s aggressive expansion strategy signals its intent to further solidify its presence across India’s growing QSR landscape.

New Delhi, March 27 – Leading air conditioning company Blue Star is anticipating a significant 25 to 30 percent increase in sales of its room air conditioners this summer, with a major contribution expected from small towns and rural markets.

According to company Managing Director B Thiagarajan, factors such as an early onset of summer, rising income levels, and forecasts of severe weather conditions are likely to drive up demand for air conditioners. As per agency report, this projected growth comes despite the high base effect from last year, when the industry experienced a 30 to 40 percent spike in sales during May and June due to intense heatwaves across various parts of the country.

Thiagarajan stated that the company is targeting a 25 to 30 percent growth in AC sales and is confident in meeting that goal. For the financial year 2025-26, Blue Star expects to sell around 1.75 million units of room air conditioners.

On Thursday, the company launched 150 new models in the market. The MD noted that the primary boost in sales is likely to come from aspirational middle-class consumers in smaller towns and rural regions who are increasingly opting to purchase air conditioners.

Currently, over 65 percent of Blue Star’s room AC sales come from tier-II, tier-IV, and tier-V cities. However, Thiagarajan also expects increased demand from metro cities, where many consumers are now purchasing their second or even third air conditioner unit.

Ola Electric Technologies Private Limited, a subsidiary of Ola Electric Mobility Limited, has amicably settled all outstanding dues with its former vehicle registration service provider, Rosmerta Group. The company informed the stock exchanges on Tuesday that the settlement has been completed and that there are no further claims or disputes pending between the parties.

Following the resolution, Rosmerta Group has filed a memorandum with the National Company Law Tribunal (NCLT), Bengaluru, to withdraw the insolvency petitions it had earlier initiated. As per agency report, the matter has now been formally closed, with no further legal proceedings expected.

Ola Electric Mobility reiterated its commitment to maintaining strong business relationships and ensuring timely resolution of commercial matters. The company emphasized that it prioritizes cordial settlements and continued cooperation with its vendors.

Earlier this month, Rosmerta Digital Services Limited had filed a petition with the Bengaluru bench of NCLT seeking insolvency proceedings against Ola Electric Technologies Private Limited. The petition alleged payment defaults related to services rendered.

In response, Ola Electric clarified last week that it had terminated contracts with two nationwide vendors, including Rosmerta, as part of its broader strategy to streamline operations and enhance profitability. The move was aimed at bringing more efficiency to its vehicle registration process, which the company has since brought in-house.

The settlement marks a significant development in resolving the financial dispute and reaffirms Ola Electric's focus on operational stability and vendor alignment amid its ongoing business transformation efforts.