The domestic passenger vehicle (PV) wholesales (dispatches to dealers) grew by 1.5 per cent year-on-year (y-o-y) to around 4.25 lakh units in February on the back of continued demand and new launches, as compared to 3.81 lakh units in the same month last year. Companies such as Mahindra & Mahindra and Tata Motors reported growth. Market leader Maruti Suzuki India (MSIL) reported marginal year-on-year growth during the month with sales of 1.61 lakh units in February as compared with 1,60,791 units in the same month last year. In the two-wheeler segment, manufacturers including Hero MotoCorp, TVS Motor Company and Royal Enfield all reported high double-digit growth in February on a yearly basis.
Fino Payments Bank
Fino Payments Bank has said the alleged GST violations, in connection with which its Managing Director and Chief Executive Officer Rishi Gupta was arrested on Friday, pertain to an investigation involving certain programme managers who maintain relationships with multiple banks, including Fino Payments Bank. The bank clarified that neither Gupta nor the bank had any involvement in the actions of these programme managers. Meanwhile, Finance Minister Nirmala Sitharaman took note of the issue and said she will check on it.
Manufacturing
Adani Green Energy Twenty Five C Ltd, wholly-owned step-down subsidiary of Adani Green Energy Ltd, has operationalised a wind power project of 185 MW at Khavda, Gujarat. With commissioning of this plant, AGEL’s total operational renewable generation capacity has increased to 17,472.2 MW.
Savita Oil Technologies has announced the successful commissioning of Phase 2 of its Synthetic Ester manufacturing plant at its facility in Mahad. Phase 1 of the Synthetic Ester Plant was commissioned at the Company’s Mahad Facility on October 16, 2023. This multipurpose plant, designed to manufacture Synthetic Esters for Transformer Fluid applications, will also have the capability to manufacture Synthetic Esters for high performance Automotive and Industrial Lubricants.
Pharma Companies
Caplin Steriles Ltd (Caplin), a subsidiary Company of Caplin Point Laboratories Ltd, has been granted final approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Desmopressin Acetate Injection USP, 4 mcg/mL single-dose vials and 40 mcg/10 mL (4 mcg/mL) multiple-dose vials, a generic therapeutic equivalent version of the Reference Listed Drug (RLD) DDAVP (desmopressin acetate) Injection, 4 mcg/mL of Nordic Pharma Inc., (NDA 018938).
Zydus Lifesciences Ltd has received final approvals from the United States Food and Drug Administration (USFDA) for Ivermectin Tablets USP, 3 mg (USRLD: Stromectol Tablets, 3 mg) and Dapsone Tablets USP, 25 mg and 100 mg (USRLD: Dapsone Tablets USP, 25 mg and 100 mg). Ivermectin Tablets USP, 3 mg, are prescription anti-parasitic medications primarily indicated for treating parasitic worm infections in humans, specifically intestinal strongyloidiasis and onchocerciasis. Ivermectin tablets will be manufactured at the group’s formulation manufacturing facility at SEZ, Ahmedabad and distributed by Viona Pharmaceuticals Inc. Ivermectin Tablets USP, 3 mg had annual sales of $14.8 million.
Acquisitions, stake sale
The board of Thermax has approved to increase from 15.17% to 51% on a fully diluted basis, for ₹30.48 crore through cash consideration converting Exactspace from an associate into a subsidiary. The transaction, structured as a cash acquisition executed through definitive share subscription, purchase and shareholder agreements, positions Thermax to offer end-to-end asset support, including predictive maintenance, process optimisation, asset efficiency improvements and analytics-driven failure analysis, with an option to acquire the remaining 49% stake after three years, signaling a strategic push into AI-enabled service offerings and digitalization for its installed base.
Tata Steel Ltd has completed the divestment of its Ferro Alloy Plant located at Jajpur, Odisha to Indian Metals & Ferro Alloys Limited for a base consideration of ₹610 crore. The transaction was officially completed on February 27 following the Asset Transfer Agreement executed on November 4, 2025.
Insurance and Finance
The board of ICICI Bank Ltd has approved purchase of up to 2% additional shareholding in its subsidiary, ICICI Prudential Life Insurance Company Ltd (ICICI Life). This purchase will primarily be towards maintaining the Bank’s majority shareholding in the event of exercise of stock-based compensation of ICICI Life. The above will be subject to receipt of requisite approvals.
The New India Assurance Company Ltd. (NIACL) has received a favourable order from the National Faceless Appeal Centre (NFAC) for about ₹672 crore. The order relates to the assessment year 2022-23, under which a demand of approximately ₹672 crore raised by the Income Tax Department has been fully deleted.
Bajaj Mobility AG announces that KTM AG has successfully secured a loan to refinance its existing debt with Bajaj Auto International Holdings B.V. This refinancing is based on a newly signed loan agreement of Euro 550 million with an international banking consortium consisting of JP Morgan SE, HSBC, DBS Bank Ltd und MUFG Bank Ltd. The loan is unsecured, has a five-year term, and bears total interest (EURIBOR + margin) in the low to mid-single-digit percentage range. The new loan fully replaces the EUR 450 million financing granted by Bajaj Auto International Holdings B.V. in 2025 as part of the restructuring process. This refinancing provides KTM AG with a strengthened and long-term financial foundation.
PB Fintech has incorporated a new step down wholly-owned subsidiary of the Company in the name of ‘Paisa Financial Services’ and registered with the Registrar of Companies, New Delhi situated at New Delhi. The Registration Certificate (Certificate of Incorporation) of the step down wholly owned subsidiary has been issued by Registrar on February 27, 2026. Paisa Financial Services will carry on the collection business.
Order wins
NCC Ltd has received one order during the month of February 2026, valuing ₹326.06 crore (excl. GST). This order pertains to the Water Division of the Company.
Concord Control Systems Ltd has announced that its associate company, Progota India Private Limited, has secured a significant order worth ₹53.73 crore from Indian Railways. The order involves the supply, installation, testing, and commissioning of on-board KAVACH 4.0 equipment, India’s indigenous Automatic Train Protection (ATP) system designed to prevent collisions, excessive speed, and signal passing at danger. Execution is scheduled within 12 months, reinforcing Concord’s role in enhancing railway safety under the Atmanirbhar Bharat initiative.
BharatRohan Airborne Innovations Ltd has signed an Engagement Letter with KPI Green OMS Pvt Ltd (Part of KP Group) for a commercial Proof of Concept (POC) phase to deploy advanced UAV-based technology for solar asset monitoring.
Quality Power Electrical Equipments has received multiple purchase orders for the Supply of HVDC Reactors. The gross value of the orders is approximately ₹34 crore (Including Taxes). The orders are to be executed approximately in 18 months.
Kabra Extrusiontechnik has been awarded a Significant Order from a Domestic Customer. Due to confidentiality obligations, the name of the entity is not being disclosed. The order is worth approx. ₹133 crore (excluding GST).
Nukleus Office Solutions Ltd (formerly Nukleus Office Solutions Private Ltd) has executed a Letter of Intent (LOI) with Dwellings Star Developers Private Ltd. The agreement covers leasing a premium new co-working centre. Lease Tenure: 9 years and Lease Commencement: May 1, 2026.
The Directorate of Mines and Geology, Government of Odisha vide its ‘Notice Inviting Tender’ dated December 4, 2025, had invited tenders to participate in the auction process for grant of Mining Lease in respect of Karnapodikonda bauxite block in Odisha. Post qualifying at the initial bid stage, the Company participated in the live e-auction for grant of the stated Mining Lease.