The Board of Directors of Karnataka Bank has accepted the resignation of the bank’s Managing Director & CEO, Srikrishnan Hari Hara Sarma, on Sunday. A press release posted on the stock exchanges said the resignation will be effective from July 15, 2025. Sarma has cited personal reasons, including his decision to relocate back to Mumbai, for his resignation. The bank’s Executive Director, Sekhar Rao, has also submitted his resignation citing inability to relocate to Mangaluru and other personal reasons. The resignation has been accepted by the board and will be effective from July 31, 2025. The bank has formed a search committee to identify suitable candidates for the position of a new Managing Director and CEO, as well as a new Executive Director.

Tata Steel has received a show cause-cum-demand (SCN) notice from tax authorities over an “alleged irregular availment of input tax credit” amounting to over ₹1,000 crore between FY19 and FY23. According to the notice received on Saturday, the steel major is required to show cause before the Additional/ Joint Commissioner of Central GST & Central Excise, Jamshedpur, Jharkhand within 30 days “as to why the Goods and Service Tax (GST), amounting to ₹1007,54,83,342 for the period FY2018-19 through FY2022-23, shall not be demanded and recovered from the company,” Tata Steel said.

Mahindra Holidays & Resorts India has received a tax demand notice of over ₹363 crore, including penalty, related to reporting of integrated goods and services tax (IGST) on its club membership services. The company in a regulatory filing said it is taking appropriate steps to pursue legal remedies before the appropriate authority in this regard.

Deepinder Goyal, who co-founded food delivery platform Zomato, is now eyeing the regional air travel segment with LAT Aerospace, according to a LinkedIn post by the aerospace startup co-founder Surobhi Das. Goyal’s bet on the aviation venture could redefine regional air travel in India, which is at a nascent stage, as uncertainty remains over regulatory clearance, technological capability and public adoption.

Bharat Heavy Electricals Ltd (BHEL) has received a Letter of Award (LoA) from Adani Power Ltd. (APL) for six (6) thermal units of 800 MW. The Letter of Award is for supply of equipment (Steam Turbine Generator along with auxiliaries) and Supervision of Erection & Commissioning for Six (6) Thermal Units of 800 MW. The order value is around Rs. 6500 crore excl. GST.

Amber Group, a homegrown contract manufacturer for HVAC and consumer electronics, has entered into definitive agreements for acquiring majority stake in Bengaluru-based Power-One Micro Systems., which is a manufacturer of solar inverters, uninterruptible power supplies (UPS), Battery Energy Storage Systems (BESS), EV chargers and other power and energy solutions. On valuation, Amber group said: “The acquisition of majority stake in the equity share capital of Power-One will be done at a mutually agreed value and will be disclosed separately post-closing.” This transaction will provide a strong foothold for Amber’s Electronic Division in the rapidly growing sector for Battery Energy Storage Systems (BESS), EV chargers, UPS and solar inverter (on grid, off grid and hybrid) market, said Jasbir Singh, Executive Chairman and CEO of Amber Group.

Kalpataru Projects International Ltd has announced the receipt of arbitration award in favour of Wainganga Expressway Private Ltd, wholly-owned subsidiary of the company, appeal filed against such award by National Highways Authority of India and subsequent issuance of Intention to issue Termination Notice by NHAI, respectively, this is to further update that WEPL has also on June 28 issued an Intention to issue Termination Notice to NHAI due to various contractual defaults on the part of NHAI. Considering the arbitration award on the issues and consequently amount payable by NHAI to WEPL, WEPL believes that the ongoing actions and claims will not have any significant financial implications.

TVS Motor Company has launched OBD2B compliant 2025 TVS Apache RTR 160 cc motorcycle, equipped with dual-channel Anti-lock Braking System (ABS). The new range of its highly popular motorcycle is priced from ₹1.34 lakh (ex-showroom Delhi). “The 2025 TVS Apache RTR 160 is OBD2B compliant and introduces dual channel ABS, delivering enhanced safety and control. The motorcycle offers best-in-class performance and precision handling.” The OBD2B compliance refers to on-board diagnostics systems conforming to stricter emissions norms.

The consortium of Titagarh Rail System Ltd and Titagarh Firema S.p.A, associate company, has received a Letter of Approval for supply of 12 additional trainsets for the Pune Metro Rail Project from Maharashtra Metro Rail Corporation Ltd. The order value is about ₹430.53 crore.

Rail Vikas Nigam Ltd emerges as the Lowest Bidder (L1) from South Central Railway for “Design, Supply, Erection, Testing and Commissioning for OHE upgradation of existing 1X25Kv system to 2X25Kv at feeding system with feeder and earthing works in Duvvada Rajahmundry & Samalkot- Kakinada Port section of Vijaywada Division under South Central Railway, total 195.5 RKM/391 TKM.” The cost of the work is ₹213.22 crore.

Rainbow Children’s Medicare Ltd (RCML), has signed a definitive agreement to acquire a majority stake in Prashanthi Medicare Pvt Ltd at Warangal - the second-largest district and a prominent business hub of Telangana. The transaction values Prashanthi Hospital at an enterprise valuation of around ₹32.60 crore (subject to working capital adjustment), representing about 9 times the estimated FY25 adjusted EBITDA and is fully funded through RCML’s existing cash reserves and internal accruals. 

HDFC Mutual Fund on Friday bought shares of auto components supplier Sundram Fasteners for ₹137 crore through an open market transaction. According to the bulk deal data on the BSE, HDFC Mutual Fund purchased 13.70 lakh shares or 0.65 per cent stake in Sundram Fasteners, at an average price of ₹1,000 apiece. This took the deal value to ₹137.02 crore. After the stake buy, HDFC Mutual Fund’s holding in Chennai-based Sundram Fasteners rose to 5.02 per cent from 4.37 per cent. Details of the sellers of Sundram Fasteners shares could not be ascertained on the exchange.

Polestar Maritime Ltd has placed an order for 2 nos. of 70 T Bollard Pull Tugs on Cochin Shipyard Ltd (CSL), the leading shipyard in India. This is in addition to the 3 nos. of the 70 T Bollard Pull Tugs contracted earlier with Udupi Cochin Shipyard Ltd (Udupi-CSL), a wholly-owned subsidiary of CSL. Polestar Maritime is a major player in the niche market of harbour tugs, coastal towing & assistance and marine services at ports.

Coal India has said that it will invest a little over ₹1,067 crore in Talcher Fertilizers Ltd by way of acquiring shares through a rights issue. Talcher Fertilizers Ltd was incorporated in 2015 as a joint venture company of GAIL (India) Ltd, Coal India Ltd (CIL), Rashtriya Chemicals & Fertilizers Ltd (RCF) and Fertilizer Corporation of India Limited (FCIL) for revival of FCIL’s Fertilizer unit by setting up a coal gasification-based fertilizer plant at Talcher, Odisha. GAIL (India), CIL and RCF each holds 33.333 per cent in Talcher Fertilizers. In a filing to BSE, CIL said it will acquire 1,06,75,06,771 equity shares at a face value of Rs 10 each. The transaction is likely to be completed by July 9.

Hind Rectifiers Ltd has secured an order from Indian Railways worth approximately ₹ 127 crore.

ICICI Bank has raised ₹1,000 crore through bonds to fund business growth. The board of the bank had, at its meeting held on April 19, 2025, approved fundraising through the issuance of debt securities, ICICI Bank said in a regulatory filing. The bond, with a 15-year tenor, carries a coupon rate of 7.45 per cent, it said.

JSW Paints on Friday announced that it will buy a 74.76 per cent stake in Dulux paint-maker Akzo Nobel India for ₹8,986 crore, followed by an open offer to buy another 25 per cent from open market for up to ₹3,929.06 crore, totalling tad over ₹12,915 crore. 

Zen Technologies has announced the grant of its 54th Indian patent, titled “Single ILU Long Pass Filter”, marking a significant breakthrough in laser-based military training systems. The newly patented long-pass optical filter enables the seamless integration of visible and infrared laser beams into a single, stable output. This innovation enhances the accuracy, realism, and responsiveness of combat training simulators. Unlike traditional systems that rely on separate beams and often face issues related to alignment and durability, Zen’s compact and robust solution delivers superior optical performance under rugged field conditions, while significantly reducing the need for recalibration and maintenance.

ITD Cementation India Ltd has secured an international marine contract worth $67.4 million (₹580 crore) for jetty construction works for Ruwais LNG project in Abu Dhabi.

Le Lavoir Ltd, a service provider to India’s leading hotel chains, has announced the acquisition of Rajkot-based Ghantiram Foods Private Ltd, a manufacturer and trader of packaged food items. Post acquisition, Le Lavoir will own a 64.5% stake in Ghantiram Foods. This is an all-equity transaction with no cash outflow for Le Lavoir. As a part of the deal, the promoters of Ghantiram Foods will receive shares in Le Lavoir Limited. This acquisition aligns with Le Lavoir’s existing businesses, which serve clients in the hospitality sector.

The Director General of Foreign Trade has imposed port restrictions on import of certain goods, including jute from Bangladesh on June 27. The effect arising out of this change in the regulatory framework on Cheviot Company Ltd, financial or otherwise, is not quantifiable at this stage.

Leo Dryfruits & Spices Trading Ltd has entered into an asset purchase agreement to undertake purchase of certain specific assets of Munchin Foods, partnership firm. The acquisition is in line with the company’s strategic objective to expand its footprint and explore synergistic opportunities in downstream business segments.

Nazara Technologies FZ LLC, a wholly-owned subsidiary of the Nazara Technologies Ltd, has entered into a Shares Subscription Agreement with Getstan Technologies Pte. Ltd, a company incorporated in Singapore, for primary infusion of funds not exceeding $1 million (Rs 8.66 crore), in cash, in one or more tranches, by way of subscription to its 37,461 Compulsorily Convertible Preference Shares, representing 1.54% of the share capital of STAN, on a fully diluted basis. STAN aligns well with Nazara’s vision of building a diversified, community-driven gaming ecosystem.

Interarch Building Solutions Ltd has secured an order from Amara Raja Infra Pvt Ltd. The formal purchase order is currently awaited. The order is for Design, Engineering, Manufacturing, Supply & Erection of Pre-Engineered Steel Building System. The order value is approximately Rs. 77 crore + Taxes and above 6300 MT job.

Published on June 30, 2025